Minutes 05/12/1953 - Laserfiche WebLink

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T1.JESDi,Y MAY 12, 1953 -- After reeeiving a copy of State Auditor J. Gordon Bennett's letter to Moody's Investors Service in connection w:!_ th the forthcoming sale of $620,000 WATER SYSTEM I1.iPROVEMENT BONDS and ~nS5,ooO ELECTRIC SYSTEM IMPROVE!iENT BCNIB approved in the bond referendum of April 1)-1-, 1953, and by a recorded and unanimous vote the Council adopted the followin2 bond resolution and notice of sale as approved by the City's Hew York bond attorne:m and as read in its entirety to the Council: ~ WHEHEi\S, the City Council desires to l~lake provision for the s2.1e of the bonds authorized by the ordinances hereinafter described which were ado~Jte d on {,1ar ch 13, 1953: Non, THEREFORE, BE IT fu-:SOLVED by the Council of the City of Martinsville, Virginia, as follows: . u ; o ! ~il ~ i ..; (1) Bonds of the City of liilartinsville of the aggregate principal ar-:cunt of $620,000 sl-jall be issued pursuant to the ordinance entitled "An ornnance authorizing the issuance of $620,000.00 of bonds of the City of Martinsville to finance the cost of improvinf: the City's water supply system anci. providing for the submission 0:' the question of issuing said bonds to the qualified voters of said City." Said bonds silall consist of six hundred and twent:l bonds of the deno2ination of $1,000 each, numbered from 1 to 620, inclusive, in the order of t.heir maturity and shall constitute an issue of bonds payable in annual install,'ilents on Jul~r 1 in each year as follows, viz.: $30,000 in eaci'l of the years 19.5h to 1973, both inclusive, and $20,000 in the year 1974. i o o ~ ~ .; '~ o E- o u (2) Bonds of the City of Martinsville of the aggregate principal a..rno1mt of $155,000 shall be issued pursuant to Uw ordinance entitled "An ordinance authorizing the issuance of $155,000.00 of bonds of the City of Martirsville to finance the cost of irr:provinr: the City's electric system and providing for the submission of the question of issuing said bonds to the qualified voters of said City". Said bonds shall consist of one hundred and fifty-five bonds of the denomination of $1,000 each, munbered from 1 to 1.5~;, inclusive, in the order of their maturity and shall constitute an is:me of bonds payable in annual installments on Jul.Y 1 in each year as follows, viz.: $10,000 in each of ;-,he yea.rs 1954 to 196E., inclm:;ive, and $5,000 in the year 1969. o o o ;::: U = -" .;; (3) All of s aid bonds shall be dated July 1, 1953 and each of SalQ bonds shall 'uea:r interest frOT:1 its date lmtil its maturity at a rate to be hereafter determined and such interest shall be payable semi-annually on J annary 1 and July 1. U!) Said bonds shall be sold at public S;,ll.e pursuant to and in accordance with tho following Notice of Sale ~