Agenda 07/12/2005 - Laserfiche WebLink

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Be it Ordained by the City Council of the City of Martinsville, Virginia: Section 1 Definitions Unless the context shall clearly indicate some other meaning, the following words and terms shall for all purposes of the Ordinance and of any certificate, resolution or other instrument amendatory thereof or supplemental thereto for all purposes of any opinion or instrument or other documents therein or herein mentioned, have the following meanings: "Act" shall mean the Public Finance Act, Chapter 26, Title 15.2 of the Code of Virginia of 1950, as amended. "Bank" shall mean Patrick Henry National Bank, Bassett, Virginia. "Bond" shall mean the City's General Obligation Bond, Series 2005, in the aggregate principal amount of up to $2,500,000, authorized to be issued hereunder. "Bondholder" shall mean the registered holder of the Bond. "Bond Counsel" shall mean Sands, Anderson, Marks & Miller, a Professional Corporation or another attorney or firm of attorneys nationally recognized on the subject of municipal bonds selected by the City. "Bond Fund" shall mean the Bond Fund established by Section 6. "Bond Maturity Date" shall mean July 15, 2015. "BQnd Payment Date" shall mean the 15th day of each January and July, beginning January 15,2006, up to the Bond Maturity Date. "Bond Proceeds Fund" shall mean the Bond Proceeds Fund established by Section 4. "Business Day" shall mean any Monday, Tuesday, Wednesday, Thursday or Friday on which commercial banks generally are open for business in the Commonwealth of Virginia. "City" shall mean the City of Martinsville, Virginia. "City Charter" shall mean the City Charter of the City of Martinsville, Virginia, as amended. "Clerk" shall mean the Clerk of the Councilor the Deputy Clerk of the Council.