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TUESDAY. MARCH 23. 1999 <br />Dan'ell Hill of Davenport & Company, Inc., financial consultants to the City, spoke to report the City' s <br /> <br />successful sale of $7.5 million in General Obligations notes at a very favorable interest rate of 3.6%. He <br />stated that the financing of the notes would be completed on April 7, 1999. Mayor Crabtree noted that the <br />interest rate obtained was only .6% higher than the Literary Fund rate from the State. Additional <br />discussion then took place concerning expected savings as a result of a lower than estimated interest rate, <br />and the nature and location of the buyers of the notes. Council then voted to adopt the following <br />supplement to the Ordinance, by the following vote, all members voting: <br /> <br />Vote: 5-0 <br /> <br />Yeas: (5) Crabtree, Dallas, Haskell, Roop, Teague. <br /> <br />Nays: (0) None <br /> <br />41 <br /> <br />CITY OF MARTINSVILLE, VIRGINIA <br /> <br />A SUPPLEMENTAL ORDINANCE AUTHORIZING THE ISSUANCE OF UP <br />TO $7,500,000 PRINCIPAL AMOUNT OF GENERAL OBLIGATION NOTES <br />OF THE CITY OF MARTINSVILLE, VIRGINIA TO FINANCE THE ALBERT <br />HARRIS ELEMENTARY SCHOOL PROJECT <br /> <br />Adopted on March 23, 1999 <br /> <br />Be it Ordained by the City Council of the City of Martinsville, Virginia: <br /> <br />Section I - Findines and DeterminationsSection 2 - Findines and Determinations <br /> <br /> The City Council (the "City Council") of the City of Martinsville, Virginia (the "City") on <br />March 9, 1999 unanimously adopted an Ordinance entitled "An Ordinance Authorizing the Issuance of up <br />to $7,500,000 Principal Amount of General Obligation Notes of the City of Martinsville, Virginia for the <br />Purpose of Assisting in the Acquisition, Construction and Equipping of Renovations, Additions and <br />Improvements to Classrooms and Other Spaces at the Albert Harris Elementary School and Providing for <br />the Form, Details and Payment Thereof' (the "Authorizing Ordinance"). All words and terms defined <br />in the Authorizing Ordinance have the same meaning in this Supplemental Ordinance. <br /> <br />Section 2 - Authorization. Form and Details of the NotesSection 3 - Authorization. Form and <br />Details of the Note <br /> <br /> <br />