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3.70 <br /> <br />TUESDAY. NOVEMBER 8, 1994 <br /> <br />Virginia for renovations and additions to the Martinsville Junior High <br />at 30 Cleveland Avenue, as follows: (1) S2,500,000 for a 32,717 square <br />foot classroom addition; and (2) $2~500,000 for a 8,552 square foot <br />cafeteria and media center addition and modernization of the existing <br />school. S. Harold Lamm, Superinter oE Schools, was present to <br />explain that the loans, once approved, would provide for a 3% interest <br />rate and a 20-year payback p~riod. Upon motion, duly seconded and by <br />unanimous vote, Council authorized the School Board to apply for the <br />loans. <br /> <br />Council considered approval of two Resolutions related to the financing <br />of the Martinsville Junior High School construction project. Mr. Dan <br />Siegal, attorney with Sands, Anderson, Marks & Miller, was present to <br />respond to questions from the members of Council. Upon motion, duly <br />seconded and by unanimous vote, Council adopted the following <br />Resolution: <br /> <br />WHEREAS, the City of Martinsville, Virginia (the "Issuer") is a <br />political subdivision organized and existing under the laws of the <br />Commonwealth of Virginia; and <br /> <br />WHEREAS, the Issuer has paid, beginning no earlier than September 8, <br />1994 and will pay, on and after the date hereof, certain expenditures <br />(the .~'E~penditures") in connection with the following capital <br />impro~e~te: school system capital projects relating to the <br />M~rtinsvl~le Middle School which include (i) new construction - <br />a~nS~rUction and equipping of a classroom addition and cafeteria/media <br />Oenter,i'.(fi) renovation - the renovation of the main classroom building <br />and gymnasium building and asbestos removal, (iii) fixed <br />equipment/furnishings - acquisition and installation of kitchen <br />equipment, science classroom equipment, general millwork and lecture <br />classroom seats, (iv) technology items - wiring for televisions and <br />computer wiring and associated hardware, (v) other construction and <br />fUrnishingsand equipment cost items - band instrument storage cabinets <br />and acoustical panels, technology lab millwork, landscaping, television <br />sets, concentrators for computer network wiring, enhanced <br />'communication/media~ management system, computers, computer software, <br />synergistic modules' ~ndfurnishings and furniture and (vi) related <br />~roject"'~COst-"'cOnstruction phase testing, utility connection fees, <br />financing and counsel fees and interim financing costs (collectively, <br />the "Project"); and <br /> <br /> <br />