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<br />TUESDAY
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<br />A1'JRI1 22, 1969
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<br />The regular semi-monthly meeting of the Council of the City of Martinsville,
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<br />Virginia, was held Tuesday, April 22, 1969, in the Council Chamber, City Hall,
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<br />beginning at 7:30 P.M. The following members were present: Vice-Mayor
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<br />Francis T. West, presiding; Harry L. Boaz; and William D. Hobson. Mayor
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<br />F. T. Renick, M.D., it was noted, is on a vacation trip to Japan and
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<br />Councilman W. Donald Hartford is on a vacation trip to Europe.
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<br />After the invocation, Council approved as recorded the minutes of its
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<br />regular meeting held April 8, 1969.
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<br />Inasmuch as the City's $3,900,000 General Improvement Bonds remain unissued,
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<br />although $1,800,000 of these bonds have been sold and are yet to be delivered
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<br />to the purchasers, Council authorized by the following resolution the renewing
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<br />of notes (in the amount of $3,846,000), due local banks on April 30th, for the
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<br />period ending June 30, 1969: (tC' 6- -67 on~176'" of tct.'3J amount) -
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<br />WHEREAS, the sale and/or issuance of the City's $3,900,000 General
<br />Improvement Bonds remain(s) 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/or delivered; and
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<br />WHEREAS, by resolution adopted December 30, 1968, Martinsville City
<br />Council authorized the borrowing of funds from local banks, on a
<br />temporary basis, the sum of $3,846,000.00, which sum is due and
<br />payable April 30, 1969; now, therefore,
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<br />BE IT RESOLVED by the Council of the City of Martinsville, Virginia,
<br />in regular meeting assembled this twenty-second day of April, 1969,
<br />that the Honorable Francis T. West, Vice Mayor, and W. H. Yeaman
<br />Clerk of Council and Director of Finance, be--and are hereby--
<br />authorized and directed to execute notes, on behalf of the City of
<br />Martinsville, for the renewing of said loan of $3,846,000.00 (due
<br />April 30, 1969), of which $176,000.00 shall become due and payable
<br />June 13, 1969 and $3,670,000.00 shall become due and payable June
<br />30, 1969, with right of anticipation reserved for any portion or
<br />all of said amount.
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