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<br />..... <br /> <br />:-J <br />t, <br /> <br />TUESDAY <br /> <br />APRIL 23. 1968 <br /> <br />The regular semi-monthly meeting of the Council of the City of Martinsville, <br /> <br />Virginia, with Mayor F. T. Renick, M.D., Mayor, presiding, was held Tuesday, <br /> <br />April 23, 1968, in the Council Chamber, City Hall, beginning at 7:30 P.M., <br /> <br />all members of Council being present, viz., Dr. F. T. Renick, Mayor; E. E. <br /> <br />Stone, Vice-Mayor; Harry L. Boaz; W. Donald Hartford; and Francis T. West. <br /> <br />After the invocation, Council approved--as recorded--the minutes of its <br /> <br />regular meeting held April 9, 1968. <br /> <br />As had been previously indicated by officials of Lee Telephone Company, <br /> <br />representatives of said company were present to answer any inquiries concerning <br /> <br />Lee Telephone Company's rate adjustment petition pending before the State <br /> <br />Corporation Commission. <br /> <br />For the information of Council, several maturity-and-interest-cost schedules <br /> <br />were presented, with reference to the anticipated sale of $3,900,000 General <br /> <br />Improvement Bonds scheduled in late May of this year. In conjunction therewith, <br /> <br />Council requested that tentative budget data be furnished to Council in order <br /> <br />that a decision <br /> <br />be soon made as to maturity schedule for these bonds. <br /> <br />Meanwhile, Council unanimously adopted the following resolution authorizing <br /> <br />the borrowing of additional funds, and renewing of notes for funds already <br /> <br />borrowed, 80th on a temporary basis (until June 30, 1968): <br /> <br />WHEREAS, anticipated income of the City of Martinsville during the <br />forthcoming two months (i.e., May and June, 1968) will not be <br />sufficient to meet the City's operating expenses and its contractural <br />obligations during said period; and <br />