Laserfiche WebLink
TUESDAY, June 27, 2000 <br /> <br />Next, Council considered adoption, on an emergency basis, of an Ordinance on the issuance of up to $2,700,000 <br /> <br />principal amount of a General Obligation Note of the City setting forth the purpose, in general terms, for which <br /> <br />the Note is to be issued and the maximum length of time such Note will be outstanding related to capital <br /> <br />improvements at the City's Landfill. The Ordinance follows: <br /> <br />CITY OF MARTINSVILLE, VIRGINIA <br /> <br />AN ORDINANCE RECITING THE EXPEDIENCY OF THE ISSUANCE OF UP TO <br />$2,700,000 PRINCIPAL AMOUNT OF A GENERAL OBLIGATION NOTE OF THE <br />CITY OF MARTINSVILLE, VIRGINIA, AND SETTING FORTH THE PURPOSE, IN <br />GENERAL TERMS, FOR WHICH THE NOTE IS TO BE ISSUED, THE MAXIMUM <br />AMOUNT OF THE NOTE TO BE ISSUED AND THE MAXIMUM LENGTH OF TIME <br />SUCH NOTE WILL BE OUTSTANDING- <br /> <br />Be it Ordained by the Council of the City of Martinsville, Virginia: <br /> <br />Section 1 - Findings and Determinations <br /> The City Council ("City Council") of the City of Martinsville, Virginia (the "City") proposes to <br />issue a note for the purpose of the acquisition, construction and equipping of renovations, additions and <br />improvements to the City of Martinsville Landfill, including closure of two areas of the Landfill, drainage <br />system and roadway improvements, and site preparation for transfer station construction (the "Landfill <br />Project") and hereby finds and determines that: (i) the City is in need of funds to be used by the City for the <br />Landfill Project, for costs of issuance of the Note (defined below) and for payment of interest on the Note; <br />(ii) the obtaining of such funds will be for municipal purposes of the City, for the welfare of citizens of the <br />City for purposes which will serve the City and its citizens pursuant to the authority of the City to provide <br />funds for and otherwise provide and operate solid waste management facilities; (iii)the most effective, <br />efficient and expedient manner in which to provide such funds to the City is through the issuance of a general <br />obligation Note in an original principal amount not to exceed $2,700,000 to be issued by the City as further <br />described herein (the "Note") to be used for the costs of the Landfill Project, for certain costs of issuance of <br />the Note and for payment of interest on the Note; (iv) the issuance of the Note is within the power of the City <br />to contract debts, borrow money and make and issue evidence of indebtedness; and, (iv) the issuance of the <br />Note is in the best interests of the City and its citizens. <br /> <br />Section 2 - Description of Note <br /> The City Council finds that it is expedient for the City to borrow money and issue the Note for the <br />Project in a maximum amount not to exceed TWO MILLION SEVEN HUNDRED THOUSAND <br />DOLLARS ($2,700,000). The maximum length of time that the Note will be outstanding is one year from <br />the date of issuance of the Note. The form and details of the Note which are proposed to be issued will be <br />more specifically set forth in a City Ordinance to be entitled "AN ORDINANCE AUTHORIZING THE <br />ISSUANCE OF LIP TO $2,700,000 MAXIMUM PRINCIPAL AMOUNT OF A GENERAL OBLIGATION <br />NOTE OF THE CITY OF MARTINSVILLE, VIRGINIA, AND PROVIDING FOR THE FORM, DETAILS <br /> <br /> <br />