1964-10-28SPECIAL3O
OCTOBER 28, 1964
PURSUANT TO THE FOLLOWING WAIVER~ MEMBERS OF THE BOARD OF COUNTY SUPERVISORS OF
ALBEMARLE COUNTY~ VIRGINIA~ MET IN SPECIAL SESSION ON THIS DATE IN THE COUNTY OFFICE BUILDING~
CHARLOTTESVlLLE~ VIRGINIA~ AT 12=00 NOON~ WITH THE FOLLOWING PRESENT= MESSRSo F. E. PAULETT~
GARRETT ~. KIRKSEY~ GEORGE C. PALMER~ II~ ROBERT THRAVES AND R, A. YANCEY. ABSENT: MR.
EDGAR N. GARNETT. OFFICERS PRESENT= COUNTY EXECUTIVE AND COMMONWEALTH'S ATTORNEY,
WE~ THE UNDERSIGNED~ MEMBERS OF THE BOARD OF COUNTY SUPERVISORS OF ALBEMARLE
COUNTY) VIRGINIA~ DO HEREBY WAIVE NOTICE AND SPECIAL SERVICE THEREOF~ OF A
MEETING TO BE HELD AT 12=00 NOON ON THE 28TH DAY OF 0CTOB/R~ 196~ FOR THE
PURPOSE OF CONSIDERING THE MATTER OF BORROWING FUNDS TO MEET EXPENSES UNTIL
CURRENT TAXES AR/ COLLECTED~ AND WE DO HEREBY CONSENT TO ANY AND ALL BUSINESS
AND THE TAKING OF SUCH ACTION AT SAID MEETING UPON THE MATTER HEREINABOVE
MENTIONED AS MAY BE LAWFUL~ INCIDENT AND N/CESSA Y THERETO:
~, E. PAULETT
~-~" '~ ~EDGAR N. ~ARNET~
' ,~ GARRETT/'~W.~4X~KSEY//~
f - aE~RGE Co PAL~~_~
ROBERT THRAVES
v
THE 0OUNTY EXECUTIVE ADVISED THAT A TEMPORARY LOAN WOULD BE NECESSARY TO MEET THE
COUNTY'S NEEDS UNTIL TAXES FOR THE CURRENT YEAR WERE RECEIVED. HE STATE~ THAT THE COUNTY
HAD APPROXIMATELY ~59~000.00 ON TIME ~EPOSIT WHICH WAS DRAWING ~-~ AND THAT tF THIS
~ERE USED~ THE COUNTY WOUL~ LOSE THE INTEREST ON SUCH DEPOSIT AN~ IT WOULD BE MORE ECONO-
MICAL TO OBTAIN A TEMPORARY LOAN. AFTER DISCUSSION OF THIS MATTER~ RULES WITH REGARD TO
SECOND REA~ING WERE SUSPENDED AND THE FOLLOWING RESOLUTION~ OFFERED BY MR. PALMER~ 8EOONDE~
BY MR. K~RKSEY~ WAS A~OPTE~ BY THE FOLLOWING RECORDED VOTE= AYES - MESSRS. PAULETT~ KIRKSEY~
PALMER~ THRAVES AN~ YANCEY. NAYS - NONE. (~R. ~ARNETT WAS CONTACTED BY PHONE DURING THE
MEETING AN~ VOTE~ IN FAVOR OF SAI~ RESOLUTION.)
~EREAS~ PURSUANT TO SECTIONS 15~1-5~5 AND 15.1-5~6 OF THE CO~E OF
VIRGINIA) 1~0~ AS AMENDED~ THE ~ARD OF COUNTY SUPERVISORS OF ALBEMARLE
COUNTY~ VIRGINIA~ IS AUTHORIZE~ TO BORROW~ FOR THE PURPOSE OF MEETING
CASUAL DEFICITS IN THE REVENUE~ OR CREATING A ~EBT IN ANTICIPATION OF THE
COLLECTION:OF THE REVENUE OF THE COUNTY~ A SUM OF MONEY NOT TO EXCEED ONE-
HALF OF THE AMOUNT REASONABLY ANTIOIPATE~ TO BE PRODUCED BY THE COUNTY
LEVY FOR THE CALENDAR YEAR 1964~ AND
WHEREAS~ SAID BOARD FINDS THAT IT IS IN NEED OF TEMPORARY FINANCING IN THE
SUM OF ~300~000o00 FOR THE OPERATION OF THE GOVERNMENT OF THE COUNTY UNTIL TAX
REVENUES FOR THE CURRENT YEAR 196~ BECOME AVAILABLE; AND
WHEREAS, THE CONTEMPLATED LOAN IN THE PRINCIPAL SUM NOT TO EXCEED
~300~000.00 IS LESS THAN ONE-HALF OF THE AMOUNT REASONABLY ANTICIPATED TO BE
PRODUCED BY THE COUNTY LEVY FOR THE CALENDAR YEAR 196~;
NOW, THEREFORE~ BE IT RESOLVED BY THE BOARD OF COUNTY SUPERVISORS OF
ALBEMARLE COUNTY~ VIRGINIA~ THAT IT BORROW FROM THE NATIONAL BANK AND TRUST
COMPANY~ CHARLOTTESVILLE~ VIRGtNIA~ FOR THE PURPOSES SET FORTH~ A SUM NOT TO
EXCEED ~300~000.00. SUCH INDEBTEDNESS TO BE EVIDENCED BY A NEGOTIABLE NOTE
OR NOTES NOT TO EXCEED SAID PRINCIPAL SUM BEARING INTEREST AT THE RATE OF 2-3/~%
PER ANNUM TO BE DATED THE 30TH DAY OF 0CTOBER~ 196A, AND MATURING DECEMBER 15~
~96~. SAID NOTE OR NOTES TO BE PAYABLE TO THE ORDER OF THE NATIONAL BANK AND
TRUST COMPANY AT CHARLOTTESVILLE~ VIRGINIA.
RESOLVED FURTHER THAT FORREST Eo PAULETT~ CHAIRMAN OF THE BOARD OF
SUPERVISORS OF ALBEMARLE COUNTY~ VIRGINIA~ BE AND IS HEREBY AU~HORIZED~
EMPOWERED AND DIRECTED TO EXECUTE SAID NEGOTIABLE NOTE OR NOTES NOT TO EXCEED
THE PRINCIE,AL SUM OF ~300~000o00 IN THE NAME AND ON BEHALF OF SAID BOARD AND TO
DELIVER THE SAME.
ON MOTION~ THE MEETING ADdOURNED.
CHA I RMAN