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TUESDAY, JUNE 1];~ 1991 <br />unanimous vote, Council adopted the following Ordinance No. 91-8: <br /> <br />BE IT ORDAINED by the City Council of the City of Martinsville, <br />Virginia: <br /> <br />1. The City School Board of the City of Martinsville, Virginia <br />(the "City"), has advised the City Council (the "City Council") of <br />the City of the necessity to undertake capital projects for public <br />schools. The City Council hereby determines that it is advisable <br />to do so and to borrow money for such purpose and issue the City's <br />general obligation bonds therefor. <br /> <br /> 2. Pursuant to the Constitution and statutes of the Commonwealth <br /> of Virginia, including the Public Finance Act of 199.1, Chapter 668, <br /> Virginia Acts of Assembly of 1991, there are hereby authorized to <br /> be issued school bonds of the City in the maximum amount of <br /> $585,000 to provide funds, together with other available funds, to <br />~.finance capital projects for public schools. <br /> <br />3. The ~onds shall bear such date or dates, mature at such time <br />or times not exceeding 40 years from their date, bear interest at <br />such rate or rates not to exceed the maximum rate authorized by law <br />at-the time the bonds are sold, be in such denominations and form, <br />be executed in such manner and be sold at such time or times and in <br />such manner as the City Council may hereafter provide by <br />appropriate resolution or resolutions. <br /> <br />4. The bonds shall be general obligations of the City for the <br />payment of principal of and interest on which its full faith and <br />credit shall be irrevocably pledged. <br /> <br />5. The bonds shallbe issued solely pursuant to the provisions of <br />the Public Finance Act of 1991, Chapter 668, Virginia Acts of <br />Assembly of 1991. <br /> <br />6. This ordinance shall take effect immediately. <br /> <br />Upon motion, duly seconded and by unanimous vote, Council adol..ted a <br />Resolution providing for the issuance of $585,000 School Bonds, Series of <br />1991A, of the City of Martinsville, Virginia, heretofore authorized, to be <br />sold to the Virginia Public School Authority, and setting forth the form and <br />details thereof. A full copy of this Resolution is attached to these minutes <br /> <br />as Appendix A. <br /> <br />Council considered a petition submitted by Roger L. Young and others to <br />appear before Council regarding a drainage situation on Sam Lions Trail. Mr. <br />Brown reviewed a plat of the subject area and explained the City <br /> <br /> <br />