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Newspaper
Bluefield Daily Telegraph
Location
Bluefield, West Virginia, United States of America
Date
Dec 10, 1966
Page
6
The Bluefield West Virginia city plans a public hearing December 15 1966 at 2 30 PM in the Directors Room Municipal Building. The hearing will consider adopting an ordinance to acquire construct operate and maintain additional automobile parking facilities and issue revenue bonds.
The Bluefield city ordinance confirms acquisition and construction of 24 car ground level parking in Prince ton Avenue area. It authorizes thirty 1000-dollar revenue bonds of 1966 to finance thirty thousand dollars, with rates at 5.5 percent, payable in Charleston West Virginia or Bluefield. The bonds are secured by a parking fund and curb line meter revenues and remain subject to redemption provisions and statutory mortgage lien.
The document asserts that all legal requirements for the bond series are met and that revenue pledges cover principal and interest. It notes the city will set aside funds from the project’s net income for timely payment and records the mayor and city clerk’s facsimile signatures as official proof.
The ordinance authorizes sale of bonds to Louis Spanos and Chrisanthe Rantis under a March 8 1966 contract. It creates the Rantis Spanos Parking Facilities Revenue and Operation funds and sets monthly transfers and sinking fund requirements to secure debt and maintain project revenues for parking facility operations.
The ordinance governs issuance and parity of Rantis Span os parking bonds, sets income application, and authorizes additional parity bonds only if two times annual debt service is covered by net revenues and meters. It requires insurance, creates sinking fund rules, and binds city and bondholders to the contract. public hearing set for December 13, 1966 at City Hall Bluefield WV.
Al Modena, director of the Bluefield Urban Renewal program, outlines the plan to Lions Club members. He notes urban renewal and public housing are separate programs with a 1 to 3 local to federal funding split, and cites needed improvements and potential cooperations with firms like Firestone and Gulf Oil. The North Side project is shelved due to relocation hardships for mainly retired owners. The plan envisions a 55 acre area with 237 households and about $3 million in proposed construction.
The ordinance introduced November 9 1966 was approved November 15 1966 with no financial effect recorded. Attest by City Clerk Maxine Holm and recorded in Ordinance Book 4 page 493. Judson Lambert noted.
State Police report 499 traffic fatalities on West Virginia highways so far this year, up from 449 at the same point last year, highlighting a rise in deadly crashes and ongoing road safety concerns.
A three judge federal tribunal ruled Virginia courts must be given first chance to act on eliminating racial restrictions in founder’s will. Attorney Frank G. Davidson Jr. said an appeal to the U. S. Supreme Court is expected but timing is uncertain. State courts must rule before federal review.
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