Minutes 10/22/1991 - Laserfiche WebLink

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TUESDAY, OCTOBER 22, 1991 of Martinsville at a regular or special election and may enter such additional orders as may be required by general law now or here- afterin effect. C. Notice of the proposed bond issue shall be published in a newspaper of general circulation in the Cityof Martinsville at least once a week for two successive weeks after the adoption of the ordinance described in subsection A hereof. Such notice shall set forth in general terms the purpose or purposes for which the bonds are to be issued, the actual or maximum amount of such bonds, or if bonds are to be issued for more than one purpose, the actual or maximum amount of bonds to be issued for each purpose, and the maximum time such bonds will be outstanding. D. In lieu of the election required by Section 2, in any bond issue which does not exceed 2% of the assessed valuation of the real estate of the City subject to taxation, the Council may hold a public hearing on the proposed bond issue. In the event that Council elects to hold a public hearing in lieu of an elec- tion, the notice described in subsection C above shall be pu- blished in the display advertising of ~said newspaper, and, in addition, shall be broadcast at least once a week for two succes- sive weeks on all radio and television stations whose broadcast facilities are located within the City and said notice shall spe- cify the time and place of the hearing at which persons may appear and present their views. The hearing shall not be held less than six nor more than twenty-one days after the date the second notice appears in said newspaper. E,. Following approval of the bonds by the qualified voters of the~ City, or, where applicable, following said public hearing, the Council may at any time thereafterwards or from time to time thereafter adopt an ordinance authorizing the issuance of the bonds or any portion thereof. Such ordinance shall set forth the speci- fic terms of the bond issue, including the term thereof and the rate of interest thereon. Any such ordinance may be amended or supplememted from time to time. F. Any ordinance adopted pursuant to this Section 5 may be adopted on the same day it isintroduced before the council and may take effect on the date of its adoption. The provisions of this subsection shall not apply to any ordinance enacted for the purpose of authorizing the issuance of bonds after a public hearing. G. Any ordinance adopted by the Council pursuant to this Section 5 and any bonds issued pursuant to this chapter may contain such provisions and be in such form as required or permitted by general' law, now or hereafter in effect, unless specifically pro- vided or permitted otherwise by this chapter. Upon motion, duly seconded, and unanimous vote, Council adopted a Resolution authorizing Mrs. Bernice H. Smith, City Treasurer, and Mr. Richard D. Fitts, Director .of Finance, to maintain a checking account and invest funds on behalf of the City at Patrick Henry. National Bank, as follows: Opening and Maintaining a Checking Account I,-.the undersigned, hereby certify to Patrick Henry National