1939 ORDINANCES - Laserfiche WebLink

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(2) To extend, expand and otherwise improve the water system of the City of the proceeds of this entire Charlottesville. shall be used exclusively The amount needed for said water purposes will aggregate not mere than 530,000.00. as set forth in (3) To extend, expand and otherwise improve the gas system of the City of entire proceeds of Ch-rlottesville. The amount needed for said 6as purposes will not aggregate more than $15,000.00. Fifty Thousand Dollars) of (4) To extend, expand and otherwise improve the street systeta of the City of placed to the Credit of Ch«rlottesville. the Treasurer of The amount needed for said street purposes will not aggregate more than 1`35,000.00. who shall disburse WHEREAS, the amount needed for the aforesaid General Improvements will aggregate not more than $150,000.00. purposes aforesaid. WHEREAS, the aforesaid sum amounting to $150,000.00 when added to the debt of the ' City now existing, will not reach the constitutional limit to the authority of the City IV. That said to issue bonds not exceeding eighteen per centum of the assessed valuation of the real shall be payable at estate of the City subject to taxation as shown by the last assessment for taxes. NOW THEREFORE, BE IT ORDAINED, by the Council of the City of Charlottesville, all Charlottesville, Virginia. the members of the Council present constituting four fifths of the entire mem- bership of said Council. V. That after I. That the City negotiate a loan not exceeding $150,000.00 (One uunured and Fifty authorized by vote Thousand Dollars) for the purposes aforesaid. The bonds issued for the above purposes shall be -mown as General Improvement Bonds Council shall prepare and dispose Series of 1939. For said loan the City shall issue coupon bonds payable to Bearer serially from two to eighteen years after the date thereof; 05,000.00 bonds of said issue shall mature , annually two to five years after the date thereof, $10,000.00 bonds of said issue shall mature annually six to eighteen years after the date thereof; bearing interest at a rate not exceeding 5% (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 number- ed from 1 to 150, both inclusive, and shall be in the denomination of $1000.00 each. All of said bonds shall be signed by the Mlayor who shall affix to them the corporate seal of the City, and shall also be signed by the Clerk of the Council �.nd the Treasurer, and the coupons thereto attached shall be certified by the facsimile signature of the Treasurer. Said bonds shall be exempt from City taxes and the coupon shall be receivable for all taxes, debts and demands due to the City of Charlottesville. II. That there shall be levied in each year while any of said bonds are outstanding and unpaid, a tax upon all of the taxable property in the City of Charlottesville, suffi- cient to pay the principal and interest of said bonds as the same respectively become due ' and payable. III. That the proceeds of this entire issue of said bonds shall be used exclusively as set forth in the preamble hereto, and the entire proceeds of the sale of x:150,000.00 (One Hundred and Fifty Thousand Dollars) of said bonds shall be placed to the Credit of ' the Treasurer of the City of Charlottesville who shall disburse the same upon proper warrants for the purposes aforesaid. IV. That said bonds and their coupons shall be payable at the office of the Treasur- er of the City of Charlottesville, Virginia. V. That after this bond issue has been authorized by vote of the people, the finance committee of the Council shall prepare and dispose of the issue in its entirety at one sale or in such installments as may be deemed advisable by said Committee. Any sale of said bonds shall be ratified and approved by the Council.