Agenda 07/12/2005 - Laserfiche WebLink

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hereafter attach to the City or any of the officers or agents thereof because or on account of said CUSIP numbers. The Note, the Certificate of Authentication and the provision for the assignment to be inserted in the Note shall be substantially in the following form, to-wit: "FORM OF NOTE" No. R-l UNITED STATES OF AMERICA COMMONWEAL TH OF VIRGINIA, CITY OF MARTINSVILLE GENERAL OBLIGATION NOTE (SCHOOL PROJECT), SERIES 2005 Dated: _,2005 Registered Holder: PATRICK HENRY NATIONAL BANK Maturity Date: January 15,2009 Maximum Principal Sum to be Disbursed: $2,500,000 KNOW ALL MEN BY THESE PRESENTS, that the City of Martinsville, Virginia (hereinafter sometimes referred to as the "City"), a City of the Commonwealth of Virginia, for value received hereby promises to pay to the registered holder (named above), or assigns, on the Maturity Date (specified above), subject to prepayment or prior redemption as hereinafter provided, the sum equal to the amount of principal advances made hereunder but not to exceed the maximum principal sum specified above on the Maturity Date, and to pay interest on the disbursed and unpaid principal balance until payment of the entire disbursed principal sum, from the date of authentication hereof, as follows: Commencing on January 15, 2006 and the 15th day of each July and January thereafter to the Maturity Date, interest only payments at the rate or rates as follows: the principal balance of the First Note Advance (defined in the Financing Agreement, defined below) shall bear interest at the rate of2.92% and the principal balance of each Subsequent Note Advance (defined in the Financing Agreement) shall bear interest as follows: 78% of the average yield between a 3 year U.S. Treasury Certificate and a 4 year U.S. Treasury Certificate, calculated as of the day of the Subsequent Note Advance. The final payment due hereunder in the amount of the principal 7