1954 ORDINANCES - Laserfiche WebLink

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- FORM OF COUPON - No. ___ THE CITY OF CHARLOTTESVILLE, VIRGINIA, WILL PAY ON THE FIRST DAY OF ___, 19__, TO THE BEARER HEREOF, AT THE OFFICE OF THE CITY TREASURER ___, BEING THE SEMI-ANNUAL INSTALLMENT OF INTEREST ON ITS SCHOOL IMPROVEMENT BOND, SERIES OF 1953, DATED NOVEMBER 1, 1953, AND NUMBERED ___. CITY TREASURER 3. THAT THE SAID BONDS SHALL BE SIGNED BY THE MAYOR AND THE TREASURER OF SAID CITY, SHALL HAVE THE CORPORATE SEAL OF THE CITY OF CHARLOTTESVILLE AFFIXED THERETO, AND SHALL BE ATTESTED BY THE CLERK OF THE COUNCIL, AND THE COUPONS SHALL BE AUTHENTICATED BY THE LITHOGRAPHED FACSIMILE OF THE SIGNATURE OF THE CITY TREASURER, WHICH IS HEREBY DECLARED TO BE IN ALL RESPECTS THE EQUIVALENT TO THE MANUAL SIGNING THEREOF BY SAID TREASURER. 4. THAT THE FINANCE COMMITTEE OF THE CITY BE AND IT IS HEREBY AUTHORIZED TO PREPARE AND DISPOSE OF THE ISSUE AS A WHOLE OR IN INSTALLMENTS, AT PAR OR MORE, ANY SALE TO BE RATIFIED AND APPROVED BY THE COUNCIL. 5. THAT THE PROCEEDS OF BONDS IN THIS ISSUE SHALL BE USED FOR THE FOLLOWING PURPOSES: (A) TO FINANCE THE CITY'S SHARE OF COST OF CONSTRUCTING AN ELEMENTARY SCHOOL ON LONG STREET IN CHARLOTTESVILLE, VIRGINIA, WHICH HAS AN ESTIMATED TOTAL COST OF SIX HUNDRED FORTY THOUSAND DOLLARS ($640,000.00). (B) TO FINANCE THE CITY'S SHARE OF COST OF CONSTRUCTING AN ELEMENTARY SCHOOL ON CHERRY AVENUE IN CHARLOTTESVILLE, VIRGINIA, WHICH HAS AN ESTIMATED TOTAL COST OF SIX HUNDRED TWENTY THOUSAND DOLLARS ($620,000.00). (C) TO FINANCE AN ADDITION TO LANE HIGH SCHOOL IN CHARLOTTESVILLE, VIRGINIA, AT AN ESTIMATED COST OF SIXTY-THREE THOUSAND DOLLARS ($63,000.00). (D) TO FINANCE ALTERATIONS TO CLARK ELEMENTARY SCHOOL IN CHARLOTTESVILLE, VIRGINIA, AT AN ESTIMATED COST OF NINE THOUSAND DOLLARS ($9,000.00). (E) TO FINANCE ALTERATIONS TO MCGUFFEY ELEMENTARY SCHOOL IN CHARLOTTESVILLE, VIRGINIA, AT AN ESTIMATED COST OF EIGHTEEN THOUSAND DOLLARS ($18,000.00). ALL OF WHICH TOTAL COSTS AGGREGATE THE SUM OF ONE MILLION THREE HUNDRED FIFTY THOUSAND DOLLARS ($1,350,000.00), OF WHICH AMOUNT, FOUR HUNDRED THOUSAND DOLLARS ($400,000.00) WILL BE RECEIVED AS A GRANT FROM THE COMMONWEALTH OF VIRGINIA AGAINST CONSTRUCTION COSTS, THEREBY LEAVING NINE HUNDRED FIFTY THOUSAND DOLLARS ($950,000.00) AS THE AMOUNT SUPPLIED FROM THE PROCEEDS OF THE BONDS OF THIS ISSUE; AND SUCH PROCEEDS FOR THE PURPOSES AFORESAID SHALL BE SUBJECT TO THE CALL OF THE SCHOOL BOARD AS NEEDED AND SHALL BE PAID UPON PROPER WARRANTS DRAWN BY SAID SCHOOL BOARD UPON THE TREASURER OF THE CITY OF CHARLOTTESVILLE. 6. SO LONG AS ANY OF SAID BONDS SHALL REMAIN UNPAID AND OUTSTANDING, THERE SHALL BE LEVIED ANNUALLY ON ALL TAXABLE PROPERTY WITHIN THE CITY OF CHARLOTTESVILLE A TAX SUFFICIENT TO PAY THE PRINCIPAL AND INTEREST OF SAID BONDS AS THE SAME SHALL BECOME DUE, RESPECTIVELY. 7. THIS ORDINANCE SHALL TAKE EFFECT IMMEDIATELY. ATTEST: CLERK OF THE COUNCIL ADOPTED BY THE COUNCIL SEPTEMBER 21, 1953 AYES: MR. DAVIS, MR. FORBES, MR. HILL, MR. TEBELL, AND MR. PAIR. WEINBERG. NOES: NONE. PRESIDENT