Minutes 03/13/1953 - Laserfiche WebLink

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~ FRIDAY MARCH 13, 1953 /- Council next, upon motion by Councilman Vialker, seconded by CounciJ1nan Craig, and by a recorded vote which was unanimous, adopted the Electric Bond Ordinance, as follows, as placed on first reading February 10, 1953' and as publicly read in its entirety before adoption: ""..---. WHEREAS, the City of Martinsville has, for many years, maintaiIEd and operated an electric system in order to provide a supply of electric energy to the City and its inhabitants, and the Council of said City deems it desirable that said electric system shall be improved in the manner here- inafter set forth; and WHEREAS, said City has for many years derived a revenue from the operation of such electric system and said electric 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 rereafter derive a revenue within the meaning of Section 127 of the Constitution of Virginia: NOW, THEREFORE, ~" i~ i BE IT ORDAIl"ED by the 'Council of the City of Martinsville, Virginia, as follows: Section 1. The Counc i1 of the City of Martinsville has ascertained and hereby determines that it is expendient that said City shall borrow money and contract indebtedness and issue its bonds, as hereinafter provided, to finance the cost of improving the City's electric system by (1) erecting and equipping a mw electric sub-station and by making additions to the present electric sub-station, and (2) constructing necessary transmission lines to and from said sub-stations, and (3) erecting and equipping buildings suitable to provide a garage and shops for the storage, maintenance and repair of vehicles used in the operation of such electric system, and (4) acquiring such lands or rights-in-lands as may be necessary for the making of such improveme nts. Section 2. In order to finance the cost of making said improvements to said electric system, the City of Martinsville shall issue its negotiable bonds of the aggregate principal amount of $155,000.00 pursuant to and in accordance with Chapter 193 of the Acts of 1950 of Virginia, and also Article 2 and Article 4 of Chapter 19 of Title 15 of the Code of Virginia, 1950. Said bonds shall be issued under arrl 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 ascertained and hereby determines that the probable life of each of the improvements to said electric system, here- inbefore described, is a period of thirty years.