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<br />FRIDA Y
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<br />JUNE 19, 1953
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<br />A special meeting of Martinsville City Council, as duly called by the notice
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<br />hereinafter following, with Mayor R. S. Hodnett presiding, was held in the
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<br />Council Chamber, City Hall, on Friday, June 19, 1953, at 11:45 A.M., all members,
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<br />as follows, being present: Mayor and CounciJman R. S. Hodnett, and Councilmen
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<br />C. P. Craig, D. H. Goode, W. T. Turrer, and J. R. Walker, the notice and purpose
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<br />of the meeting reading and being as follows:
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<br />To: W. H. Yeaman, Clerk of Council
<br />Subject:, Special Council Meeting
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<br />You are hereby directed to notify each m9mber of Martinsville City Council
<br />of a special meeting of the Council, called pursuant to Section 5(a) of
<br />Chapter 2 of the Charter of the City of Martinsville, to be held in the
<br />Council Chamber, City Hall, Friday, June 19, 1953, at 11:45 A.M. for the
<br />purpose of acting upon bids received on June 17, 1953, at the office of the
<br />State COl'lllnission on Local Debt, Richmond, Virginia, for the purchase of
<br />$775,000 City of Martinsville Utility System Improvement Bonds.
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<br />Give n under our hands this e ightec nth day of June, 1953, at 2: 00 P. M.
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<br />R. S. Hodnett, Mayor
<br />Kerrt Mathewson, City Manager
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<br />After reviewing the following bids received June 17, 1953 in the office of the
<br />State Commission on Local Debt for the purchase of $775,000 City of Martinsville
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<br />utility system improvement bones, Council, by a recarcled vote which was unanimous,
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<br />adopted the following resolution of acceptance of the bid submitted by Scott,
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<br />Horner & Mason, of Lynchburg, Virginia, 'Which was the 10;'[ bid, giving an effective
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<br />interest rate of 3.174h7% as compared with the effective interest rate of 3.22868%
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<br />offered by the firm of Anderson & Strudvlick, of Richmond, Virginia:
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<br />For the $620,000 WATER SYSTEM HWROVEMENT BONffi, said bonds bearing a rate,
<br />or rates, of interest per annum as follows: $300,000 bonds maturing July 1,
<br />1954 to 1963, both inclusive, at 3 per centum, $320,000 bonds maturing July
<br />1, 1964 to 1974, both inclusive, at 3% per centur.,
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