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2 4 6faunsoAr, SEP E 4a n 4, 1997 <br /> <br /> WHEREAS, the City of Martinsville, Virginia (the "City") is a body politic and corporate organized <br />and existing under the laws of the Commonwealth of Virginia: and <br /> <br /> WHEREAS, the Superintendent of the Martinsville City Public Schools (the "Superintendent") <br />has brought to the attention of the City Council of the City of Martinsville (the "City Council") the need for <br />the acquisition and installation of computer hardware and software, construction and installation of capital <br />improvements to the City's public school physical facilities and the acquisition of Vehicles, motorized <br />equipment and other equipment, all for school purposes for the City's public schools (together, the <br />"Project"); and <br /> <br /> WHEREAS, the City Council has received a number of proposals to accomplish financing of the <br />Project with proceeds of one or more issues of tax-exempt bonds to be issued by the City in the maximum <br />principal amount of $2,000,000 (the "Bonds"); <br /> <br /> NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF <br />MARTINSVILLE AS FOLLOWS: <br /> <br />In connection with financing the Project, the City Council declares its intent to consider <br />issuance of the Bonds and that there has been presented and introduced to the City Council <br />this day two ordinances, one entitled AN ORDINANCE RECITING THE EXPEDIENCY OF <br />THE ISSUANCE OF UP TO $2,000,000 PRINCIPAL AMOUNT OF GENERAL <br />OBLIGATION BONDS OF THE CITY OF MARTINSVILLE, VIRGINIA AND SETTING <br />FORTH THE PURPOSE IN GENERAL TERMS FOR WHICH BONDS ARE TO BE <br />ISSUED, THE MAXIMUM AMOUNT OF BONDS TO BE ISSUED AND THE <br />MAXIMUM LENGTH OF TIME SUCH BONDS WILL BE OUTSTANDING and the other <br />entitled AN ORDINANCE AUTHORIZING THE ISSUANCE OF UP TO $2,000,000 <br />PRINCIPAL AMOUNT OF GENERAL OBLIGATION BONDS OF THE CITY OF <br />MARTINSVILLE, VIRGINIA FOR SCHOOL PURPOSES, AND PROVIDING FOR THE <br />FORM, DETAILS AND PAYMENT THEREOF. <br /> <br />The City Manager and his designees, the City Attorney and Bond Counsel are authorized to <br />take any and all actions necessary for the City Council to consider final authorization of the <br />Bonds, including but not limited to publication and broadcasting as required by law of a notice <br />of public heating on final authorization by the City Council for the issuance of the Bonds. <br /> <br />The City has paid and will pay certain expenditures (the "Expenditures") in connection with <br />the acquisition, construction and/or equipping of the Project and has determined that it is <br />necessary to reimburse the City for the Expenditures from the proceeds of the Bonds. The <br />City Council hereby declares its intent to reimburse the City with the proceeds of the Bonds <br />for the Expenditures with respect to the Project made on and after July 7, 1997, which date is <br />no more than 60 days prior to the date hereof. The City Council reasonably expects on the <br />date hereof that it will reimburse the Expenditures with proceeds of the Bonds. The <br />maximum principal amount of the Bonds expected to be issued for the Project is $2,000,000. <br /> <br />4. This resolution shall take effect immediately upon its passage. <br /> <br />ADOPTED this 4th day of September, 1997. <br /> <br /> <br />