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<br /> Be it Ordained by the Council of the City of Mar~insville, Virginia:
<br />
<br />CITY OF MARTINSVILLE, VIRGINIA
<br />
<br />AN ORDINANCE RECITING THE EXPEDIENCY OF THE ISSUANCE OF
<br />UP TO $3,100,900 PRINCIPAL A1VIOUNT OF A SOLID WASTE I~EVENUE
<br />BOND OF THE CITY OF MARTINSVILLE, VIRGINIA, AND SETTING
<br />FORTH THE PURPOSE, IN GENERAL TER~IS, FOR WHICH THE BOND
<br />IS TO BE ISSUED, THE MAXIMlJIVI ANIOUNT OF THE BOND TO BE
<br />ISSUED AND THE MAXIMUM LENGTH OF TIME SUCH BOND ~VILL
<br />BE OUTSTANDING
<br />
<br />Adopted an September 26, 2000
<br />
<br />VIRGINIA
<br />In Cily of Madinsville Circuit Court
<br />Cterk's Office.
<br />
<br />take any and all such further action as shall be deemed necessary or desirable to facilitate
<br />consideration of the issuance of the proposed Bond, including but not limited to the publication
<br />and broadcasting, 3.s may be required by the City Charter, of notice of a public hearing to be held
<br />pdof to final authorization by the City Council of the issuance of the Bond. The public hearing
<br />shah be held on October 10, 2000 at 7:30 p.m. or as soon thereafter es the matter may be heard at
<br />the City Council Chambers, Second Floor, City of Martinsville Municipal Building, 55 West
<br />Chm'eh Street, Martinsville, Virginia 24112, All actions of the City Manager, Cloak of the
<br />Council, Ci~ Treasm'er, City Attorney, Bond Counsel and all other officers, employees and
<br />agents ofti~ City in fui'theranee of the issuance of the Bond and the financing of the Project are
<br />hereby spproved and ratified.
<br />
<br />S~c~on 4 Invalidity of Bedions
<br />
<br /> If any seetion, paragraph, clause or provision of this Ordinance shall be held invalid or
<br />unonforeeable for any reason, the invalidity or unenfore~bility of such section, paragraph,
<br />clause or provision shall not affect any of the remaining port'ions of this Ordinance.
<br />
<br />Section 5 Headings of Sections
<br />
<br /> The headings of the sections .of this Ordinance shall be solely for convenience of
<br />rolefence and shah not affect the mes~ing, construction, interpretslion or effect of such sections
<br />of this Ordinance.
<br />
<br />Seetlon 6 Effective Date and Filing of Ordinance
<br />
<br /> The Council hereby declares in the public interest fitat an emergency exists and ~hsl this
<br />Ordinance shall be passed on the same day it is introduce~i and shall become effective
<br />immediately upon its pesssge as an emergency measure pursuant to Sections 2 and 3 of Chwpter
<br />3 of the Maninsvffie City Charier. A copy of this Ordinance, certified by the '~31erk of the
<br />Council, shall be filed with the Clerk of the Cimuit Court of the City of Martinsville, Vh'~inin.
<br />
<br />The Members of the Council voted as follows on ~he foregoing Ordinance;
<br />
<br /> Ayes Nays
<br />
<br />Mark A. Csabtree, Mayor None
<br />M. Gone TeaSe, Vice-Mayor
<br />Bruce H.T. Dallas
<br />Terry L. Roop
<br /> Absent
<br />
<br />I. Bonald Fezrill
<br />
<br />Abs~n~ons
<br />None
<br />
<br />Section I Findings and Determinations
<br />
<br /> The City Council ("City Council") of the City of Martinsville, Virginia (the "City")
<br />proposes to issue a bend for the purpose of the acquisition, censtxucfion and equipping of
<br />renovations, additions and improvements to the City of Martinsville Land fill, including closure
<br />of two areas of the Land fill, drainage system and roadway improvements, and site preparation
<br />for transfer station construction (the "Landfill Project") and to prepay the City's $2,700.000
<br />general obligation note issued for the same purpose and hereby finds and determines that: (i) the
<br />City is in need of funds to be used by the City for the Landfill Project, to prepay the City's
<br />$2,700,000 general obligation note issued for the same purl~se. for ces~s of issuance of the Bond
<br />(defined below) and for payment of interest on the Bond; (it) the obtsining of such funds will be
<br />for municipal purposes of the City, for the welfare of citizens of the City for purposes which will
<br />serve the City and its citizens pursuant to the authority of the City to provide funds for and
<br />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
<br />.of a solid waste revenue Bond in an original principal amount not to exceed $3,100,000 to be
<br />issued by the City as timber described herein (the "Bond") to be used for the costs of the
<br />Land fill Project, to prepay the City's $2,700,000 general obligation note issued for the same
<br />purpose, for certain costs of issuance of the Bond and for payment of interest on the Bond; (iv)
<br />the issuance of the Bond is within the power of the City to contract debts, betrow money and
<br />make and issue evidence of indebtedness; and, (iv) the issuance of the Bond is in the best
<br />interests of the City and its citizens.
<br />
<br />Section 2 Description of Bond
<br />
<br /> The City Council finds that it is expedient for the City to betrow money and issue the
<br />Bond for the Project in a maximam amount not to exceed THREE MILLION ONE HUNDRED
<br />THOUSAND DOLLARS ($3· 100,000). The maximum lenglh of time that the Bond will be
<br />outstanding is five years and one month from the date of issuance of the Bond. The form and
<br />details of the Bond which are proposed to be issued will be more specifically set forth in a City
<br />Ordinance to be entitled "AN ORDINANCE AUTHORIZING THE ISSUANCE OF UP TO
<br />$3,100,000 MAXIMUM PRINCIPAL AMOUNT OF A SOLD WASTE REVENUE BOND OF
<br />THE CITY OF MARTINSVILLE, VII~GIlqlA, AND PROVIDING FOR, THE FORM,
<br />DETAILS AND PAYMENT THEREOF," which will be introduced before the Council and
<br />considered for passage following a public hearing on the issuance of the Bond, as required by
<br />law.
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<br />Section 3 Further Actions Authorized
<br />
<br /> The City Manager, Clerk of the Council, City Treasurer, City Attorney, Bond Counsel
<br />and all other officers, employees and agents of the City are hereby authorized and dire:ted to
<br />
<br />Adopted this 26th day of September, 2000.
<br />
<br /> The undersi~ned Clerk of the City Council of the City of Maninn, tile, Vir~xia hereby
<br />certifies that the fore~oin~ constitotes a m~e and correct exWact from the minutes of a meelin~ of
<br />the City Council held on September 26, 2000, and of the whole thereof so far as applicable to the
<br />matters referrod to in such extract. I hereby further certify that such meeting was a regularly
<br />called meeting and that, during the censideration of the foregoing Ordinance, a quorum was
<br />present.
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<br />· 2000.
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