Minutes 03/13/1953 - Laserfiche WebLink

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32 FRIDAY MARCH 13, 1953 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 more than thirty years beginning with the date of such bonds in such annual installrrents as the Counci.l of said City may determine in ac cor dance with law. All details of the bond issue hereby authorized, not hereby determined, shall be hereafter determined by the Council of the City of Martinsville. Section 5. None of the bonds hereby authorized shall be issued until all of said bonds shall have been approved 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 14, 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 the City to take such steps and prepare such rreans as may be necessary to submit to the qualified voters of said City at such special election the following question: "Shall the City of Martins vi lIe issue its negotiable bonds of the aggregate principal amount of $155,000.00, to finance the cost of improving the Cityls electric system by (1) erecting and equipping a new electric sub-station and by making additions to the present electric sub-station, and (2) con- structing necessary transmission lines "LO 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 improvements, such bonds to bear interest at not exceeding 6% per annum, and to mature within 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?1I Section 7. This ordinance shall take effect at the time and in the manner provided by law. Council was adjourned. FOOTNOTE: Meeting of March 13, 1953 was held in lieu of meeting scheduled for 1~ch 17, 1953 (see March 10, 1953 Minutes) to avoid possible complications whic h might result from a fftime-l:i.mi t" or "time- schedulell standpoint. W. H. Y.