Minutes 03/13/1953 - Laserfiche WebLink

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~o FRIDAY MARCH ]J ~ 1953 Section 2. In order to finance the cost of making said improvements to said water supply system, the City of Martinsville shall issue its negotiable bonds of the aggregate principal amount of $620,000.00 pursuant to and in accordance with Chapter 193 of the Acts of 1950 of Virginia, and als 0 Article 2 and Article 4 of Chapter 19 of Title 15 of the Code of Virginia, 1950. Said bonds shall be issued under and in compliance with the provisions of Clause (b) of Section 127 of the Constitution of Virginia, and, subject to the conditions prescribed by said clause, shall not be included within the otherwise authorized indebtedness of said City. Section 3. The City Council has ascertaimd and hereby determines that the pt'obable life of each of the improvements to said water supply system, hereinbefore described, is a period of thirty years. Section 4. Said bonds shall be general obligations of the City of Martinsville and the faith and credit of the City shall be pledged to their payment. Said bonds shall bear interest at a rate which shall not exceed six per centum (6%) per annum. Said bonds shall mature within a period of not mare than thirty years beginning with the date of said bonds in such annual installments as the Council of said City may determine in accordance with law. All details of the bond issue hereby authorized~ not hereby determined, shall be hereafter determined by the Council of the City of Marti nsvi lIe . Section 5. None of the bonds hereby authorized shall be issued until all of said bonds shall have been appt'oveEl by the affirmative vote of a majority of the qualified voters of said City voting on the question of issuing said bonds, at an election called for that purpose, which majority shall include a majority of the qualified registered voters owning real estate in said City and voting in such election on such question. Section 6. The question whether the bonds hereby authorized shall be issued, shall be submitted to the qualified voters of the City of Martinsville at a special election to be held on April 11, 1953. The Circuit Court of the City of Martinsville, or a Judge thereof, is hereby requested to enter an order directing the proper election officers of said City to take such steps and pr'epare such means as may be necessary to submit to the qualified voters of said City at such special election the following question: "Shall the City of Martinsville issue its negotiable bonds of the aggregate principal amount of $620,000.00, to finance the cost of improving the City's water supply system by (1) constructing a new water impounding reservoir and acqu- iring the real estate required therefor and connecting such reservoir with such water supply system, and (2) constructing 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, such bonc1s to bear interest at not exceeding 6% per annum, and to mature wi thin a period of not more than thirty years beginning with the date of said bonds in such annual installments as the Council of said City may determine in accordance with law?" Section 7. This ordinance shall take effect at the time and in the manner provided by law.