Minutes 07/09/1968 - Laserfiche WebLink

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-) ') d...... TUESDAY JULY 9. 1968 The regular semi-monthly meeting of the Council of the City of Martinsville, Virginia, with Mayor F. T. Renick, M.D., presiding, was held Tuesday, July 9, 1968, in the Council Chamber, City Hall, beginning at 7:30 P.M., the following members being present: Mayor F. T. Renick, M.D.; Harry L. Boaz; W. Donald Hartford; and Francis T. West. Vice-Mayor and Councilman E. E. Stone was absent. After the invocation, Council approved as recorded the minutes of its regular meeting held June 25, 1968. Council was informed that Wheat & Company, Inc., financial consultant to the City, has rescheduled the sale of the City's $3,900,000 Public Improvement Bonds to July 18, 1968, in the office of the State Treasurer, Richmond, Virginia. After some discussion, including the authoritative opinion of investment bankers that the bond market should improve--insofar as the City is concerned--within the next few months, thereby enabling the City to sell its bonds at a lower interest rate than it might on July 18th, Council directed its financial consultant to postpone the scheduled offering unless the consultant can justify otherwise. Upon pethion of City Transit Company, Inc., supported by a financial statement reflecting no margin for setting aside funds for the replacement of busses, Council authorized said City Transit Company to increase its bus fares in accordance with the following schedule, with the expectation that the new rate schedule will provide a replacement fund for busses leased by the City to said City Tramd t Company: REGULAR FARE: One way fare--increaEle from 20 cents to 25 cents. One-Half fare rate (children 2 to 6 years old)--increase from 10 cents to 15 cents. Ticket Book - Good for 12 rides - increase from $2.00 to $2.50 each. SCHOOL FARES: Special Weekly Pass - Increase from $1.00 to $1.25 per week. One Way Fares Without Pass - Increase from 20 cents to 25 cents.