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<br />THURSDAY
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<br />SEPTEMBER 26, 1968
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<br />The regular semi-monthly meeting (re-scheduled from Tuesday, September 24,
<br />
<br />1968) of the Council of the City of Martinsville, Virginia, with Mayor F. T.
<br />
<br />Renick, M.D., presiding, was held in the Council Chamber, City Hall, Thursday,
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<br />September 26, 1968, beginning at 7:30 P.M., all members being present, viz.,
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<br />F. T. Renick, M.D., Mayor; Francis T. West, Vice-Mayor; Harry L. Boaz;
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<br />W. Donald Hartford; and William D. Hobson.
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<br />After the invocation, Council approved as recorded the minutes of its regular
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<br />meeting held September 10, 1968.
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<br />Inasmuch as the sale of the City's authorized General Improvement Bonds (in
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<br />the amount of $3,900,000.00) remains pending, Council adopted the following
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<br />resolution authorizing the renewing of notes (total amount of $3,546,000.00)
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<br />due September 30, 1968, plus the additional borrowing of $300,000.00, to
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<br />be due and payable December 31, 1968:
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<br />WHEREAS, the sale of the City's $3,900,000 General Improvement Bonds
<br />remains pending; and
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<br />WHEREAS, anticipated income of the City of Martinsville will not be
<br />sufficient to meet the City's operating expenses and contractural
<br />obligations until said bonds are sold and delivered; and
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<br />WHEREAS, by resolution adopted June 25, 1968, Martinsville City
<br />Council authorized temporary loans from local banks, in the total
<br />sum of $3,846,000.00, due and payable September 30, 1968, of which
<br />sum $3,546,000.00 has been borrowed and is payable September 30,
<br />1968, now, therefore,
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<br />BE IT RESOLVED by the Council of the City of Martinsville, Virginia,
<br />in meeting assembled this twenty-sixth day of September, 1968, that
<br />the Honorable F. T. Renick, M.D., Mayor, and W. H. Yeaman, Clerk of
<br />Council & Director of Finance, be--and are hereby--authorized and
<br />directed to execute notes, on behalf of the City of Martinsville, for
<br />the renewing of loan of $3,546,000.00 (due September 30, 1968) for
<br />the period ending December 31, 1968; and
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<br />BE IT FURTHER RESOLVED by said Council that the above-named Mayor and
<br />Clerk of Council-Director of Finance be--and are hereby--authorized
<br />to borrow from local banks th~additional sum of $300,000.00 (hereto-
<br />fore authorized but not borrow~ on September 30, 1968 for the period
<br />ending December 31, 1968.
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