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51 <br /> <br />MONDAY, MARCH 29, 1999 <br />interest commencing on the 1st day of July, 2000, and on the first day of each succeeding July <br />thereafterwards until said principal and interest are fully paid, except that the entire indebtedness <br />evidenced thereby, if not sooner paid, shall be paid on or before July 1, 2004, with the right reserved by <br />said School Board of the City of Martinsville, Virginia to pay off said note in its entirety prior to the <br />aforesaid maturity date without penalty, the payment of said note to be secured by a deed of trust upon the <br />subject premises executed by the City of Martinsville, Virginia and the School Board of the City of <br />Martinsville, Virginia to William F. Stone, Jr. and David B. Worthy, Trustees, for the benefit of the said <br />Tultex Corporation, and, <br /> <br /> NOW THEEFOE, BE IT RESOLVED by the Council of the City of Martinsville, Virginia in <br />special session duly held on March 29, 1999 that said offer be, and it hereby is, acceptedby and on behalf <br />of the City of Martinsville, Virginia, and, <br /> <br /> BE IT FURTHER RESOLVED that the City Manager be, and he hereby is, authorized and <br />directed to take whatever action is necessary in order to effectuate said transaction, including, without <br />limitation, the payment of Four Hundred Thousand Dollars ($400,000.00) to the said Tultex Corporation <br />upon receipt of a deed from the said Tultex Corporation conveying said premises to said City and said <br />School Board according to the terms hereinabove set forth, and to execute a deed of trust conveying said <br />premises in trust to secure the payment of the aforesaid promissory note.' <br /> <br />Council next authorized the following transfer of funds, by the following vote: <br /> Vote: 3-0 <br /> <br /> Yeas: (3) Crabtree, Dallas, Haskell. <br /> <br /> Nays: (0) None. <br /> <br /> Abstentions: (2) Roop, Teague. <br /> <br />Authorized the transfer of $400,000 from Account 16-950535-798 1023, Public Property <br />Improvements, to Account 16-950535-7963030, Grant Building, to be expended for the purchase <br />of the former Grant Building at 22 East Church Street, Martinsville, Virginia. <br /> <br />City Council then adjourned its meeting upon motion duly seconded, and by unanimous vote, all <br /> <br />members voting. <br /> <br /> <br />