Minutes 08/23/2005 - Laserfiche WebLink

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The Bond is subjeclto prepayment or redemption prior to maturity atlhe option of the City Council at any time, in whole or in part. at a redemption price equal to I ()()G/o of the principal amount of Bond to be redeemed, plus interest accrued to the redemption date. The records of the Holder hereof shall be prima facie evidence of the amount of principal and inleresl owed hereunder. IN WITNESS WHEREOF, lhe City of Martins vii Ie. Virginia, by its City Council has caused Ihis Bond 10 be signed by the Mayor and attested by the Clerk of said Council, by their manual or facsimile signalures. and its seal to be impressed or imprinted hereon, and this Bond to be dated as set forth above. THIS BOND IS A GENERAL OBLIGATION OF THE CITY FOR THE PAYMENT OF WHICH THE CITY'S FULL FAITH AND CREDIT ARE IRREVOCABLY PLEDGED. THE CITY COUNCIL IS AUTHORIZED AND REQUIRED TO LEVY AND COLLECT ANNUALLY AT THE SAME TIME AND IN THE SAME MANNER AS OTHER TAXES OF THE CITY ARE ASSESSED, LEVIED AND COLLECTED. A TAX UPON ALL TAXABLE PROPERTY WITHIN THE CITY. OVER AND ABOVE ALL OTHER TAXES AUTHORIZED OR LIMITED BY LAW AND WITHOUT LIMITATION AS TO RATE OR AMOUNT, SUmCIENT TO PAY WHEN DUE THE PRINCIPAL OF AND PREMIUM, IF ANY, AND INTEREST ON THE BOND, TO THE EXTENT OTHER FlJNDS OF THE CITY ARE NOT LA WFUtL Y A V AltABLE AND APPROPRIATED FOR SUCH PURPOSE. (SEAL) Clerk oflhe City Council Mayor oflhe City of Martinsville CERTIFICATE OF AUTHENTICATION This Bond is the Bond described in the within~mentioned Ordinance. Reference is hereby made to the Ordinance and to all oflhe provisions Ihereoflo which any holder of this Bond by his acceptance hereof hereby assenlS.. for definilions of lenns~ the description of and nature and exlenl of the security for the Bond; the conditions upon which the Ordinance may be amended or supplemented without the consent of the holder of this Bond and upon which it may be amended only with the consent of the holder of the Bond affected thereby; the rights and remedies of the holder hereof with respect hereto; the rights. duties and obligations oflhe City; the provisions discharging .he Ordinance as to this Bond and for the other terms and provisions of the Ordinance. REGISTRAR - CITY OF MARTINSVILLE TREASURER By: Martinsville City Treasurer DATE OF AUTHENTICATION: This Bond shall not be valid or obligatory for any purpose unless the certificate of authentication hereon has been duly executed by the Registrar and the date of authentication inserted hereon. )FORM OF ASSIGNMENT) Section 4 Creal ion of Pl'"ocee-ds "'und For ....alue received. the undersigned hereby sells. asSIgnS, and transfers unlo There is hereby established a trust fund to be designated the "Bond Proceeds Fund. City of Martinsville General Obligation Refunding Bond. Series 2005." Please insert social security number or other tax identification number of assignee: I Name and address of assignee, including zip code: SectioD 5 P.,'ments inlo Proceeds Fund or Escrow Fund mentioned Bond and hereby irrevocably constitutes and appoints attomey~in.fact. 10 transfer the same on the registration books thereof maintained In the office of the within-mentioned Registrar with the full power of substitution in the premises. the within- All funds received from the proceeds of the sale of the Bond after payment of certain costs of issuance oflhe Bond shall be deposited into the Bond Proceeds Fund or the Escrow Fund established by the Escrow Agreement (defmed below) (0 be used in the manner provided In Section 2 in accordance with the terms of the Bond Purchase Agreement, the Financing Agreement and the Escrow Agreement for the advance refunding of the Refunded Bonds (the "Escrow AgreemeDI") between the City and SunTrust Bank, as Escrow Agent (the "Escro",. Agent"), and applicable law. Amounts in the Escrow Fund shall be utilized to purchase Government Obligations (as defined in the Escrow Agreement) and such amounts, including investment income, shall be sufficient to provide for timely payment of the principal amount of lhe Refunded Bonds plus Interest accrued thereon 10 the Redemption Date (defined 10 the Escrov.' Agreement) thereof plus applicable redemption premium. DATED: BOND: The signature to this assignment must correspond with the name of the registered holder (hat is written on the face of the within Bond in every particular. without alleration or enlargement or any change whatsoever. Section 6 Creation of Bond Fund Signature Guaranteed There is hereby established a trust fund to be designated the "Bond Fund. City of MartinsviUc General Obligalion Refunding Bond. Series 2005" in which Bond Fund lhere is hereby established an [n.erest Accounl and a Principal Account. As and when received. monies shall be deposited into the Bond Fund, and payments from the Bond Fund shall be made as follows. NOTICE: Signature(s) must be guaranteed by a member finn of the New York Stock Exchange or a commercial bank or trust company. (i) to the Inl~ Account in the Bond Fund, subject to credit, if any, for proceeds of the Bond deposiled Iherein. on the Business Day prior to each Bond Payment Date, an amounl equal 10 the amount ofintcrest thai will become due on the Bond on the next succeeding Bond Payment Date; and (ii) to the Principal Account in the Bond Fund on the Business Day prior to each Bond Payment Date an amount equal to the principal that is required to be deposited into the Principal Account in order to pay the principal due on the Bond on Ihe next succeeding Bond Paymenl Date. SecrioD 7 Accounts Wilhin FUDds Any fund or account crealed by this Ordinance may contain such accounts or subaccounts as may be necessary for the orderly administration thereof. 10 II