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282
<br />This ordinance shall be in force from its passage.
<br />Ll Cle r
<br />Adopted by the Council January 51 1942
<br />Ayes: Mr. Gleason, Dr. Haden, Mr. Huff,
<br />Mr. Nash and Mr. Peyton.
<br />Noes: None
<br />AN ORDINANCE AUTHORIZING THE ISSUANCE OF SIX HUNDRED FIFTY THOUSAND DOLLARS
<br />($650,000.00) REFUNDING BONDS OF THE CITY OF CHARLOTTESVILLE, VIRGINIA TO
<br />BE KNOWN AS f1REFUNDING BONDS, SERIES OF 1942.1'
<br />WHEREAS, there are now outstanding Nine Hundred Thirty-five Thousand Dollars
<br />($935,000) bonds of the City of Charlottesville, Virginia, dated September 1, 1922, payable
<br />September 1, 196,,-', bearing interest at the rate of five (5) )er centum per annum, which are
<br />subject to redemption by the City at any time on and after September 1, 1942, which bonds are
<br />in all respects valid and legal obligations of the City; and
<br />WHEREAS, the credit of the City and present market conditions are such that the City
<br />can issue refunding bonds at a much lower rate of interest, for the purpose of redeeming
<br />said outstanding bonds, thereby reducing the annual interest charge upon said debt; and
<br />WHEREAS, full power and authority to issue said refunding bonds for the purpose of
<br />redeeming said bonds, is conferred upon the City by the statutes of the State of Virginia;
<br />and
<br />V-MEREAS, the City now has in the Sinking Fund Two Hundred Eighty Five Thousand Dollars
<br />($285,000.00) available for the redemption on September 1, 1942 of Two Hundred Eighty Five
<br />Thousand Dollars ($285,000.00) of said outstanding bonds, and it is in the interests of the
<br />City of Charlottesville to issue refunding bonds for the purpose of providing funds for
<br />the redemption of the balance of said outstanding issue;
<br />NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF CHARLOTTESVILLE:
<br />SECTION 1. For the purpose of redeeming and liquidating so much of the bonds referred
<br />to in the preambles hereof, as will not be redeemed out of funus available for the purpose
<br />in the Sinking Fund, negotiable Refunding Bonds of the City of Charlottesville are hereby
<br />1
<br />LJ
<br />1
<br />authorized to be issued in the aggregate amount of Six Hundred Fifty Thousand Dollars ($650,000)
<br />Said bonds shall be known as "Refunding Bonds, Series of 194211 and shall be dated February 1,
<br />1942, numbered from 1 to 650 inclusive, of the denomination of $1,000 each, bearing interest
<br />at a rate not exceeding Two (2%) per centum per annum, payable semi-annually, and maturing
<br />serially in numerical order as follows: -
<br />X300000.00 August 1, 1943
<br />X30,000.00 August 1, 1944
<br />$30,000.00 August 10 1945
<br />$30,000.00 August 1, 1946.
<br />$302000.00 August 11 1947
<br />$30,000.00 August 1, 1948
<br />$30,000.00 August 12 1949
<br />$30,000.00 August 10 1950
<br />$30,000.00 August 1, 1951
<br />030,000.00 August 11 1952
<br />$35,000.00 August 11 1953
<br />$35,000.00 August 11 1954
<br />635,000.00 August 10 1955
<br />035,000.00 August 11 1956
<br />$35,000.00 August 1, 1957
<br />$35,000.00 August 11 1958
<br />$35,000.00 August 11 1959
<br />$35,000.00 August 11 1960
<br />$35,000.00 August 12 1961
<br />$35,000.00 August 10 1962
<br />Said bonds and the coupons thereto attached shall be in substantially the following
<br />form and tenor: -
<br />UNITED STATES OF AMERICA
<br />STATE OF VIRGINIA
<br />CITY OF CHARLOTTESVILLE
<br />REFUNDING BOND
<br />SERIES OF 1942
<br />1
<br />1
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