Minutes 04/27/1999 (2) - Laserfiche WebLink

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TUESDAY, APRII, 27. 1999 Council reconvened their meeting at 7:00 p.m., having held an earlier Budget Meeting, in order to hold a regular, semi-monthly meeting of the Council of the City of Martinsville, Virginia, with Mayor Mark A. Crabtree presiding, in the Council Chamber, City Hall, beginning at 7:00 P.M. The following members of Council were present: Mark A. Crabtree, Mayor, M. Gene Teague, Vice Mayor, and Council Members Bruce H.T. Dallas, Elizabeth H. Haskell and Terry L. Roop. Following delivery of the invocation by Council Member Roop, Mayor Crabtree extended a cordial welcome to all in attendance. Council first considered business from the floor. One individual spoke to express concern about the need to improve the surface of a section of Horsepasture Road. There were no other speakers. Council next considered adoption of an Initial Ordinance setting a public hearing for General Obligation Refunding Bonds Series 1999. City Manager Earl B. Reynolds Jr. stated that the action requested came as a result of the need to retinanee $2 million in existing debt for school technology and capital improvements, and $2 million in fundl for municipal improvement projects, all currently in 2 year notes, under a more favorable long term municipal bond debt structure. Mr. Reynolds noted that the required public heating on the proposed action would be held at Council' s meeting on May 11, 1999. He went on to say that there would be an interest payment of $106,000 due in January of 2000, to be paid with $53,000 in General Fund monies and $53,000 in Meals Tax funds. Mr. Reynolds stated that the annual debt service ' payment on the retinaneed funds was estimated to be about $320,000, all of which had been calculated in the original financing strategy. Council Member Haskell noted that the City' s financial advisors had recommended the proposed strategy, and that debt financing through bonds at this time was considered a wiser choice than a pay.as-you-go approach. Council then voted to adopt the following Initial Ordinance setting the Public Hearing for May 11, 1999, by the following vote, all members voting: