Minutes 10/22/1991 - Laserfiche WebLink

Home Browse Search

TUESDAY, OCTOBER 22, 1991 noted that this Resolution provided that~any single bond issue which does not exceed 2% of the assessed valuation of real estate of the City subject to taxation may be issued after a duly-advertised public hearing is held. Councilman Adams again expressed concern that this action would eliminate the requirement for a voter referendum for bond issues, therefore, he would vote against this Resolution. The vote was 4 to 1 (Councilman Adams voting against) to adopt the Resolution, as follows: WHEREAS, the Public Finance Act of 1991 allows cities to issue bonds in accordance with the provisions of the Act; and WHEREAS, said Act provides the City the option of issuing bonds by ordinance after conducting a duly-advertised public hearing, notwithstanding a provision in the Charter of the City of Martinsville which requires that a referendum be held and approval be granted by the voters of the City of Martinsville prior to the issuance of bonds; and WHEREAS, the option granted by said Act to issue bonds after a public hearing expires on July 1, 1992, after which every bond issue will have tobe approved by a referendum unless the Charter is amended; and WHEREAS, the City Council of the City of Martinsville desires to amend said Charter to allow said Council the option, in certain~ instances, of issuing bonds after a duly-advertised public hearing with.out the necessity of holding a referendum, and in accordance with all provisions of the Public Finance Act of 1991; and WHEREAS, the City Council on September 24, 1991, conducted a duly-advertised public hearing to consider the proposed amendment to t~e City Charter as provided by Section 15.1-835 of the Code of Virginia; now, therefore, BE IT RESOLVED by the Council of the City of Martinsville, Virginia, in regular session assembled on October 22, 1991, that it does hereby request its representatives in the Virginia General Assembly to introduce legislation that would amend Section 5 of Chapter 11 of the Charter of the City of Martinsville as follows: Section 5. Issuance procedure. A. Whenever the Council of the City of Martinsville proposes to issue bonds, the Council shall adopt an ordinance reciting t~e expediency of borrowing money by the City of Martinsville and the issuance of bonds therefor, the purpose or purposes, in general terms, for which bonds are to be issued, the actual or maximum amount of bonds to be issued, or if bonds are to be issued for more than one purpose, the actual or maximum amount to be issued for each purpose and the maximum length of time such bonds will be out- standing. B. Upon the adoption by the Council of the ordinance de- scribed in subsection A hereof, a copy thereof, certified by the clerk of the council shall be filed with the judge of the circuit court of the City of Martinsville, Virginia, whereupon the judge of such circuit court shall enter such order as may be required by general law now or hereafter in effect ordering that the question of issuing bonds be submitted to the qualified voters of the City