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TUESDAY, JUNE 8, 1999 <br /> <br />this insurance had cost 39 basis points, or about $35,000, resulting in an actual net savings of <br />about $85,000. Mr. Hill stated that closing on the bonds would occur the following Tuesday, and <br />provided a full rendering of the calendar of events on the process, with final closing to occur on <br />June 15, 1999. In response to a question from Council concerning debt service Mr. Hill stated <br />that annual debt service on the bonds would total about $325,000 per year. Mayor Crabtree <br />stated that much of the monies from the bonds represented a major investment in the City' s <br />schools. The following Supplemental Ordinance was then adopted by the following vote, all <br />members voting: <br /> <br />Vote: 5-0 <br /> <br />Yeas: (5) Crabtree, Dallas, Haskell, Roop, Teague. <br /> <br />Nays: (0) None. <br /> <br />CITY OF MARTINSVILLE, VIRGINIA <br /> <br />A SUPPLEMENTAL ORDINANCE AMENDING THE ORDINANCE OF <br />CITY COUNCIL AUTHORIZING THE ISSUANCE OF UP TO $4,200,000 <br />PRINCIPAL AMOUNT OF GENERAL OBLIGATION REFUNDING <br />BONDS OF THE CITY OF MARTINSVILLE, VIRGINIA AND <br />PROVIDING FOR THE FORM, DETAH~S AND PAYMENT THEREOF <br /> <br />Adopted on June 8, 1999 <br /> <br />11 <br /> <br /> <br />