Minutes 03/13/1953 - Laserfiche WebLink

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I'" 4 FRIDAY MARCH 13 ~ 1953 ",,- the purpose of the special and called meeting was to consider for adoption and/or adopt the two Bond Ordinances, which would authorize the issuance of $620,000 City of Martinsville Water Revenue Bonds and $155,000 City of Martinsville Electric Revenue Bonds, subject to a special election to be held on AprillL., 1953, which two Bond Ordinances were placed on first reading by the Council in regular meeting assembled It'ebruary 10, 1953. /- After hearing from visitors present on the subject at hand, and upon motion by Councilman Craig, seconded by 'Councilman Turner, and by a recorded vote, the Council unanimously adopted the following Water Bond Ordinance as placed on first reading February 10, 1953 and as publicly read in its entirety before adoption: ~" i~ ~ WHEREAS, the City of Martinsvil1e has, for many years, maintained and operated a water supply system in order to provide a supply of water to the City and to its inhabitants, and the Council of said City deems it desirable tha t said water supply system shall be improved in the manner hereinafter set forth; and \VHEREAS, said City has for many years derived a r everme from the operation of such water supply system and said water supply system is now and, when it has been improved in the manner hereinafter set forth, will be a specific undertaking from which the City may hereafter derive a revenue within the meaning of Section 127 of the Constitution of Virginia: NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Martinsville, Virginia, as follows: Section 1. The Council of the City of Martinsvil1e has ascertained and hereby determines that it is expedient that said City shall borrow money and contract indebtedness and issue its bonds, as hereir.after provided, to finance the cost of improving the City's water supply system by (1) constructing a new water impounding reservoir and acquiring the real estate required there- for and connecting such reservoir with such water supply system, and (2) cons- tructing new water supply mains or other improvements necessary to provide facilities for the distribution of water, and (3) providing a garage and shops for the storage, maintenance and repair of vehicles and for the storage of materials, parts and supplies used in the operation and maintenance of such water supply system, in three buildings to be erected by said City.