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HomeMy WebLinkAbout08-31-56~r r-- Ana ;`~ ~~-~ r Council Minutes Pulaski, Va. 5s00 P.2~i. Aug. 31, 1956 The minutes of a special meeting of the Town Council of the Town of Pulaski held on the 31st d~ of August, 1956, at 5s00 p.~n. in the municipal offices. There were preserst Mayor C. V. Jackson, presiding Councilmen: W. F. iihi.te, W. A. Larson, J. R. Martin, M. E. Lester 0. 0. Crowell, C. T. Brookmas, I. R. Carper. Absents Counc3.]man W. M. Farmers absent due to illness. Visitors: Counoilmesi elects A. E. Lemons W. H. Wysor F. L. Carrico The meeting was opened with•.a prayer by Town Attorney Moore. Mayor Jackson stated that this special meeting had bean duly. called to discuss the proposed X1,600,000.00 bond issue aixi to determine how said bond issue is to be financed and to set a date for subm3.ssion of the bond issue to the qualified voters of the Town. On motion of W. A. Larson, seconded by J. R. Martin, ar~d with the following unanimous recorded votes W. F. White - aye M. E. Lester - ~ I. R. Carper -aye W. A. Larson - aye - C. T. Brockman -aye W. M. Farmer - absent due to illness 0. 0. Crowell - ~ J. R. Martin - aye BE IT RESOLVED that the Council sitting in called session on this the 31st day of August, 1956, does hereby combine its water supply system and its sanitary sewer system into a single specific undertaking, and BE IT FURTHF~i. RESOLVF~D that the Town Council does further direst proper officers and officials of said town to take a~ aixl all necessary action to combine the aforesaid operations into one department and to thereafter continue the operation of same sa one department. On motion duly made by J. R. Martin, aecoixied by W. F. White, and with the following unanimous recorded votes W. I'. White -aye M. E. Lester -aye W. A. Larsoa -aye I. R. Carper -aye ~j W. M. Farmer -absent due to illness C. T. Brockman -aye J. R. Martin -aye 0. 0. Crowell -aye BE IT RESOLVEa, that the ordinance as set out below be adapted. 4 ~~~~ Council Mutes oont~d. Pulaski Ya. 5sO0 p.m. Aug. 31, 1956 AN ORDINANCE AUTHORIZIDiG THE ISSUANCE OF $1,600'000.00 OF THE TOWN OF PULASEI TO FINANCE THE COST OF IMPROVING AND ENLARGING THE TOWNS WATER SUPPLY AND SANITARY SEWER SYSTEM, AND PRAVIDING FOR THE SU~ISSION OF THE QUESTION OF ISSUING SAID B0ND6 TO THE QUALIFIED VOTERS OF SAID TOWN. WHEREAS, the Town of Pulaski has, for many years, maintained and operated a water supply system in and for the Town suitable to supply water to the Town and its inhabitants and a sanitary sewer system in and for said Town suitable to collect, treat and. dispose of. sewage from the.. territory within the Town; and WHEREAS, neither of. said systems is adequate for the needs of said Town and the Cowlcil deems it desirable to com- bins said systems into a single specific undertaking and to enlarge and improve said systems and to maintain and operate such systems as a specific undertaking from which said Town may hereafter derive revearue within the moaning of Section 12? of the Constitution of Virginia; NOW, THEREFORE, BE IT ORDAINED by the Council of the Town of Pulaski, as follower SECTION 1. The Council of the Town of Pulaski has ascertained and hereby determines that the public interest requires that said combined water supply and sanitary sewer system maintained sail operated by the Town shall be enlarged and extended by constructing an impounding reservoir on Peak Creek for the storage oP water and installing pipes and other equipment suitable for its operation, and by constructing and equipping a sewer treatment and disposal plant and a new intercepting outfall sewer along Peak Creek to be connect- ed with said plant and r~ith the existing sewers maintained by the Town, and by constructing sewer lines suitable for the collect- ion of sewage, and that it is expedient that said Town shall borrow money and issue its bonds, as hereinafter provided, to finance the cost of such improvements. SECTION 2. In order to finance the cost. of enlarging and improving said combined system in the manner hereinbefore set forth, the Town of Pulaski shall issue its, negotiable bonds of the aggregate principal amount of $1~600~OOA.00 p~suant to and in accordance with Article 2 of Chapter 19 of Title 15 of the Code of Virginia, 1950. Said bonds shall be issued under and in compliance with the provisions of Clause (b) of section 12? of the Constitution of Virginia aa~d.~ subject to the conditions prescribed by said clause shall not be included within the otherwise authorized indebtedness of said Town. SECTION 3. Said bonds shall comprise an issue of bonds payable in annual installments on January 1 in each year as follower $30,o0O.00 in each of the years 1959 to 1961,., inclusive $1..0,000.00 in each of the years 1965 to 1966, inclusive $50000.00 in each of the years 1967 to 1968, inclusive, $59,000.00 in each of the years 1969 to 1973, inelusive~ $65,000.00 in each of the years 1974 to 1980, inclusive, aaxl $70000.00 in each of the years 1981 to 1987, inclusive. Said bonds shsl.l bear interest from their date at a rate which shall .not exceed six per centum (6$) Per .annum, and such interest shall be p$yable semi-annually on Janaaary 1 and duly 1. SECTION 4. Said bonds shall be general obligations of the Town of Pulaski and shall be issued upon the credit and in the sane of said Town. SECTION 5. Acting pursuant to Section 15-600 of the Code of Virginia, the Council of said Town shall contract Council Minutes contd. Pulaski, Ya. 5sO0 p.m. Aug. ~_ •~- ~a~+~ ~~ 31, 1951 and agree with the purchaser of said bonds, and with each person, firm or c©rporation which mfr hereafter become the holder of ax~r of said bonds or of ar~r of the interest coupons representing interest payable thereon, that, until all of said bowls have been fully paid and discharged in accordance with their terms, (1) said Town will charge rates or fees for strvices rendered b9 said combined system; and (2) such rates or fees shall be firmed and maintained at a level which will produce sufficient revenues under the requirements of Clause (b) of Section 127 of the Constitution of Virginia, to prevent said bonds from being included in terermining limitations of the power of said Town to incur indebtedness, that is to say, sufficient revenues to pay for the cost of operation and administration of said combined system (including interest on bonds issued therefor) and the cost of insurance against loss by injury to person and property, and an anneal amount to be covered into a sinking fund sufficient to pay, at or before maturity, all bonds issued to fiaance said combined system; and (3) the revenues which the Tower derives from said combined system in each fiscal year shall, to the extent necessary, be first applied to the payment of such cost of operation and administration _ during such fiscal year asbd to the payment of such annual amount payable in such fiscal year; and (L,.) in order to give guarantees for the faithful observance of such stipulations, sd3d Town shall segregate anGl keep segregated, from all other funds, all revennues derived by the Town from its operation and ownership of said combined system. SECTION 6. Borxis shall not be issued pursuant to this ordinance until said bonds shall have been appromed by the affirmatime vote of the majority of the qualified voters of the Town of Pal.aski voting upon the question of their issuance. The Town Clerk is hereby directed to present forthwith a certified copy of this ordinnance to the Circuit Court of the County of Pulaski, or to the Judge thereof is vacation, and the said Court or Judge is hereb y requested to enter an order directing the proper election officials of the County of Pulaski to take such steps and to provide such means as may be necessary to submit to the gnalified voters of said Town the question of whether said bonds shall be issued, and to make such order as may be pa~oper to give due publicity to such election. SECTION 7• This ordinance shall take effect immediately upon its adoption. On motion duly made by W. F. White, seconded by C. T. Brockman, and with the following recorded motes W. F, White -aye M. E. Lester -aye W. A. Larson -aye I. R. Carper -aye W. M. Farmer -absent due to illness C. T. Brockman -aye J. R. Martin -eye 0. 0. Crowell +~ aye BS IT R&SOLVID, that the tentative date for the bond issue election is Tuesda3r, December 4, 1956. On motion duly made by M. E. Lester, seconded by I. R. Carper, and with the following unanimous recorded votes W, F. White -aye M. E. Lester - aye W. ~. Larson -aye I. R. Carper -sire W. M. Farmer -absent due to illness C, T. Brockman -aye J. R. Martin,- ape 0. 0, Crowell -eye hE IT RE^tJLV3!D, +.hat the sum o:' :"~0~ i.s hpr?by appropriated from Sew~:r Fund as settlement .for Pas¢~mert fc:r s~wet' line through propet~ty Oi' ^rE°oI'~e c1011I1,Gt.;7T1. w~+J ..Council Mutes contd. . Pulaski, Qa. 5ta0 p.m. Aug. 31, 1956 The meeting adjourned at 6x15 p.m. Appa~oveds ~- Q Mayor Attests Clerk 1 ~1 ~I 1