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<br />21 <br /> <br />WEDNESDAY <br /> <br />SEPTEMBER 27, 1967 <br /> <br />Upon receipt of expected in:ormation from the City1s financial consultant <br /> <br />(Mr. L. B. Wales, Jr., Vice-President of Wheat & Company, Inc.), the <br /> <br />Council of the City of Martinsville convened (from its adjourned meeting <br /> <br />of Tuesday, September 26, 1967) in the City Manager1s office, Wednesday, <br /> <br />September 27, 1967, at 5:30 P.M. for the purpose of acting upon bids <br /> <br />entered for the City1s $650,000 Sewer Bonds (Series lIC"). All members <br /> <br />of Council--with the exception of Councilman Francis T. West, who was out <br /> <br />~- <br /> <br />of town~-were present, viz., I~yor F. T. Renick, M.D.; Vice-Mayor E. E. Stone; <br /> <br />Harry L. Boaz; and W. Donald Hartford. Also present were City Manager Noland, <br /> <br />City Attorney Cubine, members of the local news media, and the Clerk of Council. <br /> <br />By telephone, Council received from the City1s financial consultant the <br /> <br />following bids for the purchase of the City's $650,000 Sewer Bonds (Series C), <br /> <br />being the remainder unissued of the $2,500,000 authorized, said $650,000 <br /> <br />Sewer Bonds to mature as set forth in resolution adopted by Council on June 13, <br /> <br />1967, viz., $200,000 in each of the years 1975 and 1976, and $250,000 in the <br /> <br />year 1977: <br /> <br />BAN K <br /> <br />NET INTEREST RATE <br /> <br />First & Merchants, Richmond <br />State Planters, Richmond <br />First National, Martinsville <br />Virginia National, Norfolk <br /> <br />3.875% <br />3.87695% <br />3.99% <br />4.125% <br /> <br />Upon motion, duly seconded, Council unanimously accepted the lowest bid, being <br /> <br />that of the First & Merchants National Bank, as above; and, also, adopted the <br /> <br />following resolution--as prepared by the City1s bond attorneys--providing for <br /> <br />the issuance of said $650,000 Sewer Bonds (Series II ClI ) : <br />