1957 ORDINANCES - Laserfiche WebLink

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2. TANGIBLE PERSONAL PROPERTY. • UPON ALL TANGIBLE PERSONAL PROPERTY AS DEFINED BY STATE TAX LAW, NOT EXEMPT FROM TAXATION, THERE SHALL BE A TAX OF $0.97 (NINETY-SEVEN CENTS) ON EVERY $100.00 ASSESSED VALUE THEREOF TO PAY THE GENERAL OPERATING EXPENSES OF THE CITY GOVERNMENT AND TO PAY THE INTEREST AND SINKING FUND ON THE CITY DEBT OTHER THAN SCHOOLS, AND THERE SHALL BE LEVIED AN ADDITIONAL TAX ON EVERY $100.00 ASSESSED VALUE THEREOF OF $0.38 (THIRTY-EIGHT CENTS) TO PAY THE INTEREST AND SINKING FUND ON THE SCHOOL BONDS AND $1.65 (ONE DOLLAR AND SIXTY-FIVE CENTS) FOR THE MAINTENANCE AND OPERATING OF THE CITY SCHOOLS. • 1,0 (V W CQ El El F_ 7 3. OTHER PROPERTY. UPON ANY TANGIBLE PERSONAL PROPERTY NOT INCLUDED IN THE FOREGOING, WHICH IS NOT EXEMPT FROM LOCAL TAXATION, THE TAX SHALL BE $0.97 (NINETY-SEVEN CENTS) ON EVERY $100.00 ASSESSED VALUE THEREOF TO PAY THE GENERAL OPERATING EXPENSES OF THE CITY GOVERNMENT AND TO PAY THE INTEREST AND SINKING FUND ON THE CITY DEBT OTHER THAN SCHOOLS, AND THERE SHALL BE LEVIED AN ADDITIONAL TAX ON EVERY $10C.00 ASSESSED VALUE THEREOF OF $0.38 (THIRTY-EIGHT CENTS) TO PAY THE INTEREST AND SINKING FUND ON THE SCHOOL BONDS AND $1.65 (ONE DOLLAR AND SIXTY-FIVE CENTS) FOR THE MAINTENANCE AND OPERATING OF THE CITY SCHOOLS. CLERK ADOPTED BY THE COUNCIL APRIL 26, 1957 AYES: MR. COLEMAN, MR. DAVIS, MR. SCRIBNER AND MR. WEINBERG. NOES: NONE. (MR. MICHIE ABSENT) PRESIDENT ORDINANCE AUTHORIZING THE ISSUANCE OF BONDS OF THE CITY OF CHARLOTTESVILLE N THE SUM OF ONE MILLION TWO HUNDRED THCUSAND DOLLARS ( $1,200,000.00) FOR THE PURPOSE OF ADDITIONS AND IMPROVEMENTS TO SCHOOL BUILDINGS BELONGING TO. SAID CITY. WHEREAS, IT IS DEEMED NECESSARY AND EXPEDIENT THAT THE CITY OF CHARLOTTESVILLE SHOULD ISSUE AND NEGOTIATE ITS BONDS IN ORDER TO MAKE ADDITIONS AND IMPROVEMENTS TO CERTAIN ELEMENTARY SCHOOLS IN THE CITY; AND, WHEREAS, IT IS ESTIMATED THAT THE TOTAL SUM OF ONE MILLION TWO HUNDRED THOUSAND DOLLARS, ($1,200,000.00) WILL BE NEEDED FOR THE NECESSARY IMPROVEMENTS AND ADDITIONS TO JEFFERSON ELEMENTARY SCHOOL, CLARK ELEMENTARY SCHOOL, BURNLEY-MORAN ELEMENTARY SCHOOL AND ,JOHNSON ELEMENTARY SCHOOL, ALL BELONGING TO THE CITY OF CHARLOTTESVILLE; AND, WHEREAS, THE AFORESAID SUM OF ONE MILLION TWO HUNDRED THOUSAND DOLLARS ($1,200,000.00), WHEN ADDED TO THE EXISTING DEBT OF THE CITY NOW OUTSTANDING WILL NOT EXCEED EIGHTEEN PER CENT (18%) OF THE ASSESSED VALUATION OF REAL ESTATE IN THE CITY OF CHARLOTTESVILLE SUBJECT TO TAXATION AS SHOWN ON THE LAST ASSESSMENT, THAT BEING THE CONSTITUTIONAL LIMIT OF THE AUTHORITY OF SAID CITY TO ISSUE BONDS; NOW, THEREFORE, BE IT ORDAINED SY THE COUNCIL OF THE CITY OF CHARLOTTESVILLE: (1) THAT THE CITY ISSUE AND NEGOTIATE ITS BONDS AGGREGATING ONE MILLION TWO HUNDRED THOUSAND DOLLARS ($192009000.00) FOR THE PURPOSES AFORESAID DESIGNATED AS "SCHOOL IMPROVEMENT BONDS, SERIES OF 1957". (2) THAT SAID BONDS SHALL BE TWELVE HUNDRED (1200) IN NUMBER, NUMBERED 1 TO 1200 EACH, ALL DATED OCTOBER 1, 1957 AND PAYABLE TO BEARER IN SUCH MATURITIES NOT EXCEEDING TWENTY (20) YEARS FROM THE DATE THEREOF AS TF'E COUNCIL SHALL BE RESOLUTION OR RESOLUTIONS FROM TIME TO TIME DETERMINE; (3) THAT SAID BONDS SHALL BEAR INTEREST AT A RATE OR RATES (NOT, HOWEVER, EXCEEDING TWO (2) RATES) NOT EXCEEDING FIVE (5) PER CENTUM PER ANNUM, PAYABLE SEMIANNUALLY AND EVIDENCED BY INTEREST COUPONS ATTACHED TO SAID BONDS; (4) THAT THE MAYOR SHALL SIGN SAID BONDS AND AFFIX THERETO THE SEAL OF THE CITY, ATTESTED BY THE CLERK OF THE COUNCIL, AND SAID BONDS SHALL BE COUNTERSIGNED BY THE TREASURER AND THAT THE COUPONS THEREON BE CERTIFIED BY THE FACSIMILE SIGNATURE OF THE TREASURER; (5) THAT SAID BONDS AND THE INTEREST THEREON SHALL BE PAYABLE AT THE OFFICE OF THE TREASURER OF THE CITY OF CHARLOTTESVILLE; (6) THAT THERE SHALL BE LEVIED IN EACH YEAR WHILE ANY OF SAID BONDS ARE OUTSTANDING OR UNPAID A TAX UPON ALL THE TAXABLE PROPERTY IN THE CITY OF CHARLOTTESVILLE SUFFICIENT TO PAY INTEREST AND