Agenda 07/12/2005 - Laserfiche WebLink

Home Browse Search

"Closing Date" shall mean the date on which the Note is issued and delivered to the Noteholder and the Bond is issued and delivered to the Bondholder. "Code" shall mean the Internal Revenue Code of 1986, as amended, and applicable regulations, procedures and rulings thereunder. "Commonwealth" shall mean the Commonwealth of Virginia. "Council" shall mean the City Council of the City of Martinsville. "Interest Account" shall mean the Interest Account in the Note Fund established by Section 6 or the Interest Account in the Bond Fund established by Section 6, as the context reqUIres. "Mayor" shall mean the Mayor or Vice Mayor of the Council. "Note" shall mean the City's General Obligation Note, Series 2005, in the aggregate principal amount of up to $2,500,000 authorized to be issued hereunder. "Noteholder" shall mean the registered owner of the Note. "Note Fund" shall mean the Note Fund established by Section 6. "Note Maturity Date" shall mean January 15, 2009. "Note Payment Date" shall mean the 15th day of each January and July, beginning January 15,2006, up to the Note Maturity Date. "Note Proceeds Fund" shall mean the Note Proceeds Fund established by Section 4. "Outstanding" when used in reference to the Note or the Bond, as applicable, shall mean, as of a particular date, the Note or the Bond, as applicable, authenticated and delivered under this Ordinance except: (i) if the Note or the Bond, as applicable, is canceled by the City at or before such date; (ii) the Note or the Bond, as applicable, for the redemption or purchase of which cash or noncallable direct obligations of the United States of America, equal to the redemption or purchase price thereof to the redemption or purchase date, shall have been deposited with the Paying Agent, for which notice of redemption or purchase shall have been given in accordance with the Ordinance; 2