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<br />8
<br />
<br />TUESDAY
<br />
<br />MAY 12, 1953
<br />
<br />NOT ICE 0 F S ALE
<br />
<br />$775,000.00
<br />
<br />CITY OF :MARTINSVILLE, VIRGINIA, BOIES
<br />
<br />Sealed bids wi II be received for the City of Martinsville,
<br />Virginia, until 12 0 'clock Noon, Eastern Standard Time, on the 17th day
<br />of June, 1953, at the office of the STATE COMHISSION ON LOCAL DEBT of the
<br />COrrLl1omrealth of Virgin:La, Room 222 Finance Building, Capitol Square,
<br />Richmond, Virg~nia, at which tL'lle said bids will be opened by the State
<br />COITlI'lission on Local Debt of the Commomrea.l th of Virgin::a for the purchase
<br />of all, but not any part of Seven Hundred Seventy-five Thousarrl Dollars
<br />($775,000.00) bonds of the City of ;/'artinsville dated July 1, 1953, matur1,nr;,
<br />wi thout option of prior redemption, as follows:
<br />
<br />$620 000 00 '~r^1'~'.' ~YSTEH I~""PROT."-"m"lT BO'ln..~
<br />+ , . 'iWli ....L'll 0.j 1... .1'.1. ... v' ":j~.1J:j.:.\l l'd.li..) ,.
<br />$30,000 on July 1 in each of the year:3 195L~
<br />and $20,000 in the year 197h.
<br />
<br />m;-,turing as follows:
<br />to 1973, both inclusive,
<br />
<br />$155,000.00 ElECTRIC SYSTEM IMPROVE:';}~NT BONDS, mat1..U'ing as follows:
<br />$10,000 on July 1 in each of the years l:l5L~ to 1968, both inclusive,
<br />and $5,000 in the year 1969.
<br />
<br />All bonds are to be coupon bonds in the deno~ination of $1,000
<br />each and the interest will be payable semi-annually on the first day of
<br />January and July; both principal and interest will be payable at the
<br />principal office of the National City Bank of New York in the City of
<br />New York, N. Y., or The First National Ba~~ in the City of Martinsvi11e,
<br />Virginia, or the Piedmont Trust BarJ{ in the City of l:1artinsville, Virginia,
<br />at the oDtion of the holder.
<br />
<br />Proceeds of the WATER SYSTEM IMPROVEMENT BONDS will be used to
<br />finance the cost of improving the city's water supply system by (1) cons-
<br />tructing a new water impounding reservoir and acquirir.g the real estate
<br />required therefor and cOP..i'1ecting such reservoir wi th such water supply
<br />system, and (2) constructing new water supply mains or other improvements
<br />necessary to provide facilities for the distribution of water, and (3)
<br />providine: a garace and shops for the storage, r-aintenance and repair of
<br />vehicles and for the stora:,;e of materials, parts and supplies used in the
<br />operation and rrJ2.;ntenance of such water supply s~lSte[], in three buildings
<br />to be erected by said city.
<br />
<br />Proceeds 0.1:' the ELECTRIC SY3TEH nr?ROVE~ft;NT BONI13 will be used to
<br />finance the cost of ir-proving the city's electric system by (1) erecting and
<br />equipping a new electric s ub-s tation and by maldnc additions to the present
<br />sub-station, and (2) constructing necess2ry transmission lines to and from
<br />sc.id sub-station, and (3) erecting and equipping buildings suitable to provide
<br />a garaGe c:.rrl shops for the storage, maintenance and repair of vehicles used
<br />in tLe operation of such electric system, and (4) acquiring such lands or
<br />rights-in-lands as may be necessary for the makiDG of such improverr~nts.
<br />
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