Agenda 07/12/2005 - Laserfiche WebLink

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$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, 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, and to pay interest on the principal amount disbursed under the First Bond Advance (defined in the Financing Agreement) at the rate of 3.42% per annum and on the principal amount disbursed under each Subsequent Bond Advance (defined in the Financing Agreement) calculated as follows: 85% of the average yield of a 10 year U.S. Treasury Certificate, calculated as of the day of the Subsequent Bond Advance; such payments shall be made on the disbursed and unpaid principal balance from the date of each disbursement until payment of the entire disbursed principal sum, from the date of authentication hereof, as follows: Commencing on January 15, 2006, and continuing on each July 15 and January 15 thereafter, interest on principal amounts advanced under the Bond shall be due and payable as set forth above, and commencing on January 15, 2006, and continuing on each July 15 and January 15 thereafter, principal amounts advanced under the Bond shall be due in an amount such that the principal balance of the First Bond Advance is amortized so that payments of principal and interest are payable on an approximately level debt service basis until the Bond Maturity Date and the principal balance of any Subsequent Bond Advance is amortized on an approximately level debt service basis until the Bond Maturity Date, provided, however, that if principal advances up to the maximum amount authorized amount are not made, the principal amount due on this Bond shall not include such undisbursed amount. Both principal of and interest on this Bond are 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 Bond do exist, have happened and have been performed in regular and due time, form and manner as required by law; that this Bond does not exceed any constitutional, statutory or charter limitation of indebtedness; and that provision has been made for the payment of the principal of, and interest on, this Bond as provided in the Ordinance. No registration, transfer or exchange of this Bond shall be permitted within thirty (30) days of the Maturity Date or the date of prepayment or redemption of this Bond. This Bond 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 15