Minutes 05/28/1991 - Laserfiche WebLink

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TUESDAY, MAY 28, 1991 BE-IT FURTHER ORDAINED by said Council,. that, an emergency existing, this Ordinance shall be effective immediately upon adoption. Upon motion, duly seconded and by unanimous vote, Council set the following public hearings for June 11, 1991: (1) on a request by Theofilos G. Balabanis for the rezoning of a portion of Parcel 2-R previously known as Parcel B located on the northeast side of Oneida Street, from R-9 Residential to R-6 Residential; (2) to receive applications for membership on the City's School Board for two vacancies that will occur June 30, 1991; and (3) on an Ordinance·authorizing the issuance and saleof School=Bondsfor theCityof Martinsville, Virginia, in the maximum amount of $585,000 to the Virginia Public School Authority. Council acknowledged a report on the debt service payment schedule for Virginia , Public School Authority bond funds in which the City Manager reported that an interest payment in the amount of $13,000-$15,000 would be due onlthe bonds during FY91-92, but that this payment should be offset by the Unanticipated investment interest which the City will receive during the fiscal year as a result of having the Bond proceeds available for investment. Mr. Brown said that this item was not included in the budget at this time, due to the uncertainty of what the actual payment will be. Council considered authorizing the City Manager to execute a Bond Sale Agreement with the Virginia Public School Authority. Mr. Harold Lamm, Superintendent of Schools, was present and explained that the Bond Sale Agreement needed to be executed and returned to the State by May 31. Mr.~ Lamm and Mr. BrOwn noted that Council would be asked to formally authorize the bond issuance through adoption of the Authorizing Ordinance and Bond Resolution~at its June 11, 1991 meeting. In response to questions, Mr. Lamm explained that the bond issue was in an amount not to exceed $585,000 and