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<br />~78 <br /> <br />TUESDAY <br /> <br />MARCH 11, 1958 <br /> <br />The regular semi-monthly neeting of the Council of the City of Martinsville, Virginia, <br /> <br />with Mayor John W. Shultz presiding, was held in the Council Chamber, City Hall, <br /> <br />Tuesday, March 11, 1958, with all members being present, as follows: Mayor and <br /> <br />Councilman John Vi{. Shultz; Vice-Mayor and CounciLilan E. E. Stone; and Councilmen <br /> <br />C. C. Donavant, B. H. Hill, and J. R. VIalker. <br /> <br />After the invocation, Council approved as read the minutes of its regular meeting <br /> <br />held February 25, 1958. <br /> <br />After reviewing the City School Board's school building construction program and <br /> <br />its needs for funds to finance this program, Council authorized the re-investing of <br /> <br />$1,870,000.00 of school bond proceeds--from the $1,885,607.50 invested December 13, <br /> <br />1957 in r190-dayrl u. S. government bills maturing March 13, 1958 in the amount of <br /> <br />$1,900,000.00--in accordance with the following schedule: <br /> <br />u. S. Treasury Bills 1.00 to 1.34 <br />April 3 $ 100,000 <br />M~ 1 100,000 <br />June 5 --.1QQ, .Of~ <br /> <br />$ 300,000 <br /> <br />Banks - Certificate of Deposit @ $1.75 <br /> <br />90 lJays <br />6 Months <br />To Nov. 1, 58 <br /> <br />'$ 500,000 <br />370,000 <br />700,000 <br /> <br />$1,570,000 <br /> <br />Council continued for further consideration at its ,next regular meeting a study of <br /> <br />its business and occupational license tax structure. <br /> <br />With emergency clause attached, Council li.rJ.animously adopted the following ordinance <br /> <br />amendiq; Section 10-27 of the City Code (1956): <br />