1929 ORDINANCES - Laserfiche WebLink

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AN ORDINANCE CALLING AN ELECTION TO AUTHORIZE A BOND ISSUE OF $675,000.00 WHEREAS, it is deemed necessary and 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 pur- poses, to -wit: 1. 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, and also to make such other improvements to the white school property as are deemed advisable. The amount needed for such school purposes will aggregate not more than Two Hun- dred and Forty -Five Thousand Dollars, ($245,000.00). 2. To extend, expand and otherwise improve the sever system of the City of Charlottes- ville. The Amount needed for such sewer purposes will aggregate not more than Two Hundred and Fifty -Five Thousand Dollars, ($255,000.00). 3. To open, extend and otherwise improve Market Street, and Preston Avenue to Rugby Road, including necessary gas, water and sewer lines. The amount needed for such Street Improvement will aggregate not more than Seventy. Five Thousand Dollars ($75,000.00). 4. To bond the floating debt of the City incurred in extending and improving the streets of said City. The amount needed for bonding such floating debt will aggregate not more than One Hundred Thousand Dollars ($100, 000.00 ), and, WHEREAS, the sum of $675,000.00 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 ostate of the City subject to taxation as shown by the last assessment for taxes. NOW THEREFORE, BE IT ORDAINED IN THE COUNCIL OF THE CITY OF CHARLOTTESVILLE, all the members of the Council present constituting the entire membership of the council concurring: I. That the City negotiate a loan not exceeding $675,000.00 for the purpose aforesaid, of which aggregate sum of $675,000.00 a sum not exceeding $245,000.00 shall be used for said program of public school expansion and improvement, and a sum not exceeding $255,000.00 shall — be used for said sewer extension, expansion and improvement and a sum not exceeding $75,000.00 shall be used for opening, extending and otherwise improving Market Street and Preston Avenue, and a sum not exceeding $100,000.00 shall be used for said bonding of the floating debt in- curred for street extension and improvement. The bonds issued for the above purposes shall be known as General Improvement Bonds Series of 1930. For said loan the City shall issue coupon bonds Payable to bearer serially from one to forty years after date, $110000.00 of said issue shall mature annually for the first five years of the forty year period, $17,000.00 of said issue shall mature annually for the next thirty years of said forty year period, and $22,000.00 of said issue shall mature anrival.ly for the last five years of the said forty year period, bearing interest at a rate not ex- ceeding 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 $1,000.00 denomin- tions and shall be numbered from one to six hundred and seventy-five, inclusive. All of said bonds 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 there