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198 <br /> <br /> At a regular meeting of the City Council of the City of <br />Martinsville, Virginia, held on the 9th day of July, 1991, at <br />which the following members were present and absent: <br /> <br />PRESENT: <br /> <br />'Mayor Allan McClain <br /> Vice-Mayor Alfred T. Groden <br /> Councilman George B. Adams, Jr. <br /> Councilman L.D. Oakes <br /> Councilman Clyde L. Williams <br /> <br />ABSENT <br /> <br /> None = <br />the following resolution was adopted by a majority of all members <br />of the City Council by a roll call vote, the ayes and nays being <br />recorded in the minutes of the meeting as shown below: <br /> <br /> MEMBER <br /> <br />Mayor Allan McClain <br />Vice-Mayor Alfred T. Groden <br />Councilman George B. Adams, Jr. <br />Councilman L.D. Oakes <br />Councilman Clyde L. Williams <br /> <br />VOTE <br /> <br />Aye <br />Aye <br />Aye <br />Aye <br />Aye <br /> <br />RESOLUTION AMENDING AND RESTATING CERTAIN PROVISIONS OF <br />A RESOLUTION AUTHORIZING THE ISSUANCE OF $585,000 <br />SCHOOL BONDS, SERIES OF 1991A, OF THE CITY OF <br />MARTINSVILLE, VIRGINIA, RATIFYING CERTAIN OTHER <br />PROVISIONS RELATING THERETO AND RATIFYING AWARD OF <br />$438,631 SCHOOL BONDS, SERIES OF 1991A, OF THE CITY OF <br />MARTINSVILLE, VIRGINIA, TO VIRGINIA PUBLIC SCHOOL <br />AUTHORITY <br /> <br /> WHEREAS,-by resolution adopted on June 11, 1991 (the "Bond <br />Resolution"), the City Council (the "Council") of the City of <br />Martinsville, Virginia (the,'City"),provided for the issuance of <br />$585,000 School Bonds, Series of 1991A (the "Bonds"), of the City <br />to the Virginia Public School Authority (the "Authority"); <br /> <br /> WHEREAS, such resolution authorized the City Manager to <br />award the Bonds to the Authority at such interest rate or rates <br />as would produce a differential in each year of not more than ten <br />one-hundredths of one percent (10/100 of 1%) over the annual rate <br />to be paid by the Authority on the bonds it sold to provide funds <br /> <br /> <br />