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