1970 ORDINANCES - Laserfiche WebLink

Home Browse Search

ORDINANCE AUTHORIZING THE ISSUANCE OF BONDS OF THE CITY OF CHARLOTTESVILLE IN THE SUM OF SIX MILLION DOLLARS ($6,000,000.00) FOR THE PURPOSE OF SCHOOL IMPROVEMENTS IN SAID CITY. WHEREAS, IT IS DEEMED NECESSARY AND EXPEDIENT THAT THE CITY OF CHARLOTTESVILLE SHOULD ISSUE AND NEGOTIATE ITS BONDS IN ORDER TO ACQUIRE A SITE FOR AND CONSTRUCT AND FURNISH AN ADDITIONAL SCHOOL, AND FOR OTHER SCHOOL IMPROVEMENTS IN THE CITY; AND WHEREAS, IT IS ESTIMATED THAT THE TOTAL SUM OF SIX MILLION DOLLARS ($6,000,000.00) WILL BE NEEDED FOR THE SITE ACQUISITION, CONSTRUCTION, FURNISHING OF SUCH SCHOOL, AND THE OTHER SCHOOL IMPROVEMENTS; AND WHEREAS, THE AFORESAID SUM OF SIX MILLION DOLLARS ($6,000,000.00), 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 BY THE COUNCIL OF THE CITY OF CHARLOTTESVILLE: (1) THAT FOR THE PURPOSES OF ACQUIRING THE SITE FOR AND CONSTRUCTING AND FURNISHING AN ADDITIONAL SCHOOL, AND FOR OTHER SCHOOL IMPROVEMENTS, THE CITY ISSUE AND NEGOTIATE ITS BONDS AGGREGATING SIX MILLION DOLLARS ($6,000,000.00) DESIGNATED AS "SCHOOL IMPROVEMENT BONDS, SERIES OF 1970"; (2) THAT SAID BONDS SHALL BE IN SUCH DENOMINATIONS, AND DATED ON SUCH DAY AND PAYABLE IN SUCH MATURITIES NOT EXCEEDING TWENTY (20) YEARS FROM THE DATE THEREOF AS THE COUNCIL SHALL, BE RESOLUTION OR RESOLUTIONS, FROM TIME TO TIME DETERMINE; (3) THAT SAID BONDS SHALL BEAR INTEREST PAYABLE SEMI-ANNUALLY AT A RATE OR RATES NOT TO EXCEED THE MAXIMUM RATE PERMITTED BY LAW AT THE TIME OF THE SALE OF SAID BONDS; (4) THAT THE BONDS SHALL BE EXECUTED BY THE FACSIMILE SIGNATURES OF THE MAYOR AND TREASURER AND A FACSIMILE OF THE SEAL OF THE CITY, ATTESTED BY THE MANUAL SIGNATURE OF THE CLERK OF THE COUNCIL AND THE COUPONS THEREON SHALL BE EXECUTED BY THE FACSIMILE SIGNATURE OF THE TREASURER, SUCH FACSIMILES OF SAID SIGNATURES AND SEAL BEING AUTHORIZED PURSUANT TO SECTION 15.1-201 OF THE CODE OF VIRGINIA, AS AMENDED; (5) THAT SAID BONDS AND THE INTEREST THEREON SHALL BE PAYABLE AT THE OFFICE OF THE TREASURER OF THE CITY OF CHARLOTTESVILLE; AND, MAY ALSO IN THE DISCRETION OF THE COUNCIL BE PAYABLE AT SOME OTHER PLACE WITHIN OR WITHOUT THE STATE; (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 THE INTEREST ON AND PRINCIPAL OF THE SAID BONDS AS THE SAME BECOME DUE AND THAT THE FULL FAITH AND CREDIT OF THE CITY SHALL BE PLEDGED TO SECURE PAYMENT OF THE PRINCIPAL AND INTEREST OF SAID BONDS; (7) THAT AFTER THIS BOND ISSUE HAS BEEN AUTHORIZED BY VOTE OF THE PEOPLE, THE CITY MANAGER SHALL PREPARE AND DISPOSE OF THE ISSUE IN ITS ENTIRETY AT ONE SALE OR IN INSTALLMENTS; HOWEVER, ANY SALE OF SAID BONDS SHALL BE RATIFIED AND APPROVED BY THE COUNCIL; (8) THAT THE PROCEEDS OF THE ENTIRE ISSUE OF SAID BONDS SHALL BE USED EXCLUSIVELY FOR THE PURPOSES AS SET FORTH HEREIN AND THE ENTIRE PROCEEDS OF THE SALE OF SAID BONDS 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; (9) THAT IT IS HEREBY ORDERED THAT AN ELECTION BE HELD ON THE 9TH DAY OF JUNE, 1970, AT WHICH QUALIFIED VOTERS MAY VOTE FOR OR AGAINST SANCTIONING THE SAID ISSUE OF SIX MILLION DOLLARS ($6,000,000.00) OF BONDS; THE ELECTION SHALL BE HELD IN ACCORDANCE WITH SECTION 27 OF THE CHARTER OF THE CITY OF CHARLOTTESVILLE AND THE LAWS OF THE STATE OF VIRGINIA REGARDING ELECTIONS BY THE PEOPLE; (10) THE TREASURER SHALL PREPARE SUFFICIENT CERTIFIED COPIES OF A LIST OF THE QUALIFIED TAXPAYERS IN THE CITY OF CHARLOTTESVILLE WHO PAY A TAX ON REAL OR PERSONAL PROPERTY ASSESSED AT FIVE HUNDRED DOLLARS ($500.00) OR MORE, AND DELIVER SAID COPIES TO THE ELECTION OFFICIALS; SAID ELECTION OFFICIALS SHALL PROVIDE IN EACH VOTING PRECINCT, AT THE EXPENSE OF THE CITY, TWO OR