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

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Vote: 5-0 Yeas: (5) Crabtree, Dallas, Haskell, Roop, Teague. Nays: (0) None TUESDAY, APRH, 27, 1999 CITY OF MARTINSVILLE, VIRGINIA AN ORDINANCE RECITING THE EXPEDIENCY OF THE ISSUANCE OF UP TO $4,200,000 PRINCIPAL AMOUNT OF GENERAL OBLIGATION REFUNDING BONDS OF THE CITY OF MARTINSVILLE, VIRGINIA, AND SETTING FORTH THE PURPOSE, IN GENERAL TERMS, FOR WHICH THE BONDS ARE TO BE ISSUED, THE MAXIMUM AMOUNT OF THE BONDS TO BE ISSUED AND THE MAXIMUM LENGTH OF TIME SUCH BONDS WILL BE OUTSTANDING Be it Ordained by the Council of the City of Martinsville, Virginia: Section 1 - Findings and Determinations Adopted on April 27, 1999 The City Council ("City Council") of the City of Martinsville, Virginia (the "City") proposes to issue bonds for the purpose of refunding the City's $2,000,000 General Obligation School Bond, Series 1997 (the "Series 1997 Bond") issued for school purposes (the "School Project") and refunding the City's $2,000,000 General Obligation Note (Redevelopment and Public Property Improvement Project), Series 1998 (the "Series 1998 Note") issued for purposes of making a grant or grants to the City's Redevelopment and Housing Authority (the "Authority") and the acquisition, construction and equipping of additions and renovations to City of Martinsville public property (the "Redevelopmerit and Public Property Project") and herdby finds and determines that: (i) the City is in need of funds to be used by the City for the refunding of the Series 1997 Bond and the Series 1997 Note and for costs of issuance of the Bonds (defined below) and for payment of interest on the Bonds; (ii) the obtaining of such funds will be for municipal purposes of the City, for the welfare of citizens of the City for purposes which will serve the City and its citizens pursuant to the authority of the City to provide funds for and otherwise support the City's public schools, the activities of the City and the Authority and otherwise support the City's municipal purposes; C~i)the most effective, efficient and expedient manner in which to provide such funds to the City is through the issuance of general obligation Bonds in an original principal amount not to exceed $4,200,000 to be issued by the City as timher described herein (the "Bonds") to be used for the refunding of the Series 1997 Bond and the Series 1998 Note and for certain costs of issuance of the Bonds; (iv) the issuance of the Bonds is within the power of the City to contract debts, borrow money and make and issue evidence of indebtedness; and, (iv) the issuance of the Bonds is in the best interests of the City and its citizens.