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MONDAY, MARCH 29, 1999
<br />($400,000.00) of which will be cash in hand paid by the City of Martinsville, Virginia to the said Tultex
<br />Corporation at closing, and the balance of Three Hundred Thousand Dollars ($300,000.00) to be
<br />evidenced by that certain negotiable promissory note dated March 31, 1999, in the principal amount of
<br />Three Hundred Thousand Dollars ($300,000.00) beating interest at the rate of five per centum (5%) per
<br />annum, said note made by the School Board of the City of Martinsville, Virginia to Tultex Corporation
<br />and payable in five (5) equal, annual installments of Sixty Thousand Dollars ($60,000.00) each plus
<br />interest commencing on the 1~t day of July, 2000, and on the first day of each succeeding July
<br />thereaf~erwards until said principal and interest are fully paid, except that the entire indebtedness
<br />evidenced thereby, if not sooner paid, shall be paid on or before July 1, 2004, with the right reserved by
<br />said School Board of the City of Martinsville, Virginia to pay off said note in its entirety prior to the
<br />aforesaid maturity date without penalty, the payment of said note to be secured by a deed of trust upon the
<br />subject premises executed by the City of Martinsville, Virginia and the School Board of the City of
<br />Martinsville, Virginia to William F. Stone, Jr. and David B. Worthy, Trustees, for the benefit of the said
<br />Tultex Corporation, and,
<br />
<br /> NOW THEREFORE, BE IT RESOLVED by the Council of the City of Martinsville, Virginia in
<br />special session duly held on March 29, 1999 that said offer be, and it hereby is, accepted by and on behalf
<br />of the City of Martinsville, Virginia, and,
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<br /> BE IT FURTHER RESOLVED that the City Manager be, and he hereby is, authorized and
<br />directed to take whatever action is necessary in order to effectuate said transaction, including, without
<br />limitation, the payment of Four Hundred Thousand Dollars ($400,000.00) to the said Tultex Corporation
<br />upon receipt of a deed from the said Tultex Corporation conveying said premises to said City and said
<br />School Board according to the terms hereinabove set forth, and to execute a deed of trust conveying said
<br />premises in trust to secure the payment of the aforesaid promissory note.
<br />
<br />Council next authorized the following transfer of funds, by the following vote:
<br /> Vote: 3-0
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<br /> Yeas: (3) Crabtree, Dallas, Haskell.
<br />
<br /> Nays: (0) None.
<br />
<br /> Abstentions: (2) Roop, Teague.
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<br />Authorized the transfer of $400,000 from Account 16-950535-7981023, Public Property
<br />Improvements, to Account 16-950535-7963030, Grant Building, to be expended for the purchase
<br />of the former Grant Building at 22 East Church Street, Martinsville, Virginia.
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