HomeMy WebLinkAbout07-01-64Council mins. contd.
July 1, 196L, 8:00 A. M.
An ordinance authorizing the issuance of negotiable
notes of the Town of Pulaski, was read to Council by Town Attorney
Moore, and fully discussed by Council. On motion of Councilman
Gallimore, seconded by Councilman Larson, and carried on the follow-
ing recorded vote, the following ordinance was adopted:
W. A. Larson - aye Billy F. Flint - aye
T. J. McCarthy - aye C. B. Gallimore - aye
Glen K. Aust - aye W. S. Cummings - absent
F. L. Carrico - aye Eugene L.Nuckols - absent
AN ORDINANCE AUTHORIZING THE ISSUANCE
OF NEGOTIABLE NOTES OF THE TOWN OF
PULASKI, VIRGINIA, IN THE AMOUNT OF
SIXTY-SFVFN THOUSAND DOLLARS ($67,000.)
FOR PAYMENT OF CERTAIN SUMS DUE THE
PEOPLES NATIONAL BANK OF PULASKI AND
ORDINANCE
THE PULASKI NATIONAL BANK OF PULASKI, AUTHORIZING VIRGINIA
THE ISSUANCE WHEREAS, the Town of Pulaski, Virginia has hereto -
OF NEGO. fore obligated itself for payment of certain sums for capital
NOTES IN' improvements; and,
THE AMT.
OF $67,+700.. WHEREAS, it is necessary that the Town of Pulaski,
TO RE-FINANCNirginia, borrow the total sum of Sixty-seven Thousand Dollars
NO'T'ES (¢67,000) to refinance certain notes due and in order to provide
this sum for General Fund obligations; and,
WHEREAS, the Pulaski National Bank and the Peoples
National Bank of Pulaski, Virginia, offered to loan the Town of
Pulaski, Virginia, the amount of Sixty-seven Thousand Dollars
(467,000) at an interest rate of three per cent (3%) per annum,
the Pulaski National Bank to loan Thirty-three Thousand Five
Hundred Dollars 033,500.00) thereof, and the Peoples National
Bank of Pulaski to loan Thirty-three Thousand Five Hundred Dollars
133,500.00) thereof, with interest on said loans payable semi-
annually; and,
WHEREAS, the Treasurer of the Town of Pulaski has filed
with Council a certificate showing that the assessed valuation of
the real estate in the Town of Pulaski, Virginia, subject to
taxation is $5,11b,W.00; that the assessed valuation of personal
property is $19782,120.00; that the assessment on personal property
classified as machinery is $947,190.00; that the assessment on
public utility properties within the Town of Pulaski is $1,282,103.00;
and that the outstanding bonds or other interest-bearing obligations
for any purpose of the Town of Pulaski, Virginia, on June 30, 1961,,
were as follows:
Sewer Bonds (Revenue) (7/1/58) $910,000.00
Water Bonds (Revenue) (4/1/b6) 1294,000.00
Water Bonds (Revenue) (7/1/58) $570,000.00
tel, 7 7 b —,0-0-0 -.,0
all of which are self-liquidating; a copy of said certificate of the
Treasurer being incorporated herein and made a part of this ordinance; '
and,
t892 Council mins. contd. July 1, 196ta, 8:00 A. M.
WHEREAS, the issuance of the negotiable notes totaling
Sixty-seven Thousand Dollars ($67,000.00), together with all other
existing indebtedness for any purpose, will not exceed eighteen
per cent (18%) 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 indebtedness of the Town of Pulaski
will therefore not exceed the limitation provided in Section 127
of the Constitution of Virginia, or the statutes of the Common-
wealth of Virginia; and,
WHEREAS, this loan and this ordinance are made under
the authority of and in compliance with the provisions of Section
127 of the Constitution of Virginia, and Section 15-666.63 of
the Code of Virginia of 1950 as amended, and the Charter of the
Town of Pulaski, Virginia.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE
TOWN OF PULASKI, VIRGINIA, that:
(1) The Town of Pulaski, Virginia, duly issue its
negotiable 'romissory notes, one in the amount of Thirty-three
ORDINANCE Thousand Five Hundred Dollars ($33,500.00 , dated July 1, 1961,
payable to the order of Pulaski National lank of Pulaski,
Virginia, at said Bank, bearing interest at the rate of three
CONTINUED (3%) per cent per annum, said interest to be paid semi-annually,
and the principal of said note to be payable on or before June
30, 1965; and one in the amount of Thirty-three Thousand Five
Hundred Dollars ($33,500.00), dated July 1, 1961x, payable to
the order of the Peoples National Bank of Pulaski, Virginia,
at said Bank, bearing interest at the rate of three (3%) per
cent per annum , said interest to be paid semi-annually, and the
principal of said note to be payable on or before June 30, 1965;
with right of anticipation reserved on both notes; said notes are
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 notes 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 notes at maturity.
There being no further business, the meeting adjourned
at 8:15 A. M.
Approved:
C� �a./C.�.-ra'�✓
Mayor
Attest:
1
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1