Minutes 09/09/1997 - Laserfiche WebLink

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TUESDAY, SEPTEMBER 9, 1997 Be it Ordained by the Council of the City of Martinsv~le, Virginia: Section 1 - Findines and Determinations The City Council ("City Council") of the City of Martinsville, Virginia (the "City") proposes to issue bonds for school purposes and hereby finds and determines that (i) the City is in need of funds to be used by the City for needs brought to the attention of the City Council by the Superintendent of the Martinsville City Public Schools which are the acquisition and installation of certain computer hardware and sofiarare, the construction and installation of certain capital improvements to the City's public school physical facilities and the acquisition of motor vehicles, motorized equipment and other equipment, all for school purposes for the City's public schools (together, the "Project"), for costs of issuance of the Bonds and for the payment of interest on the Bonds, (ii) the obtaining of such funds will be for municipal purposes of the City for the welfare of citizens of the City for purposes which will serve the City and its citizens pursuant to the authority of the City to provide funds to and otherwise support the City's public schools, (iii) the most effective, efficient and expedient manner in which to provide such funds to the City is by general obligation bonds in the maximum principal amount of $2,000,000 issued by the City as further described herein (the "Bonds") to be sold to Patrick Henry National Bank which has offered to purchase the same on certain terms and conditions to be included within a Bond Purchase Agreement between the City Council and Patrick Hemy National Bank (the "Bond Purchase Agreement") the form of which has been presented to the City Council, the issuance of the Bonds being within the power of the City to contract debts, borrow money and make and issue evidence of indebtedness and (iv) the issuance of the Bonds is in the best interests of the City and its citizens. Section 2 - Descrintion of Bonds The City Council finds that it is expedient for the City to borrow money and issue the Bonds for school purposes as more specifically described herein in the maximum amount of $2,000,000 and that the maximum length of time that the Bonds will be outstanding is two (2) years from the date of issuance of the Bonds. The form and details of the Bonds which are proposed to be issued are more specifically set forth in the proposed City Ordinance entitled AN ORDINANCE AUTHORIZING THE ISSUANCE OF UP TO $2,000,000 PRINCIPAL AMOUNT OF GENERAL OBLIGATION BONDS OF THE CITY OF MARTINSVILLE, VIRGINIA FOR SCHOOL PURPOSES, AND PROVIDING FOR THE FORM, DETAILS AND PAYMENT THEREOF, which Ordinance has previously been introduced before the Council and which will be considered for passage following a public heating thereon as required by law. Section 3 - Further Actions Authorized The City Manager, Clerk of the Council, City Treasurer, City Attorney, Bond Counsel and all other officers, employees and agents of the City are hereby authorized and directed to take any and all such further action as shall be deemed necessary or desirable in order to effectuate consideration of issuance of the proposed Bonds, including but not limited to publication and broadcasting as required by law of a notice of public hearing on final authorization by the City Council of the issuance of the Bonds and also including but not limited to the execution and delivery by the Mayor or Vice-Mayor of the Bond Purchase Agreement in substantially the form submitted to the City Council at this meeting which Bond Purchase Agreement is hereby approved, with such completion's, omissions, insertions and changes as may be approved by the officer executing it, his execution to constitute conclusive evidence of his approval of any such completion's, omissions, insertions and changes, and all actions of the City Manager, Clerk of the Council, City Treasurer, City Attorney, Bond Counsel and all other officers, employees and agents of the City in furtherance of the issuance Of the Bonds and the financing of the Project are hereby approved and ratified.