HomeMy WebLinkAbout12-28-776120
Minutes of a special meeting of the Pulaski Town Council held
December 28, 1977, at 12:00 Noon in the Council Chambers in the
Municipal Building.
There were present: Mayor Raymond F. Ratcliff, presiding.
Councilmen: James M. Neblett, Jr., Bob J. Clark,
Andrew L. Graham, Jr., John A. Johnston,
C. William Hickam, Jr.
Absent: Councilmen: Blair B. Brockmeyer
Arthur L. Meadows
William A. House
Also present: Town Manager: J. E. Marshall
Clerk: Gladys R. Dalton
Town Attorney: Garnett S, Moore
Town Treasurer: Roger Williams
Visitors: Jane Graham, WPW Radio Station
Viki Monroe, The Southwest Times
The invocation was given by Councilman Graham.
Mayor Ratcliff stated the purpose of the special meeting was to
special
meeting to
consider
borrowing
$75,000.00
consider borrowing the sum of $75,000.00 from the two local banks,
namely: Virginia National Bank of Pulaski and Bank of Virginia, Southwest,
temporarily, for the purpose of payment of the watef and sewer bonds,
plus interest, coming due at this time.-
WAIVER OF NOTICE C&' SPECIAL MEETING
We, the undersigned, duly 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 28th day of December, 1977, called by Mayor Raymond F. Ratcliff,
in the Municipal Offices in the Town of Pulaski, Virginia, for the purpose
of considering borrowing $75,000.00 from the Virginia National Bank of Pulaski
and Bank of Virginia, Southwest,
/and any other items that may legally be brought bef ore the Council.
WITNESS, our signatures this 28th day of December, 1977.
% ~'
December 28, 1977
612
Town Attorney Moore certified to the Council in a written opinion
that the ordinance to be considered and adopted by the Council of
the Town of Pulaski, on the 28th day of December, 1977, authorizing and
approving the borrowing of $75,000.00: $37,500.00 thereof from the
Virginia National Bank, Pulaski, Virginia, and $37,500.00 thereof
from the Bank of Virginia - Southwest, to be paid within thirty (30)
days from the date of the notes 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
OPINION
OF TOWN general revenue sources of the Town, is a valid ordinance and a valid
ATTY . RE:
FINANCIAL exercise of the Town's authority for making loans under the provisions
CONDITION
OF TOWN of its Charter and the general laws of the State of Virginia, and
FOR BORROW-
ING MONEY 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 $75,000.00 will not exceed eighteen (18%)
percent of the valuation of the real estate in the Town of Pulaski,
subject to taxation, as shown by a certificate of the Treasurer of
said Town, setting out the assessments for taxes as provided to him
by the Commissioner of Revenue of the County of Pulaski, Virginia.,
including the $75,000.00 to be borrowed under the ordinance adopted
December 28, 1977, will theref ore not exceed the limitations of
Article VII, Section 10 of the Constitution 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 Pulaski,
subject to taxation as shown by the last preceding assessment for
FINANCIAL taxes is $10,779,320.00.
REP"ORT OF TOWN
BY TREAS. The assessment on Public Utility property in the Town is
$1,313,713.00.
The assessment on Personal Property is $2,461,085.00.
The assessment on personal property classified as Machinery and
Tools is $1,494,270.00..
The total of all assessed property is $16,048,383.00.
That the outstanding bonds or interest bearing obligations for
any purpose whatsoever of the Town of Pulaski, Virginia, on December
28, 1977, were as follows:
street Bonds 9/1/77) (General Obligation) $ 430,000.00
Sewer Bonds 7/1/58 (Revenue) 471,000.00
Water Bonds 7/1/58)(Revenue) 282,000.00
$1,183,000.00
6122 December 28, 1977
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 28th day of December, 1977.
/s/ ROGER A. WILLIAMS, Treasurer
Town of Pulaski, Virginia
On motion of Councilman Neblett, seconded by Councilman Clark, and
carried on the following vote, the following ordinance was
adopted authorizing the issuance of two negotiable notes of the
Town of Pulaski, Virginia, in the amount of $37,500.00 each:
C. William Hickam, Jr. - aye William A. House - absent
Andrew L. Graham, Jr. - aye Bob J. Clark - aye
Blair B. Brockmeyer - absent Arthur L. Meadow$ - absent
John A. Johnston - aye James M. Neblett, Jr.-aye
AN ORDINANCE AUTHORIZING THE ISSUANCE `OF
NEGOTIABLE NOTE OF THE TOWN OF PULASKI,
VIRGINIA, IN THE TOTAL AMOUNT ~F $75,000.00,
FOR GENERAL OPERATION FUNDS AND PAYMENT OF
CERTAIN CURRENT AND GENERAL INDEBTEDNESS
WHEREAS,. the-Town of Pulaski, Virginia, needs additional
funds for its daily operation and for payment on indebtedness :.
upon which it is obligated for payment of certain sums of
capital improvements; and
ADOPTION OF WHEREAS, it is necessary that the Town of Pulaski, Virginia,
ORDINANCE borrow the total sum of $75,000.00 in order to provide certain
FOR BORROWING funds for immediate payment of operating expenses and General
$75,000.00 Fund obligations.; and
FROM TWO LOCAL
BANKS WHEREAS, the ~P`irg$nia-National Bank and Bank of Virginia,
Southwest, offered to loan the Town of Pulaski, Virginia, the
sum of $75,000.00 at an interest rate of four per cent (4%)
per annum; and
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 on December 28, 1977, to be
$16,048,388.00; that the assessed valuation of the Real Estate
in the Town of Pulaski, Virginia, subject to taxation is $10,779,320.00;
that the assessed valuation of personal property is $2,461,085.00;
that the assessment on personal property classified as machinery is
$1,494,270.00; that the assessment on public utility properties
within the Town of Pulaski is $1,313,713.00; and that the out-
standing bonds or other interest bearing obligations for any
purpose of the Town of Pulaski, Virginia, on December 28, 1977,
were as follows:
Street Bonds (Gen. Oblig.) 9/1/74 $ 430,000.00
Sewer Bonds (Revenue 7/1/58 471,000.00
Water Bonds (Revenue) 7/1/58 282,000.00
$1,183,000.00
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
WHEREAS, the issuance of two negotiable notes, each in the
sum of $37,500.00 for a total of $75,000.00, together with all
other existing indebtedness for any purpose, will not exceed
eighteen per cent (18%) of the assessed valuation of the real
6123
December 28, 1977
estate in the Town of Pulaski subject to taxation as shown
by the last preceding assessm~:nt 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 authorized by this ordinance is made under
the authority of and in compliance with the provisions of Article
VII, Section 10 of the Constitution of Virginia, and Section 15.1-222
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 two negotiable
promissory notes, each in the amount of $37,500.00, dated December
28, 1977, one payable to the order of Virginia National Bank, and
one payable to Bank of Virginia, Southwest, bearing interest at
the rate of four (4%) per cent per annum, with interest and the
principal of said notes payable on or bef ore January 27, 1978, with
right of anticipation reserved on said notes; said notes are issued
under sizthority and in full compliance with the Constitution and
the statutes of the Commonwealth of Virginia and the Charter of
the Town of Pulaski, Virginia.
COPY OF
(2) On the Town's behalf, the notes shall be signed by the
Mayor and Treasurer of said Town and attested by the Clerk, with
the corporate seal of the Town of Pulaski, Virginia, affixed thereto.
TWO NOTES
(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 puntual payment of the interest
and principal of said note at maturity.
NOTE
Pulaski, Virginia
December 28, 1977 $37,500.00
Thirty (30) 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 Thirty-seven Thousand, Five Hundred Dollars
($37,500.00), with interest at the rate of Four (4%)_ per cent per
annum from the date of issue to the maturity date. Both principal
and interest are payable in lawful money of the United States of
America at the office of Virginia National Bank, Pulaski, Virgnia.
This note is authorized by ordinance duly enacted by the Town of
Pulaski, Virginia, on December 28, 1977, in anticipation of the
collection of taxes and general revenu^s 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.
Every requirement of law relating to the issuance of this note
has been duly complied with and the indebtedness evidenced herby is
within every debt and other limit prescribed by the Constitution, the
statutes of the Commonwealth of Virginia, and the Charter of the Town
of Pulaski, Virginia
THE TOWN OF PULASKI, VIRGINIA
By /s/ RAYMOND F. RATCLIFF, MAYOR
ATTEST: By /s/ ROGER A. WILLIAMS, TREASURER
/s/ GLADYS R. DALTaN, CLERK
SEAL
612 December 28, 1977
NOTE
Pulaski, Virginia
December 28, 1977 $37,500.00
Thirty (30) days after after date, the Town of Pulaski,
Virginia, a duly created political subdivision of the Common-
wealth of Virginia (the Issuer), for value received, hereby
promises to pay to:
Bank of Virginia, Southwest, Pulaski, Virginia, or order,
without offset,
COPY the principal sum of Thirty-seven Thousand, Five Hundred Dollars
($37,500.00), with interest at the rate of four '(4%) per cent per
annum from the date of issue to the maturity date. Both principal
OF and interest are payable in lawful money of the United States,of
America at the office of Bank of Virginia, Southwest, Pulaski,
Virginia.
NOTE This note is authorized by ordinance duly enacted. by the
Town of Pulaski, Virginia, on December 28, 1.977, in anticipat,~on
of the collection of taxes and general revenues 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.
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
Constitucion, the statutes of the Commonwealth of Virginia, and
the Charter of the Town of Pulaski, Virginia.
THE TS~WN OF PUbASKI, VIRGINIA
By /s/ RAYMOND F. RATCLIFF, MAYOR
By /s/ ROGER A. WILLIAMS, TRE~SUR ER
Attest:
/s/ GLADYS R. DALTON, CLERK
Seal.
Mayor Ratcliff stated he would entertain a motion to place
on the agenda for immediate discussion, the matter of the Town of
Pulaski participating in the League's amicus curiae, brief for the
CASH v. STAUNTON, Court Case.
MATTER OF
STAUNTON SUIT Councilman Neblett moved that it be put on the agenda for
PLACED ON
AGENDA - discussion today. The motion was seconded by Councilman Graham,
COUNCIL AGREED
TO PARTICIPA- and carried.
TE, NOT T'0
EXCEED $250.00 Town Manager Marshall reported that in discussing the
matter further with Mike Deeb at the League Office, he indicated
December 28, 1977 61 25
that Howard Dobbins, General Counsel for the League,-had included a
synopsis in the December issue of the Virginia Town and City magazine.
Mr. Marshall also stated that Mr. Deeb had indicated that the Town's
court cost would range between $100.00 and $500.00.
Councilman Graham moved that the Town participate in the Staunton
court case up to and Tmcsluding, but not ro exceed $250.00. The motion
STAUNTON
was seconded by Councilman Clark, and carried on the following vote:
SUIT:
C. William Hickam, Jr. - aye William A. House - absent
Andrew L. Graham, Jr. - aye Bob J. Clark - aye
Blair B. Brockmeyer - absent Arthur L. Meadows - absent
John A. Johnston - aye James M. Neblett, Jr .- aye
Mayor Ratcliff reported that, as directed by the Council, he had
contacted the Pulaski County Board of Supervisors with regard to a
BD. OF joint meeting with Council for the purpose of discussing Recreation
SUPERVIS ORS
WILLING TO and that the Board has indicated they would like to do this and suggested
MEET & DIS-
CUSS that an agenda be prepared for the meeting. Council decided to discuss
RECREATION
PROGRAM this matter further at its next meeting.
At 12:20 P. M. Councilman Graham moved that Council adjourn. The
Motion was seconded by Councilman Clark, and carried.
APPROVED:
,-
` .-F' ',f
,n
Mayor Raymofid F~, ~'atcliff
ATTEST:
Clerk of Council