Agenda 07/12/2005 - Laserfiche WebLink

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balance or balances outstanding on this Note and interest thereon at the rate or rates set forth above, shall be due and payable in full on January 15, 2009. Both principal of and interest on this Note is payable in any coin or currency of the United States of America which at the time of payment is legal tender for public and private debts. It is hereby certified, recited and declared that all acts, conditions and things required to have happened, to exist and to have been performed precedent to and in the issuance of this Note do exist, have happened and have been performed in regular and due time, form and manner as required by law; that this Note does not exceed any constitutional, statutory or charter limitation of indebtedness; and that provision has been made for the payment ofthe principal of, and interest on, this Note as provided in the Ordinance. No registration, transfer or exchange of this Note shall be permitted within thirty (30) days of any Note Payment Date or the date of prepayment or redemption of this Note. This Note is in the amount of principal advances made hereunder, not to exceed the aggregate principal amount of $2,500,000, and is issued under and pursuant to and in compliance with the Constitution and laws of the Commonwealth of Virginia, including the City Charter of the City of Martinsville, Virginia and Chapter 26, Title 15.2 of the Code of Virginia of 1950, as amended, the same being the Public Finance Act, and the Ordinances duly adopted under said Chapter by the City Council on June 13,2005 and July 12, 2005 (together, the "Ordinance"), the Financing Agreement between the City and Patrick Henry National Bank dated as of July 15, 2005 (the "Financing Agreement") and the Note and Bond Purchase Agreement between the City and Patrick Henry National Bank dated as of July 15,2005. This Note shall bear interest from the date on which this Note is authenticated. Interest on this Note shall be computed on the basis of30-day months and a 360-day year. This Note is transferable only upon the registration books kept at the office of the Registrar by the registered holder hereof, or by his duly authorized attorney, upon surrender of this Note (together with a written instrument of transfer, satisfactory in form to the Registrar, duly executed by the registered holder or his duly authorized attorney, which may be the form endorsed hereon) and subject to the limitations and upon payment of the charges, if any, as provided in the Ordinance, and thereupon as provided in the Ordinance a new Note, in the aggregate principal amount and of the same series, interest rate and maturity as the Note surrendered, shall be issued in exchange therefor. The City and the Registrar shall deem and treat the person in whose name this Note is registered as the absolute owner hereof for the purpose of receiving payment of, or on account of, the principal hereof and interest due hereon and for all other purposes whatsoever. 8