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EACH NEW CONSUMER OUTSIDE THE CORPORATE LIMITS SHALL PAY A CONNECTION CHARGE OF SEVENTY-FIVE DOLLARS IN ADVANCE AND SHALL EXECUTE SUCH WATER CONTRACT AS MAY BE REQUIRED BY THE CITY MANAGER. CLERK ADOPTED BY THE COUNCIL JANUARY 31 1961 AYES: MR. HAGGERTY, MR. MICHIE, MR. MOUNT AND MR. SCRIBNER. NOES: NONE. MR. LEE NOT VOTING. PRESIDENT AN ORDINANCE AUTHORIZING THE ISSUANCE OF BONDS OF THE CITY OF CHARLOTTESVILLE IN THE SUM OF SIX HUNDRED THOUSAND DOLLARS ($600,000.00) FOR A NEW CLERK'S OFFICE AND COURTHOUSE AND FOR STREET IMPROVEMENTS IN THE CITY OF CHARLOTTESVILLE. WHEREAS: IT IS DEEMED NECESSARY AND EXPEDIENT THAT THE CITY OF CHARLOTTESVILLE SHOULD ISSUE AND NEGOTIATE ITS BONDS IN ORDER TO RAISE MONEY FOR A NEW CLERK'S OFFICE AND COURTHOUSE, AND TO UNDERTAKE CERTAIN STREET IMPROVEMENTS WITHIN THE CITY OF CHARLOTTESVILLE; AND WHEREAS: THE AMOUNT WHICH IT IS ESTIMATED WILL BE NEEDED FOR THE IMPROVEMENTS CONTEMPLATED IS SIX HUNDRED THOUSAND DOLLARS ($600,000.00), BEING FOUR HUNDRED FIFTY THOUSAND DOLLARS ($450,000.00) FOR THE NEW CLERK'S OFFICE AND COURTHOUSE AND ONE HUNDRED FIFTY THOUSAND DOLLARS ($150,000.00) FOR THE STREET IMPROVEMENTS; AND WHEREAS: THE ISSUANCE OF SAID BONDS WHEN ADDED TO THE EXISTING DEBT OF THE CITY NOW OUTSTANDING WILL NOT EXCEED THE CONSTITUTIONAL LIMITATION OF EIGHTEEN PER CENT (18%) OF THE ASSESSED VALUE OF REAL ESTATE IN THE CITY OF CHARLOTTESVILLE SUBJECT TO TAXATION NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF CHARLOTTESVILLE, VIRGINIA: (1) THAT THE CITY ISSUE AND NEGOTIATE ITS BONDS AGGREGATING SIX HUNDRED THOUSAND DOLLARS ($600,000.00) FOR THE UNDERTAKINGS AFORESAID, TO-WIT: FOUR HUNDRED FIFTY THOUSAND DOLLARS ($450,000.00) FOR THE NEW CLERK'S OFFICE AND COURTHOUSE, ONE HUNDRED FIFTY THOUSAND DOLLARS ($150,000.00) FOR STREET IMPROVEMENTS, DESIGNATED "GENERAL IMPROVEMENT BONDS, SERIES OF 1961"; (2) THAT SAID BONDS SHALL BE SIX HUNDRED (600) IN NUMBER, NUMBERED 1 THROUGH 600, INCLUSIVE, IN THE SUM OF ONE THOUSAND DOLLARS ($1,000.00) EACH, PAYABLE TO BEARER IN SUCH MATURITIES NOT EXCEEDING TWENTY (20) YEARS FROM THE DATE THEREOF AS THE COUNCIL SHALL BY 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, THE SEAL OF THE CITY, ATTESTED BY THE FACSIMILE SIGNATURE OF THE CLERK OF THE COUNCIL, SHALL BE AFFIXED THERETO AND SAID BONDS SHALL BE COUNTERSIGNED BY THE FACSIMILE SIGNATURE OF THE TREASURER, AND THAT THE COUPONS THEREON SHALL BE CERTIFIED BY THE FACSIMILE SIGNATURE OF THE TREASURER, SUCH FACSIMILE SIGNATURES BEING AUTHORIZED PURSUANT TO SECTION 15-666.42 VA. CODE ANN. (SUPPL. 1960); (5) THAT SAID BONDS AND THE INTEREST THEREON SHALL BE PAYABLE AT THE OFFICE OF THE TREASURER OF THE CITY OF CHARLOTTESVILLE; (6) THAT THE SUM OF SIX HUNDRED THOUSAND DOLLARS ($600,000.00), WHEN ADDED TO THE EXISTING DEBT OF THE CITY NOW OUTSTANDING WILL NOT EXCEED EIGHTEEN PER CENT (18%) OF THE ASSESSED VALUE 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 THE CITY OF CHARLOTTESVILLE TO ISSUE GENERAL OBLIGATION BONDS; (7) THAT THERE SHALL BE LEVIED IN EACH YEAR WHILE ANY OF SAID BONDS ARE OUTSTANDING OR ARE UNPAID A TAX UPON ALL OF THE TAXABLE PROPERTY IN THE CITY OF CHARLOTTESVILLE, SUFFICIENT TO PAY THE INTEREST AND PRINCIPAL OF SAID BONDS AS THE SAME BECOMES DUE, AND THAT THE FULL FAITH AND CREDIT OF THE CITY OF ---