Minutes 08/23/2005 - Laserfiche WebLink

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ATTACHMENT A Be it Ordained by the City Council of the City of Martins\lllle. Virginia Seclion I Ddinilioas 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 instrumenl amendatory thereof or supplemental (hereto for all purposes of any opinion or inslrument or olher documenls therein or herein mentioned, have the following meanings: .. Act" shall mean lhe Public Finance Act, Chapler 26. Title 15.2 oflhe Code or Virginia or 1950. as amended. "B.ak" shall mean Pallid: Henry National Bank. Rassen, Virginia. CITY OF MAllTlNSVll.l.E, VIRGINIA "Boad" shall mean (he City's General Obligation Refunding Bond, Series 2005, in the aggregate principal amount of up 10 S2,800,OOO, authorized to be issued hereunder. AN ORDINANCE AUTIIORlZING TilE ISSUANCK OF UP TO $2,800,000 MAXIMUM PRINCIPAL AMOUNT OF GKNERAI. OIlLIGA TION 1l0NDS OF TilE CITY OF MARTINSVILLE, VIRGINIA FOil TilE PURI'OSE OF REFUNDING A l'OHTlON OF TI/K CITY'S $4,145,000 GENERAL ODUGA TION REFUNDING DONDS. SEIUKS 1'1'19 AND PROVIDING FOR TI/K FORM. DETAILS AND PAYMENT nlKllliOF "Bondboldu" shall mean the registered holder of the Bond "Bond CouDsel" shall mean Sands, Anderson, Marks & Miller, a Professional Corporation or another anomey or firm of attorneys nationally recognized on the: subject of municipal bonds selected by the Cily. "Bond Fund" shall mean the Bond Fund established by Seclion 6 "Bond Maturity Date" shall mean July 15, 2019 "Bond Payment Date" shall mean the 15th day of each January and July, beginning January 15, 2006. up to and including lhe Bond Maturity Dale. "'Boad Proceflls Fund" shall mean the Bond Proceeds Fund established by Section 4 "Businrss Day" shall mean any Monday, Tuesday. Wednesday, Thursday or Friday on which commercial banks generally are open for business in the Commonweallh of Virginia "Ci~." shall mean the Cily of Martinsville. Virginia Adoptl"d 011 Augu~( 23. 2005 "Cil~. Char-ter" shall mean the City Charter of the City of Martlnsvillc. Virginia, as amended "Clerk" shall mean the Clerk of the Councilor the Depuly Clerk of the Council "Closing Dale" shall mean the Jail.: or. I.I.hJCh the Bond is issued and delivered to the Bondholder Section 2 Findin2s aDd Determinations (i) if the Bond is canceled by the Cily at or before such date; The Council hereby finds and delermines that (i) the City is in need of funds to be used by the Cily to realize significant debt service savings by advance refunding a portion of the Cily's S4, 1 45.000 General Obligalion Refunding Bonds, Series 1999 (the "Ser-ies 1999 Bonds"), which were issued for Ihe current refunding of the outstanding principal amount of $2,000,000 of the City's S2.000,OOO General Obligation School Bond, Series J 997 issued for capital expenditures for school purposes (lbt "'School Project") and for the current refunding o[ the outstanding principal amount of S2,OOO,OOO ofthe City's $2,000,000 General Obligation Note (Redevelopment and Public Property Improvement Project), Series 1998 issued [or purposes of making a grant or grants to the City's Redevelopment and Housing Authorily (the ""Authority") for capital expenditures and the acquisition. construction and equipping of additions and renovations to City of Martinsville public property (togetbtr, tbe "'"Redevelopment and Public Property Project"), for costs of issuance of said bonds and for the payment of in teres I on said bonds; (ii) the obtaining of such funds for such advance refundmg o[ a portion of the Series 1999 Bonds will be for municipal purposes of the City for the welfare of citizens oflhe City for purposes which will serve the City and its citizens pursuant to the authority of the City to provide funds [or and otherwise support the City's public schools, the actIvities of the City and the Authority and serve the City's municipal purposes, (iii) the mosl effective. efficient and expedient manner in which to provide such funds is by (he issuance of a general obligation bond in the maximum principal amount of 52,800.000 issued by the City as [urther described herein (tlte "Road") to be sold to the Ban.Ic. which has offered to purchase the same on cenain leons and conditions pursuant to the Bank's proposal, a Bond Purchase Agreement between the City Council and the Bank dated as of September 15. 2005 (the "Bond Purcbase Agreemeat") and a Financing Agreement between the City and the Bank dated as of September 15,2005 (tlte "'F1Daadal Agreemeatj, the forms of which have been presented 10 the City Council, the issuance of such Bond being within the power of the City 10 contracl debts. borrow money and make and issue evidence of indebtedness and (iv) the issuance of the Bond is in the besl interests oflhe City and its citizens. The ponion of the Series 1999 Bonds to be advance refunded from the proceeds of the Bond shall be those Series 1999 Bonds maturing from July J 5,201010 July IS, 2019, inclusive (the ~Refu.ded Bonds"). The Council hereby finds and detcnnines that the probable useful life oflhe School Project, and any and all ponions of the School Project. exceeds fifteen years and that the Bond is payable and shall malure wilhin the probable useful life of the School Project and the probable useful life of any and all portions of the School Project (whether considered alone or as an average useful life of such portions). The Council further hereby finds and detennines that the probable useful life of the Redevelopment and Public Property Project. and any and all ponions of the Redevelopment and Public Property Project, exceeds fifteen years and that the Bond is payable and shall mature within the probable useful life of the Redevelopment and Public Property Projocl and the probable useful lire of any and all portions of the Redevelopment and Public Property Project (whether considered alone or as an average useful life of such portions). The Council further determines that the Bond is payable and shall mature within the average probable useful life of the School Proje.:t and che Redevelopment and Public Property Project considered logether "Code" shall mean the Imernal RC\'l~n:Je Code of 1986, as amended, and apr1ic<lble regulations, procedures and rulmgs thereunder "Commonwealth" shall mean Ihe Cor.lmonwealth ofYirginia "Council" shall mean the City Counol of the City of Martinsville "Interest Account" shall mean the lnlerest Account in the Bond Fund established by Section 6. "Mayor" shall mean Ihe Mayor or VICe \1ayor of the Council. "Outstanding" when used in reference to the Bond shall mean as o[a partICular date, the Bond authenticated and delivered under thIS Ordmance except (it) the Bond for the redemption or purchase of which cash or noncallable direct obligations of the United States of America, equal 10 the redemption or purchase price thercofto the redemption or purchase date, shall have been deposiled with the Paying Agent, for which notice of redemption or purchase shall have been given in accordance with the Ordinance; (iii) the Bond in lieu of. or in subslilution for which. another Bond shall have been authenticaled and delivered pwsuant 10 this Ordinance; and (iv) if the Bond is deemed paid under Ute provisions of Section 9, except that such Bond shall be considered Outstanding until the maturity or redemption date thereof only for the purposes of actually being paid "Paying Agent" shall mean the City Treasurer acting as Paying Agent for the Bond hereunder or the successors or assigns serving as such hereunder. "Principal Aceouat" shall mean the Pnncipal Accounl in the Bond Fund established by Section 6. "Registrar" shall mean the Paying Agenl. or the successors or assigns serving as such hereunder.