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<br />S<<tlon 3
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<br />Authorlzatioa. Form and (ktait. of the Bond
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<br />l1lC Bond shall be signed by the facsimile or manual signature of the Mayor. The
<br />facsimile of the City's seal shall be printed thereon or manually impressed thereon and attested
<br />by the facsimile or manual signature of the Clerk. In case any officer whose signature or
<br />facsimile of whose signature shall appear on the Bond shall cease 10 be such officer before
<br />delivery ofttle Bond, such signature or facsimile shall nevertheless be valid and sufficient for all
<br />purposes, the same as ifhe remained in office until such delivery. The Bond may ~ar the
<br />facsimile signature of or may be signed by such persons as at the actual time of the execution
<br />thereof shall be the proper officers to sign the Bond although on the date of delivery of the Bond
<br />such persons may not have been such officers.
<br />
<br />There is hereby authorized 10 be issued a general obligalion Bond of1he Cily in the
<br />aggregate principal amount of up to $2,800,000 for municipal purposes as described in Section 2
<br />above. The Bond authorized herein shall be designated "General Obligation Refunding Bond,
<br />Series 2005." shan be issuable as a fully registered Bond. withoul coupons., shall be daled the
<br />Closing Date. shall be numbeR:d R.I. shall bear interest payable on the Bond Payment Dates at it
<br />rate of3.65% per annum. 1bc Bond shaU mature on the Bond Maturity Date. Commencing on
<br />January IS, 2006, and continuing on. each July IS and January IS thereafter. iDterest on the
<br />outstanding principal amounts or Ihe Bond shall be due and payable as set for1h above. and
<br />commencing on July IS. 2006. and continuing on each July I S thereafter. principal amounts of
<br />the Bond shall be due so that payments of principal and interest are payable 011I an approximately
<br />level debt sen'ice basis until the Bond Maturity Date. The Bond is subject to redemption prior to
<br />maturity at the option of the Council at any time. in whole or in part, at a redemption price equal
<br />to 10001. orthe principal amount oflhe Bond to be redeemed. plus interest ilCCrued to the
<br />redemption date.
<br />
<br />"The Bond shall bear a certificate of authentication, in the form set forth below, duly
<br />executed by the Registrar. The Registrar shall authenticate the Bond with the signature of an
<br />aUlhorized offlcer of the Registrar. Only the authenticated Bond shall be entitled to any right rJr
<br />benefit under this Ordinance~ and such certificate on the Bond issued hereunder shall be
<br />conclusive evidence that the Bond has been duly issued and is secured by the provisions hereof.
<br />
<br />The Bond is hereby authorized 10 be issued under the City Charter and the Act. The
<br />Bond shall bear interest from the date on which it is authenticated. Interest on the Bond shall be
<br />computed on the basis of 3O-day months and a 360-day year
<br />
<br />The Paying Agent shall act as Registrar and shall maintain Registration Books for the
<br />registration and the registration of transfer oflhe Bond. The City Treasurer is hereby designated
<br />and authorized to act as Paying Agent and Registrar hereunder. The transfer of the Bond may be
<br />registered only on the books kept for the registration and registration of transfer of the Bond
<br />upon surrender thereof 10 the Registrar logether with an assignment duly executed by t.he
<br />registered Bondholder in person or by his duly authorized attorney or legal representalive in SU..11
<br />form as shall be satisfactory to the Registrar. Upon any such transfer, the City shall execute and
<br />the Registrar shall authenticate and deliver, in exchange of the Bond, a new registered Bond
<br />registered in (he name of the transferee of the same series, maturity an.d interesl rale as the Bond
<br />so exchanged in any denomination or denominations authorized by thiS Ordinance.
<br />
<br />Principal of, and interest on, the Bond shall be payable in lawful money of the UniLed
<br />States of America. Principal of and interest on the Bond shall be payable by check or draft
<br />mailed to the registered owner thereof at its address.
<br />
<br />The Bond shall be printed, liLhographed or typewritten and shall be substantially in the
<br />form herein below set forth. with such appropriate variations, omissions and insertions as are
<br />permitted or required by this Ordinance, including such varialions. insertions and omissions as
<br />shall be necessary to issue the Bond under a system of book-entry for recording the oWnership
<br />and transfer of ownership ofrights to receive payments of principal of and interest on the Bond
<br />and may have endorsed thereon such legends or text as may be necessary or awropriate to
<br />confonn to any applicable rules and regulations of any governmental authority or any usage or
<br />requirement of law with respect thereLo.
<br />
<br />The Registrar shall not be required to make any such registration or regislration of
<br />transfer during the thirty (30) days immediately preceding any Bond Payment Date or a
<br />redemption da1e.
<br />
<br />Prior to due presentment for registration of transfer for the Bond, the Registrar shall treat
<br />the registered Bondholder as the person exclusively entitled to pa)1llenL of principal of, premium
<br />if any. and interest on, the Bond and the exercise of all other rights and powers of the
<br />Bondholder.
<br />
<br />rf any principal of, or inLerest on, the Bond is not paid when due (whether at maturity, by
<br />acceleration or call for redemption, or otheN'ise), then, to the extent permitted by law, the
<br />overdue installments of principal shall bear interest until paid at the same rate or rates as set forth
<br />in the Bond.
<br />
<br />If the Bond has been mutilated, lost or destroyed, the City shall execute and the Registrar
<br />shall authenticate and deliver a new Bond of like date and tenor in exchange or substitution for.
<br />and upon cancellation of, such mutilated Bond or in lleu of and in subslitution for such lost or
<br />destroyed Bond; provided, however, thatlhe City and Ihe Registrar shall execute, authenticate
<br />and deliver such Bond only if the Bondholder has paid the reasonable expenses and charges of
<br />the City and the Registrar in connection therewiLh and. in the case of a lost or deslroyed Bond,
<br />has furnished to the City and the Registrar (a) evidence satisfactory to them that such Bond was
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<br />losl or destroyed and the Bondholder v..'as the Owner thereof and (b) indemnity satisfactory to
<br />them. If the Bond has matured. instead of issuing a new Bond, the Registrar may pay the same
<br />without surrender thereof upon receipt of the aforesaid evidence and indemnity.
<br />
<br />includmg July 15, 2019, together with interest from the date of this bond on the unpaid principal
<br />balance, payable semi-annually on January 15 and July 15 of each year, commencing on January
<br />15,2006, at the rate of3.65% per annum.
<br />
<br />If the Bond has been paid (whether at maturity, by acceleration or otherwise) or delivered
<br />to the Paying Agent for cancellation, the Bond shall not be reissued and the Registrar shall.
<br />unless otherwise directed by the City, cremate. shred or otherwise dispose of the Bond. The
<br />Registrar shall deliver to the City a certificate of any such cremation, shredding or olher
<br />disposition of the Bond_
<br />
<br />Both principal of and interest on this Bond are payable in any coin or currency of the
<br />United States of America which at the time of payment is legal tender for public and private
<br />debts.
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<br />CUSlP identilication numbers may be printed on the Bond, but such numbers shall not be
<br />deemed to be a part of the Bond or a part of the contract evidenced thereby and no liability shall
<br />hereafter attach to the City or any of the officers or agents thereof because or on account of said
<br />CUSIP numbers.
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<br />It is hereby certifie<L recited and declared that all acts, conditions and things required to
<br />have happened. to exist and to have been performed precedent to and in the issuance of this Bond
<br />do exist, have happened and have been perfonned in regular and due time, fonn and manner as
<br />required by law; that this Bond does not exceed any constitutional, statutory or charter limitation
<br />of indebtedness; and that provision has been made for the payment of the principal of, and
<br />interest on, this Bond as provided in the Ordinance
<br />
<br />The Bond, the CertificaLe of Authentication and the provision for the assignment to be
<br />inserted in the Bond shall be substantially in the following form, lo~wit:
<br />
<br />No regislration, transfer or exchange oflhis Bond shall be permitted within thiny (30)
<br />days of the Maturity Date or the date of prepayment or redemption of Ihis Bond
<br />
<br />"FORM OF BOND"
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<br />This Bond is in the aggregate principal amount of $ , and is issued under
<br />and pursuanl to and in compliance with (he ConstiLution and laws of the Commonwealth of
<br />Virginia, including the City Charter of the City of Martinsville, Virginia and Chapter 26, Tille
<br />l5.2 of the Code of Virginia of 1950, as amended, the same being the Public Finance Act. and
<br />the Ordinances duly adopted under said Chapter by the City Council on August 9, 2005 and
<br />AuguSI 23. 2005 (togetber? tbe "Ordinance"), the Financing Agreement between the City and
<br />Patrick Henry National Bank dated as of September 15,2005 (tbe "'Financing Agreement'") and
<br />the Bond Purchase Agreement between the City and Patrick Henry National Bank dated as of
<br />September 15.2005.
<br />
<br />No. R-I
<br />
<br />UNITED STATES OF AMERICA
<br />COMMONWEALTH OF VIRGINIA. CITY OF MARTlNSVILLE
<br />
<br />GENERAL OBLIGA nON REFUNDING BOND
<br />SERIES ZOO5
<br />
<br />This Bond shall bear interest from the dale on which this Bond is authenticated. Interest
<br />on this Bond shan be compuled on the basis of 3o..day months and a 360-day year.
<br />
<br />Dated: September _' 2005
<br />
<br />Registered Holder:
<br />PATRICK HENRY NATIONAL BANK
<br />
<br />Maturity Date: July 15.2019
<br />
<br />This Bond is transferable only upon the registration books kepi at the office of the
<br />Registrar by the registered holder hereof. or by his duly authorized alLomey, upon surrender of
<br />this Bond (together with a wrillen instrument of transfer, satisfactory in fonn to the Registrar,
<br />duly executed by the registered holder or his duly authorized attorney, which may be the form
<br />endorsed hereon) and subject to the limitations and upon pa)T1lent of the charges, ifany, as
<br />provided in the Ordinance, and thereupon as provided in the Ordinance a new Bond, in the
<br />aggregate principal amount and of the same series, interest rate and maturity as the Bond
<br />surrendered, shall be issued in exchange therefor. The City and the Registrar shall deem and
<br />treat the person in whose name this Bond is registered as the absolute owner hereof for the
<br />purpose of receiving payment of, or on account of, the principal hereof and interest due hereon
<br />and for all other purposes whatsoever.
<br />
<br />Principal Sum:- 5
<br />
<br />Interest Rate: 3.65"1.
<br />
<br />KNOW ALL MEN BY THESE PRESENTS, that the City of Martinsville, Virginia
<br />(herelnaner sometimes referred to as Che "City"), a Cily of the Commonwealth of Virginia.
<br />for value received hereby promises to pay to the registered holder (named above).. or assigns,
<br />subject to prepayment or prior redemption as hereinafter provided, the principal amount of
<br />(5--.J, in annual installments in the amounts set forth on
<br />Schedule A attached hereto payable on July 15, 2006 and annually on July 15 thereafter to and
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