HomeMy WebLinkAbout05-20-58! ~~~~
Council .'inute s
"-ay 20~ 19~8~ P• m•
:Minutes o.f the reglzlar meeting o_i the Town Co~~rci_1 of the
To~~-n of Pl,las'ri , held on the 20th clay of T^,a~r, 19C~'~, at Tk p. m., in
the ltlur.i.c.pal office.
There were present,: I•rtayor C. V. Jackson., presiding.
Councilmen: '>l. ~.
F. L. Cummings,
Carrico, J. R. Martin., Gil. fi. Larson.,
fi. :~.. Lemons, T. R.. Carper,
". F. 'dhite, '.'l, T;. '~.ysor
"lsv present: To~,~*n I°ianager: T. '~. I`oland
Clerk: Glad;yrS R. Talton
TO?Nm t;.tt.orne;T: arnPtt ", 1L`oorN
Visitors: Fvei.yn S, gall of the South~~re;;t Times
~1.~.1 '^Teddle
".rs. Z. F•`. Spence
~~loyd J. Cole
Rev. Jack Fayne of Trinity ^aptish Church
The meeting ?aas opened ?.,iit,h ~~. prayer by the Rev. J2ck
Payne, Pastor of the Tr:~r:.ity J3aptist Church of tY:e Robinson 'Tact,
Road.
I•?ir_utes of the regular meeting of I~`_a;;,T 6, and spec}.al meeti_i
Of '",a j- 1C;, 198, 'a'erE? aZ)prOVed.
'3i11. ,~Te~{dle, representing i;he Pulaski Counts, a Semipro
'r;aseball .^,~ub, 2dvised Co~.znci~_ tha±. they haci sold advertisement to
cover {;he ~1~0.00 fee due the '"ou~T for use of ;^4lfee Park for the
PULASKI first half
COU13TS GIVEN
EXTENSION date, and
of time for
payment of k,y Council
fee
of the season, but had not beFn able to collect as of this
~skecl for ar extension of time. T}l.i ~; i•enuest. was discussed
anci on motion of ~d. FI. ?~;;rSOr, ~.~~condF d ~-;•,r J. Ralph h'artin,
2nd unan',.?nou~,ly C?rrs Fri, :Lt a as
??T;SOLV'~'D, that the Pulaski Counts bP grant;ed until June lOt~i
to make paJ~mer.t of the X1,50.00 fee to the Tos~•n for the use of Calfee Park
for the firs±, h2.lf of the season; and aS collections are made from the
advertisPmFnts sold, the money could be t~.>rned in t.o the Towrl.
To~arl 7tanager r~oland 2dvise~3 that the cost of a wa+.,er lire
COST OF extension. to the Mt. Olivet section l~.~as included 9n {'.he proposed 198-
WATER LINE
MT. OLIVET budget to i>e submitted to members of Council. Counc'lman Lemons stated..
INC.IN58-59
BUDGET the severT property owner, within the corporate 1.inT:?i,S who had sZgr.ed the
petit.:i.on for the extension had stated th4yy .~zould make payment of the
~'g0.00 connection .fee just a.s soon as the Town starts construction of 1~he
lane. `"here ?aa.s considerable discussion dur:,r~g which it. was brought
out that it had been the ;later Committee's recommF•ndat,ion that the wate~•
r----''~~--`` -
N~l~~ k
Council Minutes cont•d
May 20, 1958, 4 p.m.
line extension be considered for inclusion in the new budget. Council-
MOTION FOR man Lemons made the motion that Council appropriate the sum of
APPROP. FROM
57-58 BUDGET $4,000.00 out of this years budget to cover the cost of the Mt'. Olivet
FOR MT. OLIVET water line, which motion did not carry for the lack of a second.
WATER LINE EXT.
FAILED TO Nxs. Spence told Council that they owned property in the Mt. Olivet
CARRY
section and had not been able to rent same because the onltiy water
supply, a well, had been condemned by the Health Department.
Mr. Cole, who lives back of the Hospital, advised Council
that the ••flushing'• from the Filter Plant was damaging his property
"FLUSHING" considerably; that over a period of years it had washed out a ditch of about
WATERS FROM
FILTER PLT. g ft. deep, and also advised that it could be very dangerous inasmuch
DAMAGING
PROPERTY as children are attracted by the rushing water and could fall in and
drown. This situation was discussed fully, and it was decided that
Town rianager Noland should negotiate with Mr. Cole and other:-owners
for the ~apurchasing of a right-of-way across their praperty to carry
off the backwash waters from the Filter Plant. Councilman Carrico
went on record as saying the situation was serious in that it
attracts children and they play there, and that the situation
should be looked into, and that he had mentioned this matter pre-
~iously in a council session.
Councilman Carrico presented a chart showing the water
consumtion and account frarn September, 1957, thru March, 1958, of a
consumer who had previously requested that Council make an adjustment of
COUNC ILP~AN
CARRICO ASKS an excessive water bill for the month of March, 1958, and asked that
FOR RECONSIDERAthe meter be taken out again and examined for marks or scars on the nth
TION OF EXCESS-
IVER WATER BILLor 5th digits, or for some evidence that would account for the ex-
OF PULASKI
CITIZEN - NO cessive water bill for the one month, This matter was discussed fully,
SOLUTION
REACHED, LST and while no sol ution could be reached to clarify the excessive bill,
DECISION
STANDS Council was sympathetic toward this customer, but felt they would have
to abide by their first decision in the matter.
Councilman Wysor stated that he felt that where Council
had previously taken action on matters, before the matter could be
3/4 vote NEC.
ON MATTERS reopened for reconsideration a three-fourths favorable vote of Council
COUNCIL HAS
PREVIOUSLY be necessary before the matter could be placed on the agenda. Mayor
TAKEN ACTION
ON
~~ ~~'.~~
Council Minutes contd.
I~.ay 20, 1958, 4 p. m.
Jackson referred the matter to the Ordinance Committee, F. L.
Carrico, W. A. Larson, A. E. Lemons and I. R. Carper, for study
and recommendation.
Town Manager IvToland advised that the Pulaski Hospital's
formal appeal had been filed with the Board of Zoning Appeals because
the Zoning Ordinance did not permit Town I~Tanager to issue building
permits where side yards are less than 7-1f2 ft. wide and~that Council
COUNCIL TO in this situation would act as an affected property owner in that the
MEET AT FILTER
PLANT & VIEW Hospital's plans were to build to the property line between the
HOSPITAL PLANS
FOR BLDG.PERMIT Filter Plant property and the Hospital. After a discussion of this
matter, it was agreed that the Town Manager secure a copy of the
hospital's plans and Council would meet on the grounds and look into
the situation before the hearing on the 29th.
The Town Manager advised Council that a request had been
1
made that the Town purchase an ad in the magazine "Virginia Record"
which would shortly feature the New River Valley area in an issue.
This was discussed fully and on motion of W. A. Larson, seconded
by A. E. Lemons, and on the recorded vote, as follows:
W. F. White - aye
W.A. Larson - aye
J . R. I~aartin - aye
F. L. Carrico -aye
W. S. Cummings - aye
A. E. Lemons - aye
W. H. Wysor - aye
I. R. Carper - aye
$100.00 APPROP. it was
FOR AD IN"VIRGINIA
RECORD" RESOLVED that the sum of $100.00 be appropriated from the
General Fund to purchase an ad in the "Virginia. Record".
Town Manager Noland stated there was a great need for an
REQUEST FOR PUR attachment to be used for an asphalt distributor and requested permiss-
ASPHALT DIST- ion to place an order now for the attachment. The matter was dis-
RI.BUTOR NOT
GRANTED cussed and it was decided to wait another month for the new budget
consideration before placing an order for this attachment.
The Town Attorney read to Council a resolution covering
previous instructions of Council relative to the issuance of bonds,
ADOPTION OF and on motion cf W. F. White, seconded by I. R. Carper, and with the
RESOLUTION
COVERING PREY. following unanimous recorded vote:
INSTRS. OF
COUNCIL RE• W. F. White - aye W. S. Cummings - aye
ISSUANCE OF BONDS W. A. Larson - aye A. E. Lemons - aye
_ J. R. Martin - aye W. H. W$sor - aye
F. L. Carrico -aye' I. R. Carper - aye
Council Minutes Contd.
the following resolution was adopted:
May 20, 195$, 4 P• m•
?dfiEREAS, a ma3ority of the qualified voters of the
Town of Pulaski voting at a special election held in said Town
on April 8, 1858, have approved the issuance of each of the issues
of bonds hereinafter referred to and the Council desires to
make further provision for the issuance of said bonds; NOW,
THEREFORE,
3E IT RESOLVED by the Council of the Town of Pulaski
as follows: .
(1) The bonds authorized by the ordinance entitled
'•An ordinance authorizing the issuance of $1,000,000 of bonds of
the Town of Pulaski to finance the cost of improving and
enlarging the Town's sanitary sewer system, and providing for
the submission of the question of issuing said bonds to the
qualified voters of said Town", adopted by the Council on
January 21, 195$, shall be designated "sewer Bonds" and shall
consist of one thousand bonds of the denomination of $1,000
each, numbered from 1 to 1,000, inclusive, in the order of their
maturity, and shall be dated July 1, 1958, and shall constitute
an issue of bonds payable in annual installments on January 1 in
each year as follows, viz: $18,000 in each of the years 1960 to
RESOLUTION 1964, inclusive; $24,000 in each of the years 1965 and 1966;
$30,000 in each of the years 1967 and 1968; $35,000 in each of
RE' the years 1869 to 1973, inclusive; $39,000 in each of the years
1974 to 1978, inclusive; $40,000 in each of the years 1979 and
ISSUANCE 1980; and $44,000 in each of the years 1981 to 1988, inclusive.
OF (?) .,The bonds authorized by the ordinance entitled
'"An ordinancc authorizing the issuance of $630,000 of bonds of
BONDS. the Town of Pulaski to finance the cost of improving and enlarging
the Town's water supply system, and providing for the submission
of the question of issuing said bonds to the qualified voters of
said Town", adopted by the Council on January 21, 1958, shall be
designated "dater Fonds" and shall consist of siz hundred and
thirty bonds of the denomination of $1,000 each, numbered from
1 to 630, inclusive, in the order of their maturity, and shall
be dated July 1, 1958, and shall constitute an issue of bonds
payable in annual installments on January 1 in each year as
follows, viz: $12,000 in each of the years 1960 and 196,
inclusive; $16,000 in each of the years 1965 and 1966; $20,000
in each of the years 1967 and 1968; $24,000 in the year 1969;
$23,000 in each of the years 1970 and 19?3, inclusive; $25,000
in each of the years 1974 to 1981, inclusive; and $26,000 in
each of the years 1982 to 1988, inclusive.
(3) Each of said bonds shall bear interest from its
date to its respective maturity and such interest shall be payable
semi-annually on January 1 and July 1. Each of said bonds
shall bear interest at such rate, ~~not exceeding 6~ per
annum, as may be hereafter determined by the Council.
(4) The bonds shall be coupon bonds, registerable as
to principal only. Both principal of and interest on the
bonds shall be payable at the office of The First and _
Merchants National ?3ank, in the City of Richmond, Virginia,
or, at the option of the holder, at the principal office of
A"anufacturers' .Trust Company, in the Borough of
Manhattan, City and State of P1ew York, in any coin or currency
of the United States of ~.merica which, at the time of payment,
is legal tinder for the payment of public and private debts.
(5) Each of said bonds shall be signed by the Mayor
of said Town and shall be attested by its Clerk of Counci, and
~; ~~~~
~; ~~~ ~
Council :Kinutes cont'd
May 20, 1958, ~ p. m.
the corporate seal of said Town shall be affixed to each of said
bonds. Each of the coupons representing interest payable on the
bonds shall be authenticated by the facsimile signature of said
:rayor and Clerk of Council.
(b) The bonds and the interest coupons representing the
interest payable thereon and the provisions for th
e registration
of said bonds to be endorsed thereon shall be in substantially the
following form
(F
f
orm o
3ond)
Pk o. Rio.
i'~4ITED STAT ES OF Ar~RICA
COA~0"~aEALTb' OF VIRGI2r'IA
TOWIL' OF PL?LASKI
rOP~D
$1,000
$1,000
The TOWN OF PUTASKI(herein referred to as "Town"), a.
municipal corporation of the Commonwealth of Virginia, hereby
RESOLUTION a.ckno~ledges itself indebted and, for value received, promises
to pay to the bearer of this bona, or, if this bond be registered,
RE: to the registered holder, the sum of
ISSUANCE 0?'E TFOL'SATv'D DOLLARS ($1,000)
OF on the 1st day of January, 19 , and to pa.y interest thereon
from the date of this bond until it shall mature at the rate of
BONDS per centum ( ~,,)
per snnum
a
able semi
ll
J
~
, p
y
-annua
y on
anuary 1st an
uly lst in
each year, upon presentation and surredner of the annexed
coupons therefor, as they severally become due. Aoth principal
of and interest on this bond are payable at the office of The
First and '~~erchants PSational Bank, in the City of Richmond,
Virginia, or, at the option of the holder, at theprincipal
office of 2fianufacturers" Trust Company, in the Borough of
i'~anhatta.n, City and State of New fork, in any coin or currency
of the United States of America which at the time of payment
is legal tender for tree payment of public and private debts.
This bond may be registered as to principal by the
holder in his name on the books of the Town kept in the office
of the Town Treasurer of the Town, and such registration shall
be noted hereon by said Town Treasurer, after which no valid
transfer of this bond shall be made except on said books, until
after registered transfer to bearer. If this bond be so
registered, the principal shall thereafter be payable only to
the registered holder thereof. Such registration shall not
affect the negotiatility of the coupons, which shall continue
to pass by delivery.
(Paragraph to appear only in Sewer Bonds)
This bond is one of an issue of bonds of like date
and tenor, except as to maturity, authorized by an ordinance duly
adopted by the Council of the Town on January 21, 1958, and
approved by the affirmative vote of a majority of the qualified
voters of the Town voting upon the question of their issuance at
a. special election held for that purpose on April 8, 1958, in
accordance with the- provisions of Clause (b) of Section 127 of
the Constitution of Virginia, and is issued pursuant to Article 2
of Chapter 19 of Title 15 of the Code of Virginia, 1950, for
the purpose of enlarging and improving the Town's sewer system
maintained and operated by the Town as a specific undertaking
from which the Town may derive a revenue.
~~
s~~,ra `~
~~ ~ ti ~r
C ounc i 1 ~'Linute s C ont' d.
(Para.graph to appear only in Water Bonds)
RESOLUTION
RE:
This bond is one of an issue of bonds of like date
and tenor, except as to maturity, a.uthori2ed by an ordinance duly
adopted by the Council of the "_'own on January 21, 19,58, and
approved by the affirmative vote of a majority of the qualified
voters of the Town voting upon the question of their issuance at
a special election held for that purpose on April 8, 1958, in
accordance with the provisions of Clause (b) of Section 127 of
the Constitution of Virginia, and is issued pursuant to Article 2
of Chapter 19 of Title 15 of the Code of Virginia, 1950, for the
purpose of enlarging and improving the Town's water system
maintained and operated by the Town as a specific undertaking
from which the Town may* derive a revenue.
The Town is obligated to the holder of this bond to
(1) charge rates for service furnished by such system and (2) fix
and maintain such rates at a level which will produce revenue
sufficient to pay for the cost of operation and administration of
such system (including interest on bonds issued therefor} and the
cost of insurance against loss by injury to persons and property
2nd to raise an annual amount to be covered into a sinking fund
sufficient to pay, at or before maturity, all bonds issued to
finance such system and (3) apply the revenue which the Town
derives from such system, to the extent necessary, to the payment
of such cost of operation and administration and to the payment of
such annual amount.
ISSUANCE It is hereby certified and recited that all conditions,
OF acts and things required by the Constitution or statutes of the
Commonwealth of Virginia to exist, be performed or happen
BONDS precedent to or in the issuance of this bond, exist, have been
performed and have happened, and that the issue of bonds of which
this is one, together with all other indebtedness of the Town is
within every debt and other limit prescribed b~,~ said Constitution
or statutes. The faith and credit of the Town are hereby pledged
to the punctual payment of the principal of and interest on this
bond in a.ecordance with its terms.
I111 WITNESS Wf3EREOF, the Town has caused its corporate
seal to be affixed hereto or impressed hereon, and this bond to
be signed by its A4ayor and attested by its Clerk of Council, and
the annexed coupons to be authenticated by the facsimile signatures
of said '"ayor and Clerk of Council, and this bond to be d€t/ed
Ju1,y 1, 19,58. ~ /l ~.~a-~-~
2fayor
ATTEST:
Clerk of Council
Ido.
?~;ay 20, 1958, ~ p. tr,.
i
1
(Form of Interest Coupon)
January,
$
1
On the lst day of July, 19 , the TOWN' OF PULASKI,
in the Commowealth of Virginia, will pay to bearer
DOLLARS ($ )
at the office of '?'he First and rchants National Sank,
in the City of Richmond, Virginia, or, at the option of the
holder, at the principal office of ~,anufacturer's Trust
Company, in the Borough of "~:anhattan, City and estate of
Iu'ew 'York, in any coin or currency of the United States of
America which at the time of payment is legal tender for the
payment of public and private debts, being the interest then
due on its F_,ond, dated July 1, 19,58, Ito.
r;ayor
Clerk of Council
~~ a~ ~ u
Council l~iinutes contd.
(Registration Provision)
The Frtithin bond has been registered
as to principal only, as follows:
May 20, 19~~8
Date of In Whose Name : Town
Registration :: Registerec : Treasurer
(7} Acting pursuant to Section 1,5-600 of the Code of
Virginia, the Council of said Town shall contract and agree and
does hereby contract and agree with the purchaser of said
1,000,OCO Sewer ?~onds, and with each person, firm or corporation
~ahich may hereafter become the holder of any of said bonds ~ any
of the interest coupons representing interest payable thereon,
that, until all of said bonds have been fully paid and discharged
RESOLUTION in accordance with their terms (1) said Town will charge rates
for service furnished by the sanitary sewer system established
RE•
• and ,operated by said Town and (2) such rates shall be fixed and
maintained at a level which will produce sufficient revenue to
ISSUANCE a~ay for the cost of operation and adminis+,ration of such sanitar-,~
sewer system (including interest on bonds issued therefor) and
OF the cost of insurance against loss by injury ~o persons and
property and an annual amount to re covered into a sinking fund
BONDS sufficient to pay, at or bef ore maturity, all bonds issued to
finance such sanitary sewer system and (3) the revenues which the
Town derives from such sanitary sewer system in each calendar year
shall, to the extent necessary, be applied to the payment of suc'.~s
cost of operation and administration of and to the payment of such
annual amount and (4) in order to give guarantees for the faithful
observance of such stipulations, said Town shall segregate and
keep segregated, from all other funds, all revenue derived by the
Town from its operation and ownership of such sanitary sewer system.
It is hereby determined that t'ne period ending five years after
April 8, 1958, shall be the period from and after which s&id bonds
shall be included in determining the limitations of the power of
said Town to incur indebtedness whenever and for so long as such
sanitary sewer system fails to produce sufficient revenue to pay
for the cost of its operation and administration (including
interest on bonds issued therefor) and the cost of insurance
against loss or injury to persons and property, and an annual
amount to be covered into a sinking fund sufficient to pay, at
or before maturity, all bonds issued to finance such sanitary
sewer system. In consideration of the purchase and acceptance
of said bonds by those who hold the same from time to time, the
provisions of this paragraph shall be deemed to be and shall
constitute a contract between the Town and the holders from time
to time of said bonds. '
(g) Acting pursuant to Section 15-boo of the Code of
Virginia, the Council of said Town shall contract and agree and
does hereby contract and agree with the purchaser of said
<30,000 Water 3onds, and with each person, form or corporation
which may hereafter become the holder of any of said bonds or
any of the interest coupons representing interest payable
thereon, that, until all of said 'c~onds have 1~een fully paid and
cii.scharged in accordance with their terms (1) said Town will
charge rates for water furnished by the water supply.- system
established and operated by said Town and (2) such rates shall
~v'
RESOLUTION
RE:
ISSUANCE
OF
BONDS
Council '~~i.nutes cont*d. ~ iaiay 2G, 1958, 4 p. m.
be fixed and maintained at a Level which will produce sufficient
revenue to pay for the cost of operation and administration of
such water supply system (including interest on bonds issued
therefor) and the cost of insurance against lost by injury to
persons and property end an annual amount to be covered into a
sinking fund sufficient to pay, at or before maturity, all bonds
issued to finance such water supply system and (3) the revenues
which the '"own derives from such water supply system in each
calendar year shall, to the extent necessary, be applied to the
payment of such cost of operation and administration of and to the
payment of such annual amount and (~) in order to give
guarantees for the faithful observance of such stipulations,
said '"own shall segregate and keep segregated, from all other
funds, all revenue derived by the Town from its operation and
ownership of such 4aater supply system. It is hereby determined
that the period ending five tirears after April 3, 1958, shall be
the period from and after which said bonds shall be included in
determining the limitations of the power of said Town to incur
indebtedness whenever and for so long as such water supply
system fails to produce sufficient revenue to pay for the cost
of its operation and administration (including interest on bonds
issued therefor) and the cost of insurance against loss or injury
to persons and property, a.nd an annual amount to be covered into
a sinking fund sufficient to pay, a.t or before maturity, all
bonds issued to f~_nance such water supply system. Incon-
sideration of the purchase and acceptance of said bonds by
those who hold the same from time to mime, the provisions of
this paragraph shall be deemed to be and shall constitute a.
contract between the Town and the holders from time to time
of said bonds.
Town 5ttorney ~~"Dore read another resolution dealing with the
'notice of sale of such bonds, and on motion of W. F. ;white, seconded by
W. A. Larson, and with the following unanimous recorded vote:
`wT. ~'. `wThite - aye :d. S. Cummings -aye
h'. A. Larson - aye A. E. Lemons - aye
J. R. Martin - aye W. H. ~ti'ysor - aye
T. L. Carrico - aye I. n. Carper - aye
the following resulutiori was adopted:
'~~REAS, the Council of the Town of Pulaski desires to
make provision for the sale of the X1,000,000 Sewer Bonds and
~~30,000 Water Bonds authorized by the ordinances adopted by
such Council on January 21, 1958; TuOW, T~-~REFORE
BE IT RESOLVED by the Councyl of the Town of Pulaski
as follows:
(1) Sealed proposals for the purchase of said bonds
shall be received pursuant to and in accordance with the following
Tdotice of Sale:
NOTICE OF SALE
TQWTd QF PULASKI, VIRGIAIIA.
X1,000,000 Sewer Bonds
630,000 Water Bonds
'The Town of Pulaski, in the State of Virginia, shall
receive sealed proposals for the purchase of the bonds of said
u'
I~
L~~
1
#1
t3~t~FA`i ._~
/V l% ~ ~/
Council ~'inutes cont'd
May 20, 195$, 4 p. m.
Token hereinafter described, until Twelve o'clock P~oon
(,Eastern Standard ?'ime), on July 1, 1958, at the office
of the State Commission on Local Debt of the Commonwealth of
Virginia, Room 222, Finance Building, Capitol Square, Richmond,
tirginia. At such time and place the sealed bids received will
be publicly opened by such Commission on Local Debt.
The bonds consist of the following two issues of
bonds, viz: .
(1) $1,000,000 Sewer Bonds, payable in annual
installments on January 1 in each year as follows, viz: $1$,000 in
each of the years 19b0 to 1964, inclusive, ~24,OOG in each
of the years 1965 and 19bb, X30,000 in each of the years 196?
2nd 1968, $35,000 in each of the years 19b9 to 1973 inclusive,
X39,000 in each of the years 1974 to 1978, inclusive, $40,000
RESOLUTION in each of the years 1979 and 1980, and $44, 000 in each of the
years 1981 and 1988, inclusive.
RE: (2) X630,000 ~;'ater Bonds, payable in annual., install-
ISSUANCE menu on January 1 in each year as follows, viz: $12,000 in
each of the years 1960 to 1964, inclusive, $16,000 in
OF each of the years 1965 and 19bb, $20,000 in each of the
years 1y67 and 1968, X24,000 in the year 19b9, $23,000 i.n
BONDS each of the years 1970 to 1973, inclusive, X25,000 in, each
of the years 1974 to 1981, inclusive, and $26,000 in each
of the years 1982 to 1988, inclusive.
The bonds are dated July 1, 1958 and bear interest from
their date payable semi-annually on January 1 and July 1. The bonds
are of the denomination of $1,000 each, and are coupon bonds,
registerable at the option of the holder as to principal only.
Both principal and interest are payable at the office of The
r first and .~":erchants 2~ational Bank, in the City of Richmond,
Virginia, or, at the option of the holder, a.t the principal office
of ~ianufacturer° s ""rust Company, in the Borough of ~.anhattan,
City and .Mate of Puew "ork.
The Faith and credit of the Town are pledged to the
payment of the bonds and the Town is authorized and required
to levy on all real property taxable by the Town such ad valorem
taxes as may be necessary to pay the bonds and the interest
thereon without limitation as to rate or amount.
Bidders are invited to name the rate or rates of
interest ~.ahich the bonds re to bear, which rate or rates must
be in a multiple, or multiples, of one=tenth or one-eighth of
one per centum. TJo more than two rates may be named for the
bonds, and all bonds maturing a.t the same date must bear interest
at the same rate; and each rate of interest named must be for
consPCUtive maturities and cannot be repeated; however, no rate
may exceed six per centum per annum. Each proposal submitted
must offer a price vrhich is not less than par and accrued
interest.
t;nless all proposals are rejected the bonds will be
awarded to the bidder whose proposal results in the lowest net
interest cost to the Town determined b;. co:n~~uting the aggregate
amount of interest payable on thebonds from their date *o their
respect~_ve maturities and deducting from such aggregate amount
the premium offered, i~ any. In addition to the price bid the
purchaser must pay accrued interest from the date of tre bonds to
the date of payment of the purchase price.
ttio bid for less than all of the ronds offered will be
entertained.
~~
RESOLUTION
RE:
ISSUANCE
OF
BONDS
Council "mutes contd. Piay 2.0, 1958, ~ p.in.
Each proposal must be unconditional and must be
accompanied by a certified, or bank cashier's or bank treasux•er's
check or checks for $32,600, drawn upon an incorporated bank or
trust company and payable to the Town of Pulaski to secure the
Town against any loss resulting from failure of the bidder to
comply with the terms of his proposal. The check or checks of
the bidder whose proposal is accepted T..i11 be deposited by the
Town and credited to the purchase price and no interest will be
allowed thereon. The proceeds of the check or checks will be
retained by the Town as liquidated damages in case the bidder
fails to accept delivery of and pay for the bonds. Checks of
unsuccessful bidders will be returned upon the award of the bonds.
Immediately following the time all proposals are to be
received and opened, the State Commission on Local Debt of the
Commonwealth of Virginia will open the same and ascertain the
amount of each proposal and the name or the names of the person
or persons making the same, a.nd will ascertain the best bid in
accordance kith the terms hereof and certify the same to the
Council of the Town of Pulaski; and the represehtatives of the
Co~i'ncil of the Town of Pulaski will be present for the purpose
of acting upon the recommendation of the State Commission on
Local Debt as to the best bid; and the Council will cause such
bonds to be prepared, executed, and delivered to the successful
bidder.
The right is reserved to reject any or all bids.
The bonds will be delivered at The Signature
Company, in r~ew York, yew York, on the 15th day of July, 1958,
or as soon thereafter as possible.
The purchaser will be furnished, without cost, with
the usual closing papers, the opinion of '~essrs. Reed, "oyt,
'nTashburn ~q. '~"_cCarthy, stating that the bonds constitute valid and
legally binding obligations of the Town of Pulaski, and that the
Town is authorized and required by law to levy on all real
property taxable by the Town such ad valorem taxes as may be
necessary to pay the bonds and the interest thereon without
limitation as to rate or amount.
Bidders s~zbmitting bids must use the bid forms which
may be obtained from the State Commission on Local Debt.
Each proposal should be enclosed in a sealed envelope
marked •'Proposal for Town of Pulaski ~?onds••, and should be directed
to the ••Town Council`°, "'own of Pulaski T~onds", care State Commission ~on
Local Debt, Room 222, Finance Building, Capitol Square, Richmond,
Virginia."
Further information will be furnished upon application
to the undersigned.
All bids will be received by the Commission for and on
behalf of the Town of Pulaski.
STATE CO'~"~IISSIO,' Or' LOCAL DEBT
J. GCRDO~' BEP~'E'^T
SECRETARY
(2) The Clerk of Council is hereby authorized and
directed to publish a copy of said fiotice of Sale in the Bond Buyer,
a newspaper published in I~'ew York, ICew Fork, not less than ten
days prior to the date of such. sale.
Ii
L_
1
1
AMENDMENT TO
ARTICLE 18 -
ZONING ORD.
GIVEN COUNCIL
FOR STUDY
Council =Minutes contd.
I~'ay 20, 1958, ~ p.m.
Town Attorney ~"oore presented to Council an Amendment to
Article 18-Existing A'on-Conforming L'ses, of the Zoning Crdinance with
copies of same being given members for their study a.nd consideration.
On motion of J. R. :~`artin, seconded by I, R. Carper, and
1
PURCHASE OF
3~2 ACRES OF
LAND FROM PEAK
CREEK LAND CO.
unanimously carried, it was
RESCLL'ED, that the mown Attorney close the deal for the
purchase of 332 acres of land from the Peak Creek Land Company.
There being no further business, the meeting was ad3ourned.
Approved;
A
P"ayor
1
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Attest:
/E~
Clerk