Agenda 02/23/1999 - Laserfiche WebLink

Home Browse Search

Section 2 - Description of Notes TUESDAY. JANUARY 26. 1999 The City Council finds that it is expedient for the City to borrow money and issue the Notes for the Project in a maximum amount not to exceed SEVEN MILLION FIVE HUNDRED THOUSAND DOLLARS ($7,500,000.00). The maximum length of time that the Notes will be outstanding is two years from the date of issuance of the Notes. The form and details of the Notes which are proposed to be issued will be more specifically set forth in a City Ordinance to be entitled "AN ORDINANCE AUTHORIZING THE ISSUANCE OF UP TO $7,500,000 MAXIMUM PRINCIPAL AMOUNT OF GENERAL OBLIGATION NOTES OF THE CITY OF MARTINSVILLE, VIRGINIA FOR PURPOSES OF ASSISTING IN THE ACQUISITION, CONSTRUCTION AND EQUIPPING OF SCHOOL CONSTRUCTION PROJECTS, AND PROVIDING FOR THE FORM, DETAILS AND PAYMENT THEREOF," which will be introduced before the Council and considered for passage following a public hearing on the Project and its financing through the issuance of general obligation notes, 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 to facilitate consideration of the issuance of the proposed Notes, including but not limited to the publication and broadcasting, as required by the City Charter, of notice of a public hearing to be held prior to final authorization by the City Council of the issuance of the Notes. The public heating shall be held on February 23, 1999 at 7:00 p.m. at the City Council Chambers, Second Floor, City of Martinsville Municipal Building, 55 West Church Street, Martinsville, Virginia 24112. All actions of the City Manager, Clerk of the Council, City Treasurer, City Attomey, Bond Counsel and all other officers, employees and agents of the City in furtherance of the issuance of the Notes and the financing of the Project are hereby approved and ratified. Section 4 - Invalidity of Sections If any section, paragraph, clause or provision of this Ordinance shall be held invalid or unenforceable for any reason, the invalidity or unenforceability of such section, paragraph, clause or provision shall not affect any of the remaining portions of this Ordinance. Section 5 - Headings of Sections The headings of the sections of this Ordinance shall be solely for convenience of reference and shall not affect the meaning, construction, interpretation or effect of such sections of this Ordinance. Section 6 - Effective Date and Filing of Ordinance The Council hereby declares in the public interest that an emergency exists and that this Ordinance shall be passed on the same day it is introduced and shall become effective immediately upon its passage as an emergency measure pursuant to Sections 2 and 3 of Chapter 3 of the Martinsville City Charter. A copy of this Ordinance, certified by the Clerk of the Council, shall be filed with the Judge of the Circuit Court of the City of Martinsville, Virginia.