Minutes 01/10/1956 - Laserfiche WebLink

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~~~ o~ r% ~ 41 TUESDAY JANUARY 10, 1956 Section I. The Council of the City of Martinsvi1le has ascertained and hereby determines that it is expecLient that said City shall borrow money and contract indebtedness and issue its bonds, 25 hereinafter provided, to finance the cost of erecting a new building for the use of the Fire Department and Police Department of the City of l::artinsville, and of acquiring and installing therein the equipment and furnishings suitable for its use, and of acquiring land suitable for a site for such building. Section 2. In order to finance the cost of erecting said new building and acqulrlng and installing such equiprre nt and furnishings, and of acquiring such land, the City of Martimville shall issue its negotiable bonds of the aggregate principal amount of $275,000 pursuant to and in accordance with Chapter 193 of the Acts of 1950 of Virginia, 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 determines that the probable life of the ~_mprovelIBnt hereinbefore described is a period of thirty years. Section 4. S2:Ld bonds shall be general ob1ications of the City of Hartir.sville and the faith and credit of the City shall be pledged to their payment. Said bonds shall bear interest at a rate which shall not exceed six per centum (6%) per annum. S,'lid bonds shall mature wi thin a period of not more than thirty years begirming with the date of said bonds in s.uch al1I".ual installments as the Council of said City may deterr:1i.ne in accordance with Imy. All details of the bond issue hereby authorized, not hereby determined, shall be hereafter determined by the Council of the City of Hartinsville. Section 5. None of the bonds hereby authorized shall be issued until all of said bonds shall have been approved by the aff:i.r:r:J.ative vote of two-thirds of the qualified voters of said City voting on the question of issuing said bonds, at an election called for that purpose, which s aic: two-thirds shall include a majority of the qualified registered voters mvning real estate in said City and voting in such election on such question. Section 6. The question whether the bonds hereby authorized shall be issued, shall be submitted to the qualified voters of the City of lJartinsville at a special election to be held on March 15, 1956. The Circuit COlrrt of the City of Martinsvil1e, or a Judge thereof, is hereby requested to enter an order directiq:; the proper election officers of said City to talce such steps and prepare suchd means as may be necessary to submit to the qualified voters of said City at such special election the following question: nShal1 the City of Martinsville issue its negotiable bonds of the aggregate principal anount of $275,000 to finance the cost of erecting a new building for the use of the Fire Department and Police Department of the City of Martinsvi11e, and of acquiring and installing therein the equipment and furnishings suitable for its use, and of acquiring land suitable for a site for such building, such bonds to bear int~est at not exceeding 6% per ammm, and to mature vrithin a period of not more than thirty year~3 beginning \"rith the date of said bonds in such annual installments as the Council of said City may determine in accordance vdth law?" Section 7. This ordinance shall take effect at the time and in the manner provided by law.