HomeMy WebLinkAbout03-01-46~~ ~s~
Council , ~-inutes
~YYtal'Ltl b1.11VL luuU~)
ruls.ski, Va., March 1, 1946
r~l'LC,1hL tit a Upecial meeting of the Council of the Town of
.+1~~Til~ti ainia held at the ~unici~ ~.l Offices in said 'Im~rm
r alaski, Virb , A ` ~
the usual place of meeting of Baia Council, on the 1st day of
March, 1946, at 3 0' clock, P. ~i.
PnL~Fiy'I' Ptt:ga~tV'.i: mayor ~:. T: Esi~ridoe, presiding, and Councilmen:
O. P. Gordan, Jr. F. n. Seugle
T. ~ . YYirt Y. n. Carper
toward Ft. lmbocxen 4~+. D. must
vu. r . `White G. C. Hall
~BS~;NT None
~Lri1'1ri- The Duayor laid before the Council a certified copy of the
l.~:i' La
certificate of the Commissioners of Election of the special elec-
~L L' L'I' 1. UtV
tion held on the 15th aay of Janus.ry, 1946, on the question of
the proposed water works bond issue, together with a copy bf
l.U~ttl'
Urii~~n the order of the Judge of the Circuit Court of Pulaski Cou~ity,
Virginia entered thereon in term time on the 1st day of
February, 1946, and a copy of the certificate of the Clerk'
as to the result of the election, dated the ~.lst day of
r'ebruary, 1946, which instruments, upon motion duly made,
seconded and unanimously carried, were ord.ereu recorded in
the minutes of this meeting. The said certificate of the
Commissioners of Election, Court Urder and Clerk1s CertifilCate
being in the words and figures following, to-rvit:
~~ U1KGliu1.~. Iiti T.iiE U:~ F ICE OF THE CLEi~ OF THE
C1RCi1IT COUtiT OF THE COUN TY OF' PUL~aSR.I, JriNUtiRY 17, 1946.
" abstract of votes c~~st in the Town of Pulask~t,
Virginia, at the Special Election :geld in said Town of
Pulaski, on Tuesday, the 15th day of January, 1946, in the;:
matter of the issuance of Five Hunared ana r`~ifty Thousand
Dollars 0550,000) water works bonds of the sown of Pulaski,
Virginia.
r0
Council minutes contd.
Pulaski, Va., &~arch 1, 1946
1'TO T.HE HON01~3Lr; JOHiU ~. DtttiP;h,~JUllGE OF THE CIRCUIT
COURT JF' YuLtiBAI COUiuTX, VItiGIi~Ih.
"Pursuant to the statute in such cases made and
provided, we, the undersigned duly appointed Co~nriissioners
of Election selected to canvass the returns of said votes
this day met in the Clerks Office of Pulaski Uounty,
Virginia, ana opened suic~ returns and canvs.ssed the see,
and do declare the result of said election to be as
follows:
"That t:~ere were cast in favor of the said Five
Hr~ndred Fifty Thousand 0550,000) Bond Issue Four Hundred
Seventy-seven (477) votes, and that there were cast
againSct said Five Hundred and Fifty Thousand dollars
0550,000) Eond Issue One hundred and fifty-three (153)
votes, and that there were three lS) defaced ballots, making
a majority in favor of the five Hundred and Fifty Thousand
Eollar (~w550,O00.) Bond issue o:e Three Hundred Twenty-
four (:::~4) votes; the total vote polled being six hundred
thirty-three X633), votes.
It is therefore declared that for said Bond issue
received the highest number of votes cast at said Election.
Given under our hams this 17th ds.y of ~anudry,
1.946.
~aigned)
J. u. Howard
E. L. Smith
Curtis C. Jordan
Corn~nissioners
attest
3. rd. Bosang, Clerk
[l
1
I
I
i
Council minutes contd. Pulaski, Va,, March 1, 1946
"VIRGINIti. IN THE OI'FICE OF THE CLERK OF' THE
CIttCiT1T COUkT OF PU~,r~SKI COUi~1TY, J~tVJxnY 17, 1946.
"I
and for the
that the f`o
l~bstract of
the Town of
J. ly. Posang, Clerk of the Circuit Court, in
County and State aforesaid, do hereby certify
regoing is a true and correct copy of the
votes cast at the special Election held in
Pulaski, Virginia, on Tuesday, January 15,
t' ~ ~~
1946, on the question of Bond Issue by said Tov~rn of Pulasl~i
as set out in said certificate, and certified, signed
and attested according to law and c~posited in my said
' office.
IN TLSTIiviONY YtiHEREOF, I hereunto set my hand and
affix the sale of said Court.
(Seal) J. iV. Bosan~ (Clerk
of Circuit Court of Pulaski County,
~'VTRGiialk~ ~T ~ C1ttC;u1T CUUnT HELLi FOn THE CUliNT
OF` PULXSKI, mi`l' THE COUriTHJiJSE THEr~LOF~', FEBRUXRY 21st, 19491;.
In the matter of the Issuance of j
Five riundred rif"ty Thousand ~
Dollars~~55U,000J dater Yaorks ) OxUEH ll~;CLXti~.NG h~:BJLT :~DF'
t~onas of the Town of Pulaski, ( F,BCTZON
" This aay was filed the certificate of the Clerk
of this Court made in accoraance with Section 3087, ~irgir~5.a
Code of 194, setting forth the result of an election held,
in the Town of Pulaski, in the County of Pulaski, Virginity
on the 15th day of January, 196, on the question of
contracting a debt in the sum of Five hundred fifty Thous~hd
Dollars 0550,000) for the improvement and tension of thq.
Water V~orks system of said Town by the acquisition of the
necessary land and rights of way, the construction of an
impounding dam, filter plant, pumping station and installation
~'
of water mains, borrowing said amount and issuing bonds othe
Town of rulas.Ki, Virginia, in said amount.
t~
"It aonearing that said election was held in due "`
ii
Council minutes canted. Pulaski, ya., march 1, 1946
manner. as prescribed by the Constitution and laws of the State
of Virginia in such cases made and provided, and it further
appearing that the said certificate is in accordance with
the laws of the State of Virginia, and it further appearing
that according to said certificate at the election held and
conducted on the question of` contracting d debt in the
sum of Five uundrea Fifty Thousand liollars 0550,000) for
the improvement and extension of the Water ~iorks System of
said Town by the acquisition of the necessary land and
rights of way, the construction of an impounding dam, filter
plant, pumping station and installation of water mains,
borrowing said amount and issuing bonds of the Town of
Pulaski, Virginia, in said amount, there were 477 votes in favor
of the issuance of said bonds and 153 against the issuance of
said bonds and 3 ballots void;
"It is, therefore, UitliEn~D~ kUd UUG~D hvL DEChEED
that the ~+~sult of said election was in favor of contracting
a debt in the sum of` ~`ive Hundred ri`ty 'jhousand lioliars
0.550,000) for the improvement ~:nd extension of the 4aater
storks ayste~i of said Town by the acquisition of the necessary
land and rights of way, the construction of an ir~pounaing dam,
filter plant, pumping station and installation of water mains,
borrowing said amount and issuing bonds of the Town of
Pulaski, Virginia, in said amount, by a majority of 324 votes,
and the clerk of this Court is hdreby directed to forthwith
certify a copy of this order to the Council of the Town of
Pulaski, whereupon the Council of said Town shall be fully
authorized and erupowered to prepare,i~sue and sell or
negotiate bonds of said Town to the amount of Five Hundred
fifty Thousand Lolla.rs 1~:550~000) as authorized by said
election hela in said Town in accordance vaith the Constitution
and statutes of the State of Virginia.
~ ! ~f
Council minutes cont d. Pulaski, Va., march 1, 1946
YuITuEaS my hand this ~lst day of February, 1946.
Jno. S. Draper, fudge of the
Circuit Court in and for Pulaski
County, Virginia
1
x copy,
Teste: J. N. Bosang, Clerk
++I~ TiiE C1hCulT COUtt'I` Itd a~iD FOrt PiJLh~I COUI~Y,
VIttGI1VI~
1n the utter of the Issuance of j CEnTIFIChTE tJF C,EFsi~ hS TO
Five riundred Fifty Thousand Dollars ) ttE~Ui,T OF Ei,Y;CTTON
0550,000) eater works Bonds of the
Town of ~'ulaski, Virginia
-+ I~ J. N. Bosdng, Clerk of the Circuit Court
cr~2~lr~_
C~il'E in and for Pulaski County, Virginia, li0 riEiihoY CLriTiF'Y that
J V till Jr.1V G
i.i.,t~hii the result of the special election held in the Town of Pul~~ki,
Virginia, on the 15th day of January 1046, submitting to the
qualified voters of the Town of Pulaski the question of cox
tracting ad,~bt in the sum of Five Hundred Fifty Thousand
Dollars 1550,000) for the improvement and extension of t11e
Yuater ~yorks System of said Town by the acquisition of the
necessary land and rights of way, the construction of an
impounding dam, filter plant, pumping station and installaiy~on
of water mains, borrowing said amount and issuing bonds ofrthe
Town of Pulaski, Virginia, in saia amount, was as follows:
voters voted iri said election, of whom ~ voters voted
for the issuance of saia bongs, and 15~ voters voted again~it
the issuance of said bongs, and ~ ballots were cast out
as void, and in accordance with the statutes in such cases
made and provided, I do hereby declare the foregoing to be„
the result of said election.
till of which will appear from the ballots ad
returns of the officers of said election and the certified
i
/ !~
Council ~-inutes contt3 Pulaski, Va., march 1, 1946
extract of the Cor~issioners of Election which canvassed
th.e returns filed in this office.
Respectfully subruitted this 21 day of February,
1946.
J. N. BUaAiQG
Clerk t'
xr~aULUT.IUid
The following resolution was introduced, and upon
motion of '.~'. F. ~yirt, seconded by 0. P. Jordan, Jr., the
same was unanimously adopted:
REbOLliT1UN
PiiUVili~( r'Utt T'HE 1DaUtsLliCE F1XLi~G '1'HE FU%stri
l~lll Dk~'.C~1I.1.r`~t' ~ll PrtUVilil1~G FUn TtiE ~~E U~` FIV1, rI(JiJliR1;D
F'.i.F'YY Tr1005~Idli L'U1.ri~titi5 (;550, ODU) Y~h7'.~R YYUitKS BU~yL~
OF TriE TUYr1V U~ PiJL~5K1, VlnGidl.~.
iiYFi~;rtr;~5, by an ordinance adapted on November 17,
1945, the Council of the 'f own of Pulaski decl$ed tine expediency
of borrowing money and authorizing the issuance of Five
Hundred Fifty Thousand liollars 1550,000) Vdater Vuorks Bonds
of said Town for the improvement and extension of the water
works system of said Town; and,
WHEti~nS, pursuant to order of the Circuit Court
in and for Pulaski County, Virginia, dated lovember ~3, 1945, a
special election was head on January 15, 1946, at which said
special election the qualified voters authorized the issuance
of said bonds as appears by the foregoing copy of the
certificate of the Commissioners of Election, the copy of the
order of the Judge of the Circuit Court of Pulaski County,
Virginia, entered on the ~lst day of February, 1946,
and the certificate of the Clerk as to the n~sult of the -
election, all of which said instruments are recorded in the -
minutes of this Meeting; and,
~' /
Council minutes contd. Pulaski, Va., march 1, 1946
V~riBttBHB, it is now necessary to provide for the
issuance of said bonus, fix the form and details thereof, acid ~~'
provide for the sale of said bonds.
1VOtiy, Iri~n~Un~,, fiE 1`.i niauLV~v ~sY 'I'tiE C;OUyGl, OF
Ti3~ 1'UMriv Ot' PUL~~~I, V1.ttiiltyt~:
1. There shall be and there are hereoy authorized
to be issued Five Hundred Fifty Thousand Dollars 0550,000)
Y~ater VMorks Bonds of the 'sown of Pulaski, Virginia, for the
improvement and extension of the water works system of said
Town, by the acquisition of the necessary land and rights-ot-way,
the construction of an impounding aarn, filter plant, pumping
station and installation of water mains. Said bonds shall be
dated April 1, 1946, shall be of the denomination of X1,000
each, numbered from 1 to 550, inclusive, and shall bear int~irest
at such rate or rates not exceeding six per centum (6%) per'
annum, as shall be determined by the Council at the time of
the sale of saici bonds, said interest to be payable semi-
annually tipril 1 and October 1 in etch year. -~'Qid bonds sh~:il
be payable serially in nuiuericai orner as follows:
1
amount Payable Kuiount
~ 9,000 tipril 1, 1947 ~: 22,000
9, 000 " 1948 ~~,, 000
9,000 " 1949 ~c2,000
9, OUO " 1.950 ~~, 000
9,000 " 1951 2,000
14,000 " 1952 25,000
14,000 " 1953 ~ 25,000
14, OUO " 1954 25, 000
14,000 " 1955 25,vUJ
14,000 " 1956 ~5,v00
15,000 " 1957 25,000
15,000 " 1958 25,000
15,000 " 1959 25,000
15,000 " 1960 25,000
15,000 " 1961 25,000
Pa a
tipril 1, 1
1
" 1
tr 1
n 1
er 1
n 1
3
4
5
7
8
r~ 1 ~s9
" 170
171
172
" 1!73
" 174
l~!75
" 1976
~\
The bonds of said issue maturing on and after hpr>~~.
1, 1961 shall be redeemable on any interest payment date on"pr
after October i, 1560 upon payment of the par value thereof plus
a premium of two per cent ana accrued interest to the date ;fir
redemption (proviued that the a~iount of pre~-iuu~ payable in
connection with the rede~uption of any bond shall not exceed~he
amount of interest thereon to the ~,aturity date of the bond
called for redemption}. In the event that less then all of!
~~
Council minutes conga. Pulaski, Va., iu?arch 1, 1946
the bonds outstanding are called for redemption, the same
shall be redeemed in the inverse order of their nzunbers.
If bonds are called for reaeruption, notice of redemption shall be
published at least once in a newspaper published in the Town
of Pulaski and in a newspaper or financial periodical
published in the pity of lyew York, State of ivew York at
least thirty days prior to the date fixed for redemption.
if bonds are called for redemption, the same shall cease
to bear interest after the date of redemption fixed in the
notice.
Froth principal of an interest on said bonds
shall be payable at The Chase rational Bank of the City
of lyew York, in the pity of lYew pork, State of ivew York.
Said bands shall be issued in coupon form, register4ble
as to principal only at the office of theTreasurer of the
Town o:f Pulaski.
Said bonds ahail be signed by the Mayor and
Clerk of Council of the Town of Pulaski, Virginia, and
sealed with the corporate seal of said Town, the coupons
attached to said bonds to be executed with. the facsimile
signatures of said mayor and said Clerk of Uouncil.
;~. Said bongs, the coupons attached thereto and.
the provisions f'or registration thereof, shall be in
substantially the follovring form, to-wit:
u~.~T~U ST°~T'BS OF ~-EnlC~.
STrT.~ OF V1hGlivi~,
COuiVTY OF i'i1i,r~~KI
Tv r~tr Ur P u,r SKI
V~tiTBB YrORtCS BOND
iUo. ~ l,ODU.
(l'~
Council minutes contd.
Pu~aski, Vs.., larch 1, 1946
The Town of` Pu.laski., Virginia, acknowledges
1
itself indebted and for value received hereby promises to
pay to the bearer hereof', or if' this bond be registered, td
the registered holder, on the first day of xpril, 19 ,
the sum of One Thousand Dollars 0.1,000} together Frith
interest thereon at the rate of
per centum per
armum, payable semi-annually on the first days of xpril and
October of each year upon presentGtion and surrender of the'
respective coupons hereto attached as the same become due
and payable, both principal of and interest on this bond
being payable in lawful money of the onited States of 1~~erit2a
at The Chase ~~ational Hank of the City of i~ew York, in the
City of laeva York, State of i~ieG~ York.
The bongs of this issue maturing hpri 1, 19Ei1
1
1
and subsequent thereto, are redeem~:ble at the option of the
Council of the Town of Pulaski on October 1, 1960 or on
arty interest payment date thereafter upon payment of` the par
value thereof plus a premium of two per cent and accrued
interest to gate of rede~:ption of the uonds (provided that
the amount of premium payable in connection with the redemplt~on
of any bond shall not exceed the amount of interest thereon
to the maturity date of the bond caliEd for redemption] . Ir1~
the event that less than all of the bonds outstanding are
called for redemption, the bonds shall be redeemed in the
inverse order of numbers. upon reae~ption of any bonds of
this issue notice of redemption shall be pu~lished. at least
once in a newspaper published in the Town of ruiaski and in
newspaper or financi4i perioaical published in the City of
j~-ew York, state of l~ew York at least thirty days prior to
the date fixed for redemption. if this bond shall be called;
for redemption, interest thereon shall cease on the date
fixed for redemption.
This bond is one of an issue of bonds authori2~d
to be issued for the iu:provement end extension of the water
~7'~8
Council ~.inutes cont d. Pulaski, Vs.., :arch 1, 194
works system of` the Town of Pulaski by the acquisition of
the necessary land and rights-of-y~ay, the construction of an
iu~pounding dam, filter plant, pumping station and installation
of water mains, ana is issued under Gnd pursuant to the
Constitution and statutes of the State of Virginia, including
the Charter of the Town of Pulaski, Virginia, and pursuant
to erdina.nces and proceedings of the Council of the Town of
Pu.iaski, duly adopted and taken.
The bonas of the issue, of which this bond forms
a part, are issued under the provisions of` clause "b~' of
Section 1~7 of the Constitution of Virginia, and are not
to be included in determining the ii~uitdtion of the Town to
incur indebtedness until Js.nud.ry 1, 1y51, and f'or such time
thereafter as the revenue derived from the water works system
shall be sufficient to pay the cost of operation and adu~inistra-
tion (including interest on bonds issued therefor) and the
cast of ixisurance against loss by injury to persons or property,
and an annual amount to be covered into a sinking fund
suf'f'icient to pay, at or before maturity, all bonds issued on
account of said water works system.
This bond may be registered as to principal only
in accordance with the provisions endorsed hereon. The
registration of this bond as to principal shall not affect
the negotiability of the coupons which shall continue to
pass by delivery merely.
It is hereby certified, recited and declared
that all acts, conditions and things required by the Constitution
and statutes of the state of Virginia to exist, happen and be
performed precedent to and in the issuance of this bond and
the issue of which it forms a part, exist, have happe~~ed and
have been performed in due time, form and manner as required
b~. 1G.w, and that the issue of~ bonds of` which this is one,
together with all other indebtedness of said Town is within every
debt and limit prescribed by the Constitution and laws of the ~ ,
w?- ~
!~. United States of Virginia, and the full faith and credit of
~~
g
Council ~-inutes oont~d. Pulaski, Va., .arch 1, 1946
said Town of Pulaski are hereby irrevocably pledged for
the punctual payment of the principal of and interest on
this bond as the same become due.
The Town covenants that while any of said bonds
remain outstanding it will segregate, and keep segregated
froiii other Town funds, all revenues derived by it from the
Towns operation and ownership of the water works plant
or system of said Town, and will fix and ruaintain rates to
be charged water consumers at a level th~.t will produce
sufficient revenue under the requirements of clause "b" of
section lz7 of the Constitution of Virginia, to prevent
said bonds from being included in determining the li,uitotid~n
of the Town to incur indebtedness, and said revenues will
be applied to the extent necessary to meet the payment of
the principal of and interest on said bonds as the same
become due, and if said revenues received from said water
works system and actually available f'or the payment of
principal of and interest on said bonds, are not Sufficienti
f'or that purpose, there shall be levied on all the taxable
property of the 'j own of Yul.aski, yirginia, in each year wh~1e
7tl~w
said bonds, or~ny of them, are outstanding and unpaid, an
ad valorem tax in such amount which, together with tine amount
of net revenues available for the puJ~pose, shall be
sufficient to pay the principal of and interest on said bonds,
after the payment of the cost of operation and acuninis-
tration of saia Waterworks ~ystam end the cost of insuranQe
against loss by i~~-ury to persons or property.
ZiV ~rTldEaa Y~H~;ttEOF' the Council of the Town o~
Pulaski, Virginia, has caused this bond to be signed by th@
Mayor of said Town and by the Clerk of Council of said
Town, the corporate seal of said Town to be affixed hereto
and the coupons hereto attached to be executed with. the
facsimile signatures of said Mayor and said Clerk of Council
and this bond to be dated the first day of hpril, 1946.
" ~. T . Eskri.~lg~~
B~ayor
~~
Lottie ~. bunion ~~
(weal) Clerk oi~ Council
~~~
Council minutes contd. Pulaski, Va., March 1, 1946
FtJttw Or' COUPON
('I`0 ti.idL .L111C1,t1i~li~G COui'OidS PtiY~tsL~ OCTOBI;n 1, 196U) .
No.
iyt'Ftll,
On the first day of October, 19 , in the Town of
Pulaski, Virginia, will pay to bearer
liollurs (~ ) in lawful money of the Snited States
of America at 'the Chase National Bank of` the City of
New York, in the City of l~ew York, State of l~ew York, being
~~.~ months interest then due on its Water Works Bond,
dated hpril 1, 1946, No. .
Mayor
Clerk of Um~~l
~'Ok~- Q.~ COUPaN
(FOK COUPONS . P.~Yi~BLE ~PRIi~:.1, .:.196. ~~ wSUBSEt~UENT COUF'ONS~ .
No.
Unless the bond to which this coupon is attached
shall have been called previously for recemption, on the
t~pril
first day of October, 19 , the Town of Pulaski, Virginia,
will pay to bearer Dollars
in lawful money of the united States of Kraerica at the
Bank in the City of New York,
atate of l~ew York, being six ~nonthst interest then due on
its ws.ter M~orks Bona, cxated tipril 1, 1946,
vo.
mayor
Clerk of Council
1
~.
~' '781
Council Minutes contTd. Pulaski, Va., Marcn 1, 1946
P~tOV1S10ii ~'~~ ;~~Gf~Tttr~TlOi~
The within bond, at the request of the holder,
was this day registered in the name of the registered holder"
indicated below on books kept in the office of the Treasurer
of the Town of Pulaski and is transf'ers.ble only upon said
books upon presentation to said `i`redsurer with a written
?~ assignment fully acknowledged or proved, at which time the
name of the assignee shall be entered hereon and in said books
by s~i.~d Treasurer, and is payable to the registered holder,
his legal representative or assigns at the place of payment
named in the bond. `this bond quay be discharged from registration
bybeirlg in like manner transferred to bearer after which it
shall be again trunsf erable by delivery but it ray from time
to time again be registered or trunsf~erred to bearer as before.
i~o such registration shall affect the negotiability of the
coupons which shall continue to pass by delivery.
Date of In Y~hose Signature of
kepi gtratip~, iVame hegi~tered Treasurer
~'he Town, pursuant to Section 3090 of the Virginia
Code of 194:, covenants and agrees vaith the purchasers and
subsequent owners or holders of the bonds, their successors ab
assigns, during the entire lief~e of tYie issue, that all revenues
derived by it frorri the Town's operation and ownership of the'
water works plant or system will be segregated and kept segregated
from other Town funds, and covenants and agrees that it wily.
fix and ruaintairl rates to be charged water consumers at a level
treat will produce suff"icient revenue under the requirements off'
clause "b~' of Section 127 of the Constitution of Virginia, ta.
prevent said bonds from being included in determining the
`7~2
Council minutes congcx. Pulaski, Va., March 1, 1946
limitation of the Town to incur indebtedness, and said
revenues will be applied to the extent r~scessary to meet
the payment of the principal of and interest on the bonds as they
become cue, and if said revenues received fro~u said water works
system and actually available for the payment of principal
of and interest on said bonds, are not sufficient for that
purpose, there shall be levied on all the taxable property
of the Town of Pulaski, Virginia, in each year Juhile said
bonds, ar any of them, are outstanding and unpaid, ,_an ad
valorem tax in such amount which, together with the amount
of net revenues available for the purpose, shall be sufficient
to pay the principal of and interest on said bonds, after
the payment of the cost of operation and aci~ninistration of said
Waterworks System, and the cost of insurance against loss
by injury to persons or property.
4. Said bonds shall be sold at a meeting of the
Council to be held on march 21, 1946, at 2 o~clock, P. IVi.,
after publication of notice of sale of such bongs at least
once in the Daily Bond Buyer, a financial periodical
published in the City of iVew York, State of iJevv York, said
notice o.f sale to be in substdnti~aly the following form:
1VUTIGB Ot~ br~l~F,
X550,000
'1'OYylV OF' PuLh~Kl V.Ihllluiti
ifuh'1.'Dtt r~tltuia BUiuuS
Sealea proposals will be received by the Council
of the Town of Pulaski, Virginia, at the Municipal Building
in said 'Sown, until ~ o~clocx, P. ~., on ~-arch 21st, 1946,
at which time they will be opened, for the purchase of all but
no part of Five Hunared Fifty Thousand Dollars 0550,000)
Water V~orks Bonds of said Town, issued for the improvement
and ~tens~.on of the water works system of said Town. Said
bonds will be dated april 1, 1946, of the denomination of
~:1,0OO.OG each, payable serially i~.~ numerical order as follows:
Council minutes cont'a.
~~~
Pulaski, Va., march 1, 1946
amount pa 4 1 amount p~able
;~ g, 000 ~~pril 1, 1947 ~ ~~,UOO ~pri1 1, 19Q2
9,000 " 1948 ~~,OOO " 1903
9,000 " 1949 ~~;,000 " 194
y,000 " 1950 ~~,000 " 195
9,000 " 1951 ~~,000 " 196
14,000 " 195 X5,000 " 19'7
14,000 " 1955 X5,000 " 19$.8
14, O00 " 1954 ~5, 0U0 " 19~1l9
14,000 " 1955 X5,000 - " 197q
14, 000 " 1956 ~5, 000 " ~~7~.
15,000 " 1957 X5,000 " 197
15,000 " 1958 x:5,000 " 1973
15,000 " 1959 X5,000 " 1974
15, Ou0 ' " 1960 ~5, 000 " 197'5
15,000 " 1961 X5,000 " 19Tf
'fhe bones of sale issue maturing on and after hpril 1,.:1.961
shall be redeemable on a.ny interest payment dote on or after
October i, 960 upon payment of the par value thereof plus,:a
premiwu of typo per cent and accrued interest to the ante fixed
for redemption ~proviaed th4t the amount of premium payable ;
in connection with the redemption of any bond shall not exee~d
the aiuount of interest to the maturity date..-of the ~rond called
for redemption). In the event that less than all of the bonds
outstanding are cai.led for rede~iption, the same shall be
redeemed in the inverse order of their numbers.
Said bonds will bear interest at a rate or rates (not
exceeding two rates} per annum, expressed in a Multiple of
one-fourth or one-tenth of one percent, as specified by the
successful bidaer, interest to be payable sem-annually
~pri 1 ancx October 1. Both principal and interest are payable
at The Chase lyational Bank of the City of lyew York, New York
City, Tuew York.
;i
?(i
~ ~$~
Council ~-inutes cont'a. Pulaski, Va., march 1, 1946
The Uonds wall be awarded to the ~®wes~ responsible
bidder on the basis of the lowest interest cost to the Gity,
but no bid will be considered for less than pars In
determining the best bid, the interest cost to the City will
be computed by determining the interest to maturity at the
rate or rates specified by the bidder and deducting therefrom
any premium offered.
The bonds are to be issued in coupon form, registerable
as to principal only. l~he bongs will be printed at the
expense of the City. Delivery of the bonds will be made to
the successful bidder in Pulaski, Virginia, or at such other
place as may be rekuested by the successful bidder, the
cost of` delivery at any place other than Pulaski to be paid
by the bidder.
'The approving, opinion of Messrs. ~rooa, i~offuiari, -
Wing ~c Lawson of l~ewa York City ~vi.ll be furnished to purchaser
without charge.
Kids must be submittea in sealed envelopes marked
"Proposal for Longs" and addressed to i.ottie k. Bunion,
Clerk of Council, Puias~i, Virginia, and must be accv~upanied
by a certified check payable to the order of the Zown of
Pulaski for two per cent of the bonds as a guarantee_of
goon faith on the part of the bidder. the Council reserves
the right to reject any and all bids.
'The Toyvn, in conformity with section 3090, Code
of Virginia, covenants and agrees with the purcho.se and
Subsequent owners and holders of the bongs, their successors
or assigns, aurlrlg the entire life of the issue, that all
revenues derived from the `Town's oper~aion acid ownership
of the water worxs giant or systems vrlll be segregated
and kept segregated from other :i`own funds, and that the
rates to be charged for water will be fixed and ~;aintained
at a level that will produce suxflcient revenue anger the
rec~uire~-ent of clause "b" of section of section 1~7 of the
Constitution of Virginia, to prevent said bonds from being
incluaea in deterc~nirig the li~itation of the power of the
?i
~~
Council. .~inut es cont' a. Pulaski, '~ ~:. , ~-arci 1, 1946
Town to incur indebtedness, and said revenues viii be applied
to the extent necessary to meet the payment of the principal
of and interest on the bonds as they beco~;e due, and if said
revenues received front said water worKS system and actually
available for the payment of principal of and interest on said-
bongs, are not sufficient f'or that purpose, there shall be
levied on all the taxable property of the To~vn of Pulaski, Virginia,
in each year while saki bonds, or any of them, are outstanding.
ana unpaia, an as valorers tax in suc~i amount which, together
with the amount of net revenues available for the purpose, shad
b~ suf'f"lcient to pay the principal of and interest on said bonds,
after the payment of the cost of oper~:tion ana acxrninistration
of said uuaterwrorks ~ystea~, and the cost of insurance against
loss by injury to persons or property.
For further information apply to the undersigned. i~. ; ~: ~_~
Dut_ed , 1946
.._ ~~
Lotti a h: ,union
Clerk of'` Council
5. ell resolutions or parts of resolutions in conflict
here~~zth are hereby repealed, and this resolution shall. take
effect upon its adoption.
hpproved ~~~r' _c ~.l.p~ _, 1946. a
t
x. 1' . FsKr ~ g e
mayor
I~LCUnL~.1J Zne vote upon adoption of the f"oregoing resolution
VU1'~,
Was aS follows:
Y~x~: U. f'. Jordan, Jr. F. n. beagle
`I. F. ytiirt i. n. Carper
Howara h. lmboden y'a. li. bust
wy. .b'. Y~hite G. C. Hall
1
N~,YS: None
~~
Council minutes contd. Pulaski, Via., march 1, 1946
nUtsY K Roby K. Sutherland, town attorney, was present and
au'i~,ni,t~u L
~lc.l`riy stated "the form of the bond as contained in the resolution
I''1 U tau t;Y
conforms with the intent expressed in tine initial ordinance
of i~ovezuber 1.7, 195. "
'
1.
On motion of F. uuirt, seconded by r. h. Beagle,
~1~~
`~"n6h and un~xniwously passed, the date for opening bias on the
~.1,
1946 bonds was set for .arch ~;1, 1946 at ~: UU P. ivi. , at the
municipal offices.
ti1J~uisrtu_ There being no further business, an motion duly
~`~`'1~T made, seconded and unanimously passed, the meeting
adjourned at 5:45 P. i~.
hpproveci
uuay or
t~ttest:
Clerk of` Souncil
1