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<br />192 <br /> <br />TUESDAY <br /> <br />DECEMBER 18, 1984 <br /> <br />A duly-convened meeting of the Council of the City of Martinsville, as directed and <br /> <br />scheduled from Council's regular meeting held December 11, 1985, was held Monday, <br /> <br />December 18, 1984, in the Council Chamber, City Hall, beginning at 3:00 P. M. All <br /> <br />members of Council were present, as follows: William C. Cole, Jr., Mayor and Pre- <br /> <br />siding Officer; Eliza H. Severt, Vice-Mayor; Alfred T. Groden; L. D. Oakes; and Clyde <br /> <br />L. Williams. This meeting was opened by invocation, followed by Mayor Cole's cordial <br /> <br />welcome to visitors present. <br /> <br />Council acknowledged receipt of--and referred to the Planning Commission for its con- <br /> <br />sideration of, and recommendation on--a petition filed by Mr. Luther H. Fontaine on <br /> <br />behalf of the Trustees of Grace (United) Presbyterian Church, seeking the closing and <br /> <br />abandonment of Redd Street, which street abuts the east side of the church property <br /> <br />situated on the north side of Fayette Street (at 218 Fayette Street). <br /> <br />Pursuant to Council's request from its regular meeting held December 11, 1984, City <br /> <br />Manager Edmonds and Mr. Jack Howe (Senior Vice-President of Wheat, First Securities, <br /> <br />Inc., Richmond office, accompanied by Mr. Cabell Moore of Wheat's Richmond office and <br /> <br />by Mr. A. J. Lester, III, Senior Vice-President of Wheat, First Securities, Inc., <br /> <br />Martinsville office) reported on results of conferences and consideration given, sub- <br /> <br />sequent to Council's December 11th meeting, to the request of Mr. Irving M. Groves, <br /> <br />Jr., President and Chief Executive Officer of Piedmont Trust Bank, that Council give <br /> <br />serious consideration to financing a portion of the City's cost of the Leatherwood <br /> <br />Creek Raw Water Line project through a loan (with, perhaps, variable maturities and <br /> <br />variable interest rates) from local banks rather than, as recommended on December 11th, <br /> <br />through a public offering of bonds with fixed maturities and fixed interest rates. <br /> <br />After a brief outline review of events by City Manager Edmonds, leading to the pre- <br /> <br />viously-recommended "public offering" bond ordinance presented to Council at said <br /> <br />December 11th meeting, Mr. Edmonds pointed out--as to the revised proposal being <br />