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2'7.
<br />CONSIDERATION:
<br />BE IT RESOLVED BY THE COUNCIL OF THE CITY OF CHARLOTTESVILLE
<br />RESOLUTION - APPROP, THAT X4,464.00 BE AND THE SAME IS HEREBY APPROPRIATED FCR THE
<br />CARRIED OVER RE:
<br />INTEREST ON SCH. IMP. BONDS SEMI-ANNUAL INTEREST ON SCHOOL IMPROVEMENT BONDS, SERIES OF 1957.
<br />THE LEGAL OPINION OF WOOD, I\ING & DAWSON REGARDING THE ~'i',2OO,OOO.OO
<br />CITY OF CHARLOTTESVILLE SCHOOL IMPROVEMENT BONDS, 4JAS PRESENTED AND ORDEP.ED
<br />SPREAD IN THE MINUTES OF THIS MEETING:
<br />FEBRUARY 13, 1958
<br />JOHN S. BATTLE, JR., ESQ.,
<br />CITY ATTORNEY,
<br />COURT SQUARE BU{LDING,
<br />CHARLOTTESVILLE, VIRGIN{A.
<br />DEAR S I R : -
<br />CITY OF CHARLOTTESVILLE, VIRGINIA, SCHOOL IMPROVE-
<br />MENT BONDS - SERIES OF 1957, ~1,2OO,OOO.
<br /> AT THE REQUEST OF THE COUNCIL OF THE CITY OF CHARLOTTESVILLE,
<br /> VIRGINIA, wE HAVE EXAMINED INTO THE VALIDITY OF AN ISSUE OF
<br /> $i,2OO,OOO SCHOOL IMPROVEMENT BONDS - SERIES CF 1957 OF THE CITY
<br /> OF CHARLOTTESVILLE. ~fIRGINIA, DATED OCTOBCR 1, 1957, NUh1BERED FROM
<br /> 1 TO 1200, INCLUSIVE, OF THE DENOMINATION OF 1,000 EACH, PAYABLE
<br />LEGAL OPINION- SERIALLY IN NUMERICAL ORDEP. 60,000 BONDS ON OCTOBER 1 IN EACH OF
<br />WOOD, KING Yic DAWSON THE YEARS 1958 TO 1977, INCLUSIVE, WITHOUT OPTION OF PRIOR REDEMP-
<br />RE: ~1,2OO,OOO TION, BONDS MATURING IN THE YEARS 1958 TO 1060, INCLUSIVE, BEARING
<br />SCHOOL BONDS -1957 INTEREST AT THE RATE OF FIVE PER CENTUM PER ANNUM AND BONDS MATUR-
<br /> ING IN THE YEARS 1961 TO 1977, INCLUSIVE, BEARING INTEREST AT THE
<br /> RATE OF TWO AND FORTY ONE-HUNpREDTHS PER CENTUM PER ANNUM, PAYABLE
<br /> SEMI-ANNUALLY APRIL 1 AND OCTOBER 1; SAID BONDS RECITING THAT THEY
<br /> ARE ISSUED FOR THE PURPOSE OF THE CONSTRUCTIOrJ OF ADDITIONS AND
<br /> IMPROVEr4ENT5 TO SCHOOL BUILDINGS BELONGING TO SAID CITY, UNDER AND BY
<br /> VIRTUE OF, AfJD IN F'ULl CONFORMITY WITH AND PURSUANT TO AN ORDINANCE
<br /> OF THE CITY OF CHARLOTTESVILLE ADOPTED MAY 27, 1957, AND SPREAD IN
<br /> ORDINANCE BOOK 3, PAGES 271-272 AND APPROVED BY THE `/OTERS CF THE
<br /> CITY AT A SPECIAL ELECTION HELD FOR THAT PURPOSE ON vULl' 16, 1957, IN
<br /> ACCORDANCE `rJITH THE CHARTER OF THE CITY OF CHARLOTTCSVILLC P>ND THE
<br /> LA`.JS OF THE STATE OF V I RG 1 N I A. ~'.JE HAV E EY,AM i NED THE COfJST 1 TUT I ON
<br /> AND STATUTES OF TFIE STATE OF VIRGINIA, INCLUDIfJG THC CHARTER OF
<br /> THE CITY OF CI;ARLO`TESVILLE, AND CERTIFIED COPIES OF PROCEEDINGS
<br /> CF THE CCUNCIL OF SAID CITY, AUTHORIZING THE ISSUANCE CF SAID BONDS,
<br /> ALSO AN E'/.ECUTED BOND OF SAID ISSUE, NO. 1.
<br />IN OUR OPINION SAID BONDS HAVE BEEN AUTHORIZED AND ISSUED
<br />IN ACCORDANCE tiJITH THE CONSTlTU71ON AND STATUTES OF THE STATE OF
<br />VIRGINIA, INCLUCING THE CHARTER OF THE CITY OF CHARLOTTESVILLE,
<br />VIRGINIA, AND CONSTITUTE `l ACID AND LEGALLY BINDING OBLIGATIONS OF
<br />THE I.ITY OF CHARLOTTESVILLE, ~./IRGINIA, AND SAID CITY hAS PO4JER AND
<br />IS OBLIGATED TO LEVY AD VALOREM TAXES FOR THC PAYMENT OF SAID BONDS
<br />AND THE I NTEREST THEREO!J UPOfd ALL PROPERTY W I TtI 1 N SA I D C I TY, SUBJECT
<br />TU TAXATIvN B'! SAID CITY, WITHOUT LIMITATION OF RATE OR AMOUNT.
<br />IT IS ALSO OUR OPINION THAT Ti;E INTEREST ON SAID BONDS
<br />IS EXEMPT FROM TAXATION BY THE UNITED STATES OF AMERICA UNDER THE
<br />CONSTITUTION OF THE UNITED STATES AS NOW IN FORCE, UNLESS SUCH TAX
<br />IS CONSENTED TO BY THE STATE OF VIRGINIA, AND THAT SUCH INTEPEST
<br />~S EXEMPT FROM SUCH TAXATION l!NDER Tt?E EXISTINia ACTS OF CGNGRESS.
<br />VER•r TRULti' POURS,
<br />lJaoD, KING & DAWsoN (SIGNED)
<br />ON MOTION THE MEETING ADJOURNED.
<br />CLERK PRESIDENT
<br />COUNC ( L CIiAr~iBER - r•1ARCN i 0, 1958
<br />PURSUANT TO THE FOLLOWING CALL:
<br />MR. A. C. COLEMAN
<br />r~R. R. r~I. DAV I S
<br />MR. T. J. MICHIE
<br />MR. L. L. SCRIBNER
<br />MR. S. B. I~'IEINBERG
<br />TAKE f!OT I CE
<br />A SPECIAL MEETING OF THE COUNCIL WILL BE HELD THIS AFTERNOON
<br />THE 1GTH IfJST. AT 2:OO O}CLOCK.
<br />1 AIRPOP.T IMPROVEMENTS.
<br />• (THIS IS A JOINT h1EETING WITH ALBEMARLE COUNTY BOARD OF SUPER`JISORS~
<br />BY CRDEP, OF'
<br />J. S. RUSH, JR. (SIGNEUj R. M. DAVIS ~SIUNEU~
<br />
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