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AN ORDINANCE CALLING FOR AN ELECTION BY THE QUALIFIED VOTERS VO ON APRIL 10th, 1923 for purpose of voting upon the question of i ssueing $315,000,00 of bonds of which not more than $290,000.00 is to be used for Public School Expansion and Improvement and not more than $25,000.00 is to be used for Improvement of the Armory" WHEREAS it is deemed to be necessaryand expedient and to the advantage and benefit of the City that the City should negotiate a loan for the providing of money for the following purposes, to -wit: FIRST: For a program of public school expansion and improvement, which is to include the following items: (a) To pay the purchase price of land for another public School building for white children and to construct such building and properly equip same and to make such other necessary improvements on said land as to make a complete school plant for the housing of a part of the white schools of the City. (b) To pay the purchase price of land for an athletic field for public scholl uses and to make such improvements thereon as necessary. (c) To enlarge the present Jefferson Colored School Building by the addition of certain rooms to the present building and to properly equip such additional rooms and to make such other necessary improvements to the present building and grounds at said Jefferson colored School as necessary to meet the needs for properly housing the colored school children of the City. (d) To bond the Eight Thousand Dollar ($8,000,00) debt which is now a lien on Midway School. The amount needed for such purposes of said program of public school ex- pansion and improv-ment as outlined in items (a), (b), (c) and (d) herein recited will a aggregate not more than two hundred and ninety thousand dollars ($290,000.00) SECOND: To remodel, repair and properly equip the Armory Building, which amount so needed will aggregate not more than twenty-five thousand dollars ($25,000.00) Total amount required for all the aforesaid purposes as set forth above is the sum of three hundred and fifteen thousand dollars ($315,000.00). AND WHEREAS, the sum of $315,000.00 added to the debt of the City now existing, will not reach the constitutional limit to the authority to issue bonds not exceeding eighteen per centum of the assessed valuation of the real estate of the City, subject to taxation as shown by the last assessment of taxes. NOW THEREFOIRE BE IT ORDAINED BY THE COUNCIL OF THE CITY OF CHARLOTTESVILLE all the members of thecouncil present consisting of two thirds of the entire member- ship of said council(only ons member, John R. Morris, being absent on account of sick- ness, but a communication from him stating that he would vote in favor of the ordinance if present, was read and ordered spread on the minutes), 1. That the City negotiate a loan not exceeding three hundred and fifteen thousand dollars, ($315,000.00) for the purposes aforesaid, of which aggregate sum of threee hundred and fifteen thousand dollars, ($315,000.00), a sum not exceeding tiro hundred and ninety thousand dollars ($290,000.00 ) shall be used for said program of public school expansion and improvement, and a sum not exceeding twenty-five thousand dollars ($25,000,00) shall be used for remodelling, repairing and properly equipping the Armory Building as aforesaid. The bonds issued for the program of public school expansion and im- provement as outlined above shall be known as New Public School Improvement Bonds,.Series 1923 The bonds issued for the purpose of remodelling, repairing and equipping the Armory Building, shall be known as the Armory Improvement Bonds. For said loan the City -hall issue coupon bonds payable to bearer forty Years after date, bearing interest ata rate not exceeding five per centum. per annum, payable semi-annually, such installments of interest to be evidenced by coupons attached to said bonds. The bonds shall be issued in one thousand dollar denominations and the bonds for each of the purposes recited above shall be numbered from ONE to the end of each series. All bonds herein named shall be signed by the Mayor, who shall affix to them the Corporate seal of the City and shall also be signed by the Clerk of the Council and the Treasurer and the coupons thereto attached shall be certified by the facsimile signature of the Treasurer. Said bonds shall be exempt from City taxation and their 004pons shall be receivable for all taxes, debts and demands due to the City of Char- lottesville. 11, That the procedds of each of said issues or series of bonds shall be used exclusively for the purposes set forth in the preamble hereto. The entire proceeds of any sale of any bond or bonds of the new Public School Improvement Bonds Series 1923 shall at once be subject to the call of the School Board as needed, and shall be paid upon proper warrant drawn by said Board upon the Treasurer of the City Charlottesville. 111. That said bonds and their coupons shall be payable at the Office of the Treasurer of the City of Charlottesville, Virginia and at such other place or ces as the Council. May designate. IV. That after this bond issue has be authorized by a vote of the People the Finance Committee of the Council shall prepare and dispose Of either or Of the issues or Series in its entirety at one sale, or in such installments of either or both of the issues or Series as may be deemed desirable by said Com mittee. Any sale of said bonds shall be sub jedt to the ratification of the Council.