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Bonds for School Purposes, and providing f6r the Form, Details, and <br /> Payment thereof. <br /> <br /> Mr. Jacobson also noted that the Lending Institution selected to <br />provide the Loan being sought will be announced at the September 9, 1997 <br />Councils.meeting. Mr. Jacobson also pointed out that the terms "loan" and <br />"bond" are essentially synonymous with regard to this issuance, although, <br />technically, the instrument will be a bank qualified bond for $2,000,000. <br />He also noted that arbitrage will be possible with this type of <br />instrument. Council held a general discussion following this <br />presentation, with numerous observations on the proposed bond issuance. <br />Councilmember Teague stated that it was important that the School Board <br />understands that it may not be possible to provide such funding in <br />subsequent years, and that it was important that the School System not <br />make extended commitments with the proceeds from these bonds. It was also <br />recognized that if other bonds were later issued for the renovation of <br />Albert Harris Elementary School that all the funds from this issuance to <br />be applied to that facility may not be needed from this source. Vice- <br />Mayor Crabtree stated the need to move along on the Albert Harris <br />project, and Councilmember Haskell agreed, stating Council's commitment <br />to this as soon as the scope of work to be accomplished on the Project is <br />agreed upon. Following some additional discussion about the potential <br />earnings from arbitrage of the loan proceeds, and upon motion duly <br />seconded, with unanimous approval, Council approved the adoption of the <br />Authorization and Reimbursement Resolution, as follows: <br /> <br />AUTHORIZATION AND REIMBURSEMENT RESOLUTION OF MARTINSVILLE <br /> CITY COUNCIL AS TO FINANCING OF SCHOOL PROJECT <br /> <br /> <br />