Agenda 04/27/1999 - Laserfiche WebLink

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Be it Ordained by the Council of the City of Martinsville, Virginia: Section 1 - Findinffs and Determinations The City Council ("City Council") of the City of Martinsville, Virginia (the "City") proposes to issue bonds for the purpose of refunding the City's $2,000,000 General Obligation School Bond, Series 1997 (the "Series 1997 Bond") issued for school purposes (the "School Project") and refunding the City's $2,000,000 General Obligation Note (Redevelopment and Public Property Improvement Project), Series 1998 (the "Series 1998 Note") issued for purposes of making a grant or grants to the City's Redevelopment and Housing Authority (the "Authority") and the acquisition, construction and equipping of additions and renovations .to City of Martinsville public property (the "Redevelopment and Public Property Project") and hereby finds and determines that: (i) the City is in need of funds to be used by the City for the refunding of the Series 1997 Bond and the Series 1997 Note and for costs of issuance of the Bonds (defined below) and for 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 for and otherwise support the City's public schools, the activities of the City and the Authority and otherwise support the City's municipal purposes; (iii)the most effective,. efficient and expedient manner in which. to provide such funds to the City is through the issuance' of general obligation Bonds in an original principal mount not. to exceed .$4,200,000 to be issued by the City as further described herein (the "Bonds") to be used for the refunding of the Series 1997 Bond and the Series 1998 Note and for certain costs of issuance of the Bonds; (iv) the issuance of- the Bonds is 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- Description of Bonds The City Council finds that it is expedient for the City to borrow money and issue the Bonds for the Project in a maximum mount not to exceed FOUR MILLION TWO HUNDRED · THOUSAND DOLLARS ($4,200,000). The maximum length of time that the. Bonds will be' outstanding is twenty one years from the date of issuance ofthe Bonds. The form and details of the Bonds 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 $4,200,000 MAXIMUM PRINCIPAL AMOUNT OF GENERAL OBLIGATION-REFUNDING BONDS OF THE CITY OF .MARTINSVILLE, VIRGINIA, AND PROVIDING FOR THE FORM, DETAILS AND PAYMENT THEREOF," which will be introduced before the COuncil and considered for passage following a public heating on the refunding of the Series 1997 Bond and the Series 1998 Bond through the issuance of the Bonds, as required by law;