Agenda 11/07/2000 - Laserfiche WebLink

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Be it Ordained by the City Council of the City of Martinsville, Virginia: Section 1. Findings and Determinations The City Council (the "City Council") of the City of Martinsville, Virginia (the "City") on October 10, 2000 unanimously adopted an Ordinance entitled "An Ordinance Authorizing the Issuance of up to $3,100,000 Principal Amount of a Solid Waste Revenue Bond of the City of Martinsville, Virginia for Purposes of Assisting in Improvements to the City of Martinsville Land fill, and Providing for the Form, Details and Payment Thereof' (such ordinance, together with this Supplemental Ordinance and any other supplements or amendments thereto, shall hereinafter be referred to as the "Authorizing Ordinance"). Except as otherwise provided herein, all words and terms defined in the Authorizing Ordinance have the same meaning in this Supplemental Ordinance. Section 2. Authorization, Form and Details of the Bonds The issuance of the Bond in the principal amount of $3,100,000 payable in annual installments of principal in the amounts set forth on Schedule A attached hereto payable on April 1, 2002, and mmually on April 1 thereafter to and including the final maturity date of April 1, 2005, together with interest from the date .of the Bond on the unpaid installments, payable semi- annually on April 1 and October 1 of each year, commencing April 1, 2001, at per annum interest rates as set forth in Schedule A attached hereto is approved. Except as otherwise provided herein, all other provisions of the Bonds shall be as set forth in the Authorizing Ordinance. Section 3. Affirmation of Authorizing Ordinance and Authorization of Additional Acts The Authorizing Ordinance is hereby ratified and confirmed and remains in full force and effect, except as such Authorizing Ordinance is amended and supplemented hereby. All acts of the officers, employees, agents and representatives of the City in conformity with the purposes and intent of the Authorizing Ordinance and in furtherance of the issuance and sale of the Bond, the redemption, defeasance and refunding of the City's $2,700,000 General Obligation Note (Landfill Improvement Project), Series 2000 (the "Note"), including direct payment to SunTrust Bank as holder of the Note from the proceeds of the Bonds, are hereby approved and ratified. The officers, employees, agents and representatives of the City are hereby authorized and directed to execute, deliver and file all other agreements, instruments, certificates and documents and to take all such further action as they may consider necessary or desirable in connection with the redemption, prepayment or refunding of the Note including the payment of City funds to pay all interest accrued on the Note, together with proceeds of the Bond to pay the principal of the same, sufficient to redeem, prepay and refund the same.