Laserfiche WebLink
238 <br /> <br />TUESDAY, JANUARY 26, 1999 <br />Vote: 5-0 <br /> <br />Yeas: (5) Crabtree, Dallas, Haskell, Roop, Teague. <br /> <br />Nays: (0) None. <br /> <br />CFFx~ OF MARTINSVILLE, VIRGINIA <br /> <br />AN ORDINANCE RECITING THE EXPEDIENCY OF THE ISSUANCE OF <br />UP TO $7,500,0.00 PRINCIPAL AMOUNT OF GENERAL OBLIGATION <br />NOTES OF THE CITY OF MARTINSVILLE, VIRGINIA, AND SETTING <br />FORTH THE PURPOSE, IN GENERAL TERMS, FOR WHICH THE NOTES <br />ARE TO BE ISSUED, THE MAXIFvIUM AMOUNT OF THE NOTES TO BE <br />ISSUED AND THE MAXIMUM LENGTH OF TIME SUCH NOTES WILL BE <br />OUTSTANDING <br /> <br />Be it Ordained by the Council of the <br /> <br /> Adopted on January 26, 1999 <br />City of Martinsville, Virginia: <br /> <br />Section 1 - Findinl~s and Determinations <br /> <br /> The City Council ("City Council") of the City of Martinsville, Virginia (the "City") proposes to <br />issue notes for the purpose of assisting in the acquisition, construction and equipping of renovations, <br />additions and improvements to classrooms and other spaces at Albert Harris Elementary School located in <br />the City (the "Project") and hereby finds and determines that: (i) the City is in need of funds to be used <br />by the City for school construction needs brought to the attention of the City Council by the Martinsville <br />School Board and the Martinsville City Manager, specifically for the Project, for costs of issuance of the <br />Notes (defined below) and for payment of interest on the Notes; (ii) the obtaining of such funds will be <br />for municipal purposes of the City, for the welfare of citizens of the City for purposes which will serve the <br />City and its citizens pursuant to the authority of the City to provide funds for and otherwise support the <br />City's public schools; (iii) the most effective, efficient and expedient manner in which to provide such <br />funds to the City is through the issuance of general obligation notes in an original principal amount not to <br />exceed $7,500,000 to be issued by the City as further described herein (the "Notes") to be used for the <br />acquisition, construction and equipping of the Project and for certain costs of issuance of the Notes; (iv) <br />the issuance of the Notes is within the power of the City to contract debts, borrow money and make and <br />issue evidence of indebtedness; and, (iv) the issuance of the Notes is in the best interests of the City and <br />its citizens. <br /> <br /> <br />