Minutes 12/13/1955 - Laserfiche WebLink

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108 TUESDAY DECEMBER. D, 1955 contract indebtedness and issue its bonds, as hereinafter provided, to finance the cost of constructing new school buildings and of reconstructing and enlarging existing school buildings and of acquiring and graeling the lands necessary for use as sites for such school buildings and grounds and of installing in such buildings and grounds necessary ap-.)a.ratus and equipment. Section 2. In order to finance the cost of constructing said new school buildings and of enlarging and reconstructing said existing buildings and of acquiring and grading said lands and of installinG such apparatus and equipment, the City of R~tinsville shall issue its negotiable bonds of the aggre~ate principal amount of $1,450,000 pursuant to and in accordance with Chapter 193 of the Acts of 1950 of Virginia, and as aInended, and also Article 2 and Article 4 of Chapter 19 of Title 15 of the Code of Virginia, 1950. Section 3. The City Council has ascertained and hereby determined that the probable life of each of the improver~nts hereinbefore described and the average thereof is a ~)8riod of thirty years. Section 4. Said bonds shall be general obligations of the City of Martinsville and the faith and credit of the ci~cy shall be pledged to their payment. Said bonds sha.ll bear interest at a rate which shall not exceed six percGntum (6%) per annum. Said bonds shall ma:Gure I'rlthin a period of not more than thirty years beginning with the date of said bonds in such annual install- ments as the Council of said City may determine in accordance with law. All details of the bond iss1~e hereby authorized, not hereby determined, shall be hereafter determined by the Council of the City of Martinsville. Section 5. None of the bonds hereby authorized shall be issued until all of said bonds s::lall have been approved by the affirmative vote of tvm-thirds of the qualified votcrs of said City voting on the question of issuing said bonds, at an election called for that purpose, "which said two-thirds shall include a majority of the qualified registered voters clalLLng real e~3tate in said City and voting in such elect.:i.on on such question. Section 6. The question whether the bonds hereby authorized shall be issued, shall bc suomitted to the qualified voters of the City of Martinsville at a special election to be held on Uarch 15, 1~)56. The Circuit Court of the City of IJartinsville, or 2. Judge thereof, is hereby requested to enter an order directing the proper election officers of said City to take such steps and prepare such means as may be necessary to submit to the qualifiecl voters of said C:Lty at such special election the following quesGion: "Shall the City of iJartinsville issue its negoti:c,blo bonds in the ag{;rcgate princ~pal ,,:.mount of ~~1,450, 000 to finance the cost of constructinG new school buildings and of reconstructing and enlarging existing school buildings and of acquirinG and grading the la'1ds necessary for use as sites for such school buildings and of installing in such buildings and grounds necessary apparatus and equipment, such bonds to bear interest at not exceeding six percent per annum, and to mature vrithin a period of not more than thirty years beginning with the date of said bonds in such annual installInents as the Council of said City may determine in 2.ccordanco nith Lavv?f1 Section 7. This ordimnce shall take effect at the tjJlle and in the manner proviQed by law.