Minutes 06/19/1953 - Laserfiche WebLink

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-- ;j o '" ~ ~ "" ~ > " o ." o o ~ ~~~ 'l.' 'gt:, ~ ~ ;.; i o o -" ~ " 1 u " ~ u " ~ -'- ,.... LHW-6/l2/53-6c. ~ 1 1:! Q ~ !1! S 1: Ili 2 Y 111~, Y 1 ~ g ! ! 1 ! WHEREAS, the City has reoeived sealed bids for the purchase of the $620,000 Water System Improvement Bonds and the $155,000 Electric System Improvement Bonds dated July 1, 1953, which are to be issued pursuant to the two ordinances adopted by the Co~mcil on March 13, 1953, in accordance with the notice of sale of such bonds which has been published in The Bond Buyer, a financial newspaper published in the City and State of New York, as provided by the resolution passed by the Council on May 12, 1953, and the Council has considered such sealed proposals and has ascertained that the terms of the sale of said bonds as stated in said notice require that the proposal hereinafter described be accepted; NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Martinsville as followSI (1) The proposal to purchase said bonds for the price of $775,542.25 and accrued interest provided the bonds bear interest as hereinafter set forth, submitted by Scott, Horner & Mason, Inc. of Lynchburg, Virginia, be and the same hereby is accepted. (2) Said $620,000 Water System Improvement Bonds shall bear interest as follows: the bonds maturing in each of the years 1954 to 1963, inclusive, at the rate of 3% per annum, and the bonds maturing in each of the years 1964 to 1974, inclusive, at the rate of ~ per annum. (3) Said $155,000 Electric System Improvement Bonds shall bear interest as follows: the bonds maturing in each of the years 1954 to 1963, inclusive, at the rate of 3% per annum, and the bonds maturing in each of the years 1964 to 1969, inclusive, at the rate of 31% per annum. (4) The Mayor and Clerk of Council are hereby authorized and directed to cause said bonds to be prepared and to execute said bonds. The Town Treasurer is hereby authorized and directed to deliver said bonds when they shall have been duly executed to said purchaser upon receiving the purchase price to be paid therefor.