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<br />~( <br />.~',-- <br /> <br />WEDNESDAY <br /> <br />MAY 22.1968 <br /> <br />A special and duly-called meeting of the Council of the City of Martinsville, <br /> <br />Virginia, with Mayor F. T. Renick, M.D., presiding, was held in the Council <br /> <br />Chamber, City Hall, Wednesday, May 22, 1968, for the purpose of reviewing--with <br /> <br />its financial consultant--recent trends in the financial market, with respect <br /> <br />to the scheduled May 23rd offering of the City's $3,900,000 General Improvement <br /> <br />Bonds, and for the purpose of taking such action thereon as deemed advisable, <br /> <br />and for the purpose of authorizing--if deemed necessary--the borrowing of funds <br /> <br />on a temporary basis to meet the City's operating and contractural needs. All <br /> <br />members of Council were present, with the exception of Councilman Francis T. <br /> <br />West, who was out of town, those present being: Mayor F. T. Renick, M.D.; <br /> <br />Vice-Mayor E. E. Stone; Harry L. Boaz; and W. Donald Hartford. <br /> <br />Pursuant to purpose of this meeting, by long-distance telephone on conference <br /> <br />basis, Mr. Lawrence Wales, Vice-President of Wheat & Company, Inc., Norfolk, <br /> <br />Virginia, (financial consultant to the City), reported the recently-developed <br /> <br />adverse trend in the bond market which has caused many governmental agencies <br /> <br />to reject bids received for bonds being offered and/or to cancel proposed sales <br /> <br />of bonds. Mr. Wales then recommended that the City of Martinsville postpone <br /> <br />its scheduled offering, meanwhile borrowing needed funds on a temporary basis <br /> <br />until such time it would appear advisable to re-offer the bonds authorized. <br /> <br />Mr. Wales also indicated that the City's bonds could again be offered and <br /> <br />rescheduled at almost any time on two weeks' notice. Upon motion, duly <br /> <br />seconded and unanimously carried (of those present), Council directed Mr. Wales, <br /> <br />as financial consultant, to postpone the scheduled May 23rd sale, awaiting further <br /> <br />advice from him. <br /> <br />Council then unanimously adopted the following resolution authorizing the <br /> <br />borrowing from local banks the sum not to exceed $400,000.00 to be due and <br /> <br />payable June 30, 1968: <br />