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<br />July 12, 2005 <br /> <br />Council next considered the need to adopt a Reimbursement Resolution <br /> <br />relative to the General Obligation Notes and Bonds. Council Member Roop <br /> <br />moved to approve the following Resolution; the motion was duly seconded and <br /> <br />carried by the following vote, all members voting: <br /> <br />Vote: 5-0. <br /> <br />Yeas: (5) Cobbe, Reynolds, Roop, Ferrill, Clark. <br /> <br />Nays: (0) None. <br /> <br />RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />MARTINSVILLE, VIRGINIA DECLARING ITS INTENTION TO <br />REIMBURSE ITSELF FROM THE PROCEEDS OF ONE OR MORE <br />TAX-EXEMPT FINANCINGS FOR CERTAIN EXPENDITURES <br />MADE AND/OR TO BE MADE IN CONNECTION WITH THE <br />ACQUISITION, CONSTRUCTION AND EQUIPPING OF CITY OF <br />MARTINSVILLE SCHOOL PROJECT AND LANDFILL PROJECT <br />CAPITAL IMPROVEMENTS <br /> <br />WHEREAS, the City of Martinsville, Virginia (the "Issuer") is a political <br />subdivision organized and existing under the laws of the Commonwealth of <br />Virginia; and <br /> <br />WHEREAS, 'the Issuer has paid, beginning no earlier than May 13, 2005 <br />and will pay, on and after the date hereof, certain expenditures (the <br />"Expenditures") in connection with the acquisition, construction and/ or <br />equipping of a City of Martinsville Patrick Henry Elementary School capital <br />project (the "School Project") and a City of Martinsville Landfill capital project <br />(the "Landfill Project"), as more fully described in Exhibit A attached hereto; <br />and <br /> <br />WHEREAS, the City Council of the Issuer (the "Council") has determined <br />that those moneys previously advanced no more than 60 days prior to the date <br />hereof and to be advanced on and after the date hereof to pay the Expenditures <br />are available only for a temporary period and it is necessary to reimburse the <br />Issuer for the Expenditures from the proceeds of one or more issues of tax- <br />exempt bonds (the "Notes and the Bonds"); <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL AS FOLLOWS: <br />