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<br />/ AN ORDINANCE CALLING FOR AN� r
<br />�,Lr,CTI ON BY THE QUALIFIED VOTERS VO ON APRIL
<br />loth, 1923 for purpose of voting upon the question of i ssueing $315,000,00 of bonds
<br />or- of which not more than $290,000.00 is to be used for Public School Expansion and
<br />nO Improvement and not more than $25,000.00 is to be used for Improvement of the Armory"
<br />327
<br />role WHEREAS it is deemed to be necessaryand expedient and to the advantage and bE.,
<br />r Oleo- P g
<br />g to benefit of the City that the City should negotiate a loan for the providing of money
<br />field for the following purposes, to -wit:
<br />,14,
<br />23 for FIRST: For a program of public school expansion and improvement, which is
<br />�d issue.to include the following items:
<br />(a) To pay the purchase price of land for another public School building
<br />for white children and to construct such building and properly equip same and to make
<br />such other necessary improvements on said land as to make a complete school plant for
<br />the housing of a part of the white schools of the City.
<br />(b) To pay the purchase price of land for an athletic field for public
<br />scholl uses and to make such improvements thereon as necessary.
<br />(c) To enlarge the present Jefferson Colored School Building by the
<br />addition of certain rooms to the present building and to properly equip such additional
<br />rooms and to make such other necessary improvements to the present building and
<br />grounds at said Jefferson colored School as necessary to meet the needs for properly
<br />housing the colored school children of the Ci' y.
<br />(d) To bond the Eight Thousand Dollar ($8,000,00) debt which is now a
<br />lien on Midway School.
<br />The amount needed for such purposes of said program of public school ex-
<br />pansion and improv-ment as outlined in items (a), (b), (c) and (d) herein recited
<br />will a YgregInte not more than two hundred and ninety thousand dollars ($290,000.00;
<br />SECOND: To remodel, repair and properly equip the Armory Building, which
<br />amount so needed will aggregate not more than twenty-five thousand dollars ($25,000.00)
<br />Total amount required for all the aforesaidurposes as set forth above
<br />is the sum of three hundred and fifteen thousand dollars (315,000:00).
<br />AND WHEREAS, the sum of $315,000.00 added to the debt of the City now
<br />existing, will not reach the constitutional limit to the authority to issue bonds not
<br />exceeding eighteen per centum of the assessed valuation of the real estate of the
<br />City, subject to taxation as shown by the last assessment of taxes.
<br />NOW THEREFOIRE BE IT ORDAINED BY THE COUNCIL Olt' THE CITY OF CHARLOT "LIES VI?,LE,
<br />all the members of thecouncil present consisting of two thirds of the entire member-
<br />ship of said council(only� ons member, John R. Morris, being absent on account of sick-
<br />ness, but a. -communication from him stating that he would vote in favor of the ordinance
<br />if present, was read and ordered spread on the minutes),
<br />1. That the City negotiate a loan not exceeding three hundred and fifteen
<br />thousand dollars, (315,000.00) for the purposes aforesaid, of which aggregate sum of
<br />threee hundred and fifteen thousand dollars, ($315,000.00), a sum not exceeding tiro
<br />hundred and ninety thousand dollars ($290,000,00 ) shall be used for said program of
<br />public school expansion and improvement, and a sum not exceeding twenty-five thousand
<br />dollars ($25,000,00) shall be used for remodelling, repairing and properly equipping the
<br />Armory Building as aforesaid.
<br />The bonds issued for the program of public school expansion and im-
<br />provem-int as outlined above shall be known as New Public School Improvement Bonds,.Series 1923
<br />'.Pile bonds issued for the purpose of remodelling, repairing and equipping
<br />the Armory Building, shall be known as the Armory Improvement Bonds.
<br />For said loan the City -hall issue coupon bonds payable to bearer forty
<br />Years after date, bearing interest ata rate not exceeding five per centum. per annum,
<br />Payable semi-annually, such installments of interest to be evidenced by coupons attached
<br />to said bonds. The bonds shall be issued in one thousand dollar denominations and the
<br />bonds for each of the purposes recited above shall be numbered from ONE to the end of
<br />each series. All bonds herein named shall be signed by the Mayor, who shall affix to
<br />them the Corporate seal of the City and shall also be signed by the Clerk of the Council
<br />and the Treasurer and the coupons thereto attached shall be certified by the facsimile
<br />signature of the Treasurer. Said bonds shall be exempt from City taxation and their
<br />004pons shall be receivable for all taxes, debts and demands due to the City of Char-
<br />lottesville.
<br />11, That the procedds of each of said issues or :series of bonds shall
<br />be used exclusive) for'the the ur oses set forth in the preamble"hereto.
<br />Proceeds y purposes Public � eto. The entire
<br />Series 1923 shall at once be subject to the call of the School Board as needed, and
<br />oha`l be paid upon proper warrant drawn by said Board upon the Treasurer of the City
<br />�harlo ttesville.
<br />111. That said bonds and their coupons shall be payable at the Office
<br />Places
<br />Treasurer of the City of Charlottesville, Virginia and at such other place or
<br />a
<br />ces as the Council. May designate.
<br />1XV,P ' That after this bond issue has be authorized by a vote of the
<br />People the Finance Committee of the Council shall prepare and dispose Of either or
<br />Of the issues or Series in its entirety at one sale, or in such installments
<br />m_ either or both of the issues or Series as may be deemed desirable by said Cbm-
<br />ttee• Any sale of said bonds shall be sub jedt to the ratification of the Council.
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