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Home My WebLink About08-23-77604 Minutes of a special meeting of the Pulaski Town Council held August 23, 1977 at 12:00 Noon in the Council Chambers in the Municipal Building. There were present: Mayor Raymond F. Ratcliff, presiding. Councilmen: Bob J. Clark., C. William Hickam, Jr ., Blair B. Brockmeyer, Andrew L. Graham, Jr., John A. Johnston, James M. Neblett, William A. House Absent: Councilman Arthur L. Meadows Also present: Town Manager: J. E. Marshall Clerk: Gladys R. Dalton Town Attorney: Garnett..S. Moore SPECIAL Town Treasurer: Roger A. Williams MEETING Visitors: J. R. Schrader, The Southwest Times Jane Graham, WPUVRadio Station TO BORROW $100,000.00 The invocation was given by Councilman Neblett. Mayor Ratcliff stated the purpose of the meeting was to consider a temporary loan to increase the cash. flow of the Town at this particular time. WAIVER OF NOTICE OF SPECIAL MEETING We, the undersigned, duly elected members of the Council of the Town of Pulaski, Virginia., hereby waive notice of a Special Meeting of said Council, at 12:00 Noon on the 23rd day of August, 1977, called by Mayor Raymond F. Ratcliff, in the Municipal Offices in the Town of Pulaski, Virginia, far the purpose of considering borrowing $100,000.00 from the Virginia National Bank of Pulaski, for 120 days at a rate of interest not to exceed 3.75% per annum, and any other items that may legally be brought bef ore the Council. WITNESS, our signatures this 23rd day of August, 1977. ,~ ~ ;~ (~ August 23, 1977 6055 Town Attorney Moore certified to the Council that in his opinion the ordinance to be considered and adopted by the Council of the Town of Pulaski, Virginia, on the 23rd day of August, 1977, authorizing and approving the borrowing of One Hundred Thousand Dollars ($100,000.00) from the Virginia National Bank, Pulaski, Virginia, to be paid within one hundred twenty (120) days from the date of the note evidencing said indebtedness, to pay current and general obligation indebtedness of the Town, said loan being made in anticipation of the receipts from taxes and other general revenue sources of the Town, is a valid ordinance ATTORNEY and a valid exercise of the Town's authority for making loans under the MOORE'S Provisions of its Charter and the general laws of the State of Virginia, OPINION and particularly under Section 15.1-222 and other applicable sections of Chapter 5 of Title 15.1 of the Code of Virginia of 1950, as amended; That the borrowing of said One Hundred Thousand Dollars ($100,000) will not exceed eighteen (187 per cent of the valuation of the real estate in the Town of Pulaski, Virginia, subject to taxation, as shown by a certificate of the Treasurer of said Town, setting out the assess- ments for taxes as provided to him by the Commissioner of Revenue of the County of Pulaski, Virginia; and that the existing general obligation indebtedness of the Town of Pulaski, including the $100,000.00 to be borrowed under the ordinance adopted August 23, 1977, will theref ore not exceed the limitations of Article VII, Section 10 of the Constitu- tion of Virginia or any statutes of the Commonwealth of Virginia. FINANCIAL REPORT I, Roger A. Williams, the undersigned, Treasurer of the Town of Pulaski, Virginia, do certify to the Council as follows: The assessed valuation of the Real Estate in the Town of TREAS,~ Pulaski, subject to taxation as shown by the last preceding assess- ment for taxes is $10,628,170.00. FINANCIAL The assessment on Public Utility Property in the Town is REPORT $1,459,398.00. The assessment on Personal Property is $1,821,780.00. The assessment on personal property classified as Machinery and Tools is $].,224,100.00. The total of all assessed property is $15,133,538.00. That the outstanding bonds or interest bearing obligations for any purpose whatsoever of the Town of Pulaski, Virginia, on June 30, 1977, were as follows: (Over ) 605 " August 23, 1977 Street Bonds (9/1/74) (Gen. Obligation) Sewer Bonds (7/1/58) (Revenue) Water Bonds (7/1/58) (Revenue) $ 530,000.00 471,000.00 282,000.00 $ 1,283,000.00 The of oresaid information concerning evaluation of property is that which was submitted to the Town of Pulaski, Virginia, by the Commissioner of Revenue of the County of Pulaski, Virginia. Given under my hand this 23rd day of August, 1977. Signed: ROGER A. WILLIAMS, Treasurer Town of Pulaski, Virginia On motion of Councilman Clark, seconded by Councilman Hickam, and carried on the following recorded vote, the following Ordinance authorizing the issuance of a negotiable note of the Town of Pulaski, Virginia, in the amount of $100,000.00 was adopted: C. William Hickam, Jr. - aye William A. House - aye Andrew L. Graham, Jr. - aye Bob J. Clark - aye Blair B. Brockmeyer - aye Arthur L. Meadows- absent John A. Johnston - aye James M. Neblett - aye AN ORDINANCE AUTHORIZING THE ISSUANCE OF NEGOTIABLE NOTE OF THE TOWN OF PULASKI, VIRGINIA, IN THE TOTAL AMOUNT OF $100,000.00, FOR GENERAL OPERATION FUNDS AND PAYMENT OF CERTAIN CURRENT AND GENERAL INDEBTEDNESS WHEREAS, the Town of Pulaski, Virginia, needs some addi- tional funds for its daily operation and for payment on indebtedness upon which it is obligated for payment of certain sums for capital improvements; and WHEREAS, it is necessary that the Town of Pulaski, Vir- ginia, borrow the total sum of $100,000.00 in order to provide certain funds for immediate payment of operating expenses and General Fund obligations; and ADOPTION WHEREAS, the Virginia National Bank offered to loan the Town of Pulaski, Virginia, the sum of $100,000.00 at an interest OF rate of three and three-quarters per cent (3.75%) per annum, with interest thereon payable monthly; and ORDINANCE WHEREAS, the Treasurer of the Town of Pulaski has filed with Council a certificate showing the total assessed value of all property in the Town of Pulaski to be $15,133,538.00; that the assessed valuation of the Real Estate in the,Town of Pulaski, Virginia, subject to taxation is $10,628,170.00; that the assessed valuation of personal property is $1,821,780.00; that the assess- ment on personal property classified as machinery is $1,224,190.00; that the assessment on public utility properties within the Town of Pulaski is $1,459,398.00; and that the outstanding bonds or other interest-bearing obligations for any purpose of the Town of Pulaski, Virginia, on June 30, 1977, were as follows: Street Bonds (Gen. Oblig.) (9/1/74) $ 530,000.00 Sewer Bonds (Revenue) (7/1/58) 471,000,00 Water Bonds (Revenue) (7/1/58) 282,000.00 $ 1,283,000.00 The sewer and water bonds portion of the indebtedness are self- liquidating; a copy of said certificate of the Treasurer being incorporated herein and made a part of this ordinance; and August 23, 1977 ~~~~ WHEREAS, the issuance of a negotiable note in the sum of $100,000.00 together with all other existing indebtedness for any purpose, will not exceed eighteen per cent (18q) of the assessed valuation of the real estate in the Town of Pulaski subject to taxation as shown by the last preceding assessment for taxes, and the general obligation indebtedness of the Town of Pulaski will theref ore not exceed the limitation provided in Article VII, Section 10 of the Constitution of Virginia, or the statutes of the Commonwealth of Virginia; and WHEREAS, this loan and this ordinance are made under the authority of and in compliance with the provisions of Article VII, Section LO of the Constitution of Virginia, and Section 15.1-222 of the Code of Virginia of 19$0, as amended, and the Charter of the Town of Pulaski, Virginia. NOW, THEREFORE, BE IT ORDAINED by the Council of the Town ORDINANCE of Pulaski, Virginia, that: (1) The Town of Pulaski, Virginia, duly issue a negotiable CONTINUED promissory note in the amount of $100,000.00 dated August 23, 1977, payable to the order of Virginia National Bank, bearing interest at the rate of three and three-quarters (3.75%) per cent per annum, said interest to be paid monthly, and the principal of said note to be payable on or bef ore December 31, 1977, with right of antici- pation reserved on said note; said note is issued under authority and in full compliance with the Constitution and the statutes of the Commonwealth of Virginia and the Charter of the Town of Pulaski, Virginia. (2) On the Town's behalf, the note shall be signed by the Mayor of said Town and attested by the Clerk, with the corporate seal of the Town of Pulaski, Virginia, affixed thereto. (3) The full faith, credit and resources of the said Town of Pulaski, Virginia, and of this Council as such be, and the same are hereby, irrevocably pledged for the punctual payment of the interest and principal of said note at maturity. NOTE Pulaski, Virginia August 23, 1977 $100,000.00 One Hundred and Twenty (120) days after date, the Town of Pulaski, Virginia, a duly created political subdivision of the Commonwealth of Virginia (the Issuer), for value received, hereby promises to pay to: Virginia National Bank, Pulaski, Virginia, or order, without offset, the principal sum of One Hundred Thousand Dollars ($100,000.00), with NOTE interest at the rate of three and three-quarters (3.75%) per cent per annum from the date of issue to the maturity date, said interest to be payable monthly. Both principal and interest are payable in FOR lawful money of the United States of America at the office of Virginia National Bank, Pulaski, Virginia. $100,000 This note is authorized by ordinance duly enacted by the Town of Pulaski, Virginia, on August 23, 1977, in anticipation of the collection of taxes and general revenue of the Issuer. The full faith and credit of the Issuer are irrevocably pledged to the payment of principal and interest on this note in accordance with its terms. Right of anticipation is reserved by maker. (Over ) 6058 August 23, 1977 Every requirement of law relating to the issuance of this note has been duly complied with and the indebtedness evidenced hereby is within every debt and other limit prescribed by the Constitution, the statutes of the Common- wealth of Virginia, and the Charter of the Town of Pulaski, Virginia. THE TOWN OF PULASKI, VIRGINIA By: (s) RAYMOND F. RATCLIFF By: (s) ROGER A. WILLIAMS Seal ATTEST: (s) GLADYS R. DALTON Gladys R. Dalton, Clerk On motion of Councilman Brockmeyer, seconded by Councilman Johnston, and carried on the following recorded vote, Council COUNCIL RESOLVED TO Resolved to join NIMLO in the case concerning Unemployment Tax JOIN NIMLO IN SUIT - Laws by Municipalities, at a rate not to exceed 5fi per capita. RE: UNEMPLOYMENT TAX RULING C William Hickam Jr. - aye William A. House - aye Andrew L. Graham, Jr. - aye Bob J. Clark - aye Blair B. Brockmeyer - aye Arthur L. Meadows - absent John A. Johnston - aye James M. Neblett - aye There being no further business of Council, at 12:15 P. M. ADJOURNED on motion duly made, seconded and carried, Council adjourned. APPROVED: J. / ~ f~, ~ , fyr ~ yor atcli ATT T : ~ /' .7~-~C~C-TZ~