1923 ORDINANCES - Laserfiche WebLink

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■r AN ORDINANCE CILLING FOR AN ELECTION ON NOVEIABER 6, 192 BY QUALIFIED VOTERS 10 VOTE ON THE QUESTION Ol ISSUEING $5OO9QOO.00 OF BONDS TO BE U;)'ED EXCLUSIVELY POE IMpROVEING AND EXTENDING `IHE CITY'S WATER SUPPLY. WHEREAS the present source of water supply of the City is grossly inadequate for its present needs due to the increased consumption, and the reserve supply in the reser- voirs has been reduced to a dangerously low point and is rapidly approaching exhaustion, and, WHEREAS under these conditions the City has employed Fuller & McClinic, expert engineers and specialists in municipal water plants, to survey the entire situation and to examine every possible source of supply including especially Iloormans River, Maurys Cree, . leechums River, Buck Mountain Creek, Ivy Creek, :ioores Creek andthe Rivanna river, and, WHEREAS, these engineers after having carefully gone over the situation un- reservidly recommend Moormans River as the best available source, and in view of the serious Water shortage recommend that action be taken as promptly as possible to se- cure an additional supply of water from Moormans River, and, Y[HERIEAS, the Council has carefully considered the report of said Engineers, in connection therewith and has conferred with the Advisory Board, engineers, contractors and others and has decided that the only safe and practical course is for the City to proceed at once to procure an adequate supply of pure water from Moormans River which will be sufficient to meet the present needs of the,City and to supply a reasonable excess over the present requirements for the future growth and development of the City, and W11ERES, on account of the increased consumption of the City it is also necessary to enlarge the present filtration plant and distributing system, and, WHER.&AS , Under these circumstLances it is deemed necessary and expedient and to the advantage and benefit of the City, that the City shou.ld negotiate a loan to provide money for the purposes aforesaid, and, WHER.&kS, the loan to be made and the bonds to be issued therefor are for the purpose of supplying water as aforesaid from which the City will derive a revenue and accord- ing to section 127 of the Constitution of Virginia said bonds will not be considered i), determining the Constitutional limit of the power of the City to incur indebtedness. 14OW THEREFORE be it ordained by the Council of the City of Charlottesville ( all the members elected to the Council being present and voting ) that: 1. The City Negotiate a loan not exceeding $5009000.00 for the pruposes aforesaid. 2. For said loan the City shall issue coupon bonds to be known as "Water improvement Bonds Series 1924" payable to bearer thirty-four years after date, bearing interest at a rate of five per centum per annum, payable semi-annually, such installments of interest to evidenced by coupons attacned to said bonds. the bonds shall be issued in $1,000.00 de- nominations. 'ihe bonds shall be numbered from one to the end of the series, connectively. All the bonds shall be signed by the Mayor who shall L.ffix to them the corporate seal of tie City ay,ld ;hall also be signed by the Clerk of the Council and the 'Treasurer; and the coupons thereto attached shall be certified by the fac simile signature of the .'reesurer. Said bonds shall be exempt from City taxation and shall be receivable for all taxes, debts and demands due to the City of Charlottesville. 3. :'he prodeeds of said bonds shall be used exclusively for the purposes set forth