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TUESDAY, FEBRUARY 25, 1997 <br /> <br />A regular, semi-monthly meeting of the Council of the City of <br />Martinsville, Virginia, with Mayor George B. Adams, Jr. presiding, was <br />held Tuesday, February 25, 1997 in the Council Chamber, City Hall, <br />beginning at 7:00 P.M. All members of Council were present: George B. <br />Adams, Jr., Mayor; Mark A. Crabtree, Vice-Mayor; Bruce H. T. Dallas; <br />Elizabeth H. Haskell; and M. Gene Teague. <br /> <br />After the invocation, followed by Mayor Adams' cordial welcome to <br />visitors present, Council approved the minutes of its meetings of <br />February 11 and 13, 1997 as circulated. <br /> <br />Council considered a request by Memorial Hospital of Martinsville and <br />Henry County to adopt a Resolution supporting the Hospital's request <br />for $40,000,000 in bond financing through the Industrial Development <br />Authority of Henry County. Hospital Executive Director Joseph Roach <br />was present to explain the Hospital anticipated issuing $26.99 million <br />in bonds to be used to pay off existing debt and to fund a portion of <br />the costs of acquiring, constructing and equipping an expansion and <br />renovation of the Hospital including a new lobby area, an upgrading of <br />the Hospital's ambulatory service capabilities, improvements to the <br />"Women's Center", consolidation of the emergency and urgent care <br />departments, creation of an advanced care unit and a larger intensive <br />care unit. Mr. Roach noted the Hospital would use approximately $10 <br />million of its own equity in order to complete the pro3ect. It was <br />noted that, although the Industrial Revenue Bonds will be issued by the <br />County of Henry, it was necessary for Council to also approve the bond <br />issue, as the facility is located in the City. Upon motion, duly <br />seconded and by unanimous vote, Council adopted the following <br />Resolution: <br /> <br /> <br />