Minutes 06/27/2000 - Laserfiche WebLink

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Tt~SDAY, June 27, 2000 Section 5. This resolution shall take effect immediately upon its passage. PASSED AND ADOPTED THIS 27th day of June, 2000. Next, Council considered adoption, on an emergency basis, of an Ordinance on the issuance of up to $2,700,000 principal amount of a General Obligation Note of the City setting forth the purpose, in general terms, for which the Note is to be issued and the maximum length of time such Note will be outstanding related to capital improvements at the City' s Landfill. The Ordinance follows: CITY OF MARTINSVILLE, VIRGINIA AN ORDINANCE RECITING THE EXPEDIENCY OF THE ISSUANCE OF UP TO $2,700,000 PRINCIPAL AMOUNT OF A GENERAL OBLIGATION NOTE OF THE CITY OF MARTINSVILLE, VIRGINIA, AND SETTING FORTH THE PURPOSE, IN GENERAL TERMS, FOR WHICH THE NOTE IS TO BE ISSUED, THE MAXIMUM AMOUNT OF T~ NOTE TO BE ISSUED AND THE MAXIMUM LENGTH OF TIME SUCH NOTE WILL BE OUTSTANDING. Be it Ordained by the Council of the City of Martinsville, Virginia: Section 1 - Findings and Determinations The City Council ("City Council") of the City of MartinsviUe, Virginia (the "City") proposes to issue a note for the purpose of the acquisition, construction and equipping of renovations, additions and improvements to the City of Martinsville Landfill, including closure of two areas of the Landfill, drainage system and roadway improvements, and site preparation for transfer station construction (the: "Landfall Project") and hereby finds and determines that: (i) the City is in need of funds to be used by the City for the Landfill Project, for costs of issuance of the Note (defined below) and for payment of interest on the Note; (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 provide and operate solid waste management facilities; (iii)the most effective, efficient and expedient manner in which to provide such funds to the City is through the issuance of a general obligation Note in an original principal amount not to exceed $2,700,000 to be issued by the City as further described herein (the "Note") to be used for the costs of the Landfill Project, for certain costs of issuance of the Note and for payment of interest on the Note; (iv) the issuance of the Note 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 Note is in the best interests of the City and its citizens. Section 2 - Descriution of Note The City Council finds that it is expedient for the City to borrow money and issue the Note for the Project in a maximum amount not to exceed TWO MILLION SEVEN HUNDRED THOUSAND DOLLARS ($2,700,000). The maximum length of time that the Note will be outstanding is one year from the date of