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Minutes 06/19/1953
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Minutes 06/19/1953
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City Council
Meeting Date
6/19/1953
City Council - Category
Minutes
City Council - Type
Special
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<br />-- <br /> <br /> ,"-" <br />r- <br />'" <br />0 <br />on <br />'" <br /><t <br />;2 <br />0:: <br />0 <br />'"' <br />~ <br />~ <br />'" <br />~ <br />> <br />. <br />~ <br />.S <br />0 <br />"0 <br />.c <br />-e <br />~ ~ <br />0 'g" <br /><E <br />-e ~ <br />c <br /><:0 <br />~ <br />i <br />0 <br />" <br />;; <br />02 <br />0 <br />.~ <br />'0 <br /> ,. <br /> '0 <br />u <br /> " <br /> 0 <br /> 0 <br />::;. <br />u <br /> c <br />,," <br />..? <br /> <br />(Form of Coupon) <br /> <br />No. <br /> <br />No. <br /> <br />- <br /> <br />January , <br />On tho 1st day of July, 19_, The City of Itirtinsville, a municipal <br />corporation of tho State of Virginia, will pay to the boaror of this coupon <br />DOLIARS ($ ) at the <br />principal office of The National City Bank of Now York, in the Borough of <br />Manhattan, City and State of New York, or, at the option of the holdor, at <br />The First National Bank in tho City of l-iartinsville, Virginia, or at tho <br />Piedmont Trust Bank in the City of Martinsville, Virginia, in any coin or <br />currency of the United States of America which at tho tillle of payment is <br />legal tender for tho payment of public and privato debts, being the interest <br />then due on its Electric System Improvc;.lent Bond, dated July 1, 1953, No._. <br /> <br />Mayor <br /> <br />Clerk of Council <br /> <br />(4) Until all of said bonds have been fully paid and discharged in <br />accordance with their terms, said City slmll (1) charge rates for electri- <br />city furnished by the electric system maintained by said City, and (2) <br />fiX and maintain such rates at a level which will produce revenue sufficient <br />to pay for the cost of operation and admtnistration of such electric system <br />(including interest on bonds issued therefor) and the cost of insurance <br />against loss by injury to persons or property and to raise an annual amouS <br />to be covered into a sinking fund sufficient to pay, at or before maturity, <br />all bonds issued to finance such electric system, and (3) apply such revenue, <br />to the extent necessary, to the payment of such cost of operation and <br />administration and to the payment of such annual amount to be covered into <br />such sinking fund. In consideration of the purchase and acceptance of said <br />bonds by those who shall hold the same from time to time, the provisions or <br />this paragraph of this resolution ~lall be deemed to be and shall constitute <br />a contract between the City and the holder from time to time of said bonds <br />and of the interest coupons appurtenant thereto. <br /> <br />(5) It is hereby determined that the period ending five years after <br />April 14. 1953 shall be the period from and after \/hich said bonds shall be <br />included in determining the limitations of tho power of said City to incur <br />indebtedness whenever and for so long as such electric system fails to <br />produce sufficient revenue to pay for the cost of its operation and <br />administration (including interest on bonds issued therefor) und the cost <br />of insurance against loss or injUry to persons and property, and an annual <br />amo~mt to be covered into a sinking fund sufficient to pay, at or before <br />maturity, all bonds issued to finance such electric system. <br /> <br />-- <br />
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