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<br />S<<tlOD 17 Invalkllrv or Sections <br /> <br />Ifany section, paragraph. clause or provision oftbis Ordinance shall be held invalid or <br />unenforceable for any reason. lhe invalidity or unenforceability of such section, paragraph, <br />clause or provision shall not affect any of the remaining portions of this Ordinance. <br /> <br />Stdlon J8 Mudln.. orSKtlons. Table or Content. <br /> <br />The headlngs of the sections of this Ordinance and the Table ofContenlS appended hereto <br />or to copies hereof shall be solely for convenience of reference and shall not affect the meaning, <br />construction. interpreta!ion or effect of such sections of lhis Ordinance. <br /> <br />SKtlon 19 EtrKtiVntnJ lad Filln~ orOrdla..n <br /> <br />The Council hereby declares in the public interest lhat an emergency exists and that this <br />Ordinance shall become effective upon its passage as provided for in the Act and as an <br />emergency measure pursuant to Section 3 of Chaptcr 3 oftbe City Chancr, A certified copy of <br />this Ordinance shall be filed by the Clerk with the Clerk of the Circuit Court of the City of <br />Martinsville, Virginia. The filing of this Ordinance with the Clerk orthe Circuit Court oflhe <br />City ofMartinsville. Virginia shall be deemed 10 be lhe filing of an inilial resolution or ordinance <br />with such Court for all purposes of the Act <br /> <br />Section 1 <br /> <br />Seclion 2 <br /> <br />Section 3 <br /> <br />Section 4 <br /> <br />Section 5 <br /> <br />Section 6 <br /> <br />Section 7 <br /> <br />Section 8 <br /> <br />Section 9 <br /> <br />Section 10 <br /> <br />rhe MClllhcrs oflhl: Council voted as lollows: <br /> <br />An's <br /> <br />Joseph R. Cobbc <br />Kimble Rcynolds, Jr <br />J ....ncs W, Clark <br />J. RonaltJ Ferrill <br />Terry l. Roop <br /> <br />Absent <br /> <br />None <br /> <br />Adopted this 2JnJ day of Augusl, 2005. <br /> <br />~ <br /> <br />None <br /> <br />Ahstenliolls <br /> <br />None <br /> <br />The undersigned Clerk oflhe City Council oflhe Cily o[ r-..lartinsvilk. Vilgini..1 hcreby <br />I.:crti ties thai the foregoing constitutes a Irue allJ correcl exlraet [rOlIl the 1l1lllUlcs of a !lICCllng of <br />thc City Council held 011 August 23, 2005, anJ of the whole Ihereof so far as applicable III the <br />maUcrs referred 10 in such extract. I herehy further certify that such meeling Wo.LS a regularly <br />called mccling il/ld tlml, during lhe consillcratioll or the foregoing onlillanc.....;I quorum was <br />pres""111 <br /> <br />16 <br /> <br />TABLE OF CONTENTS <br /> <br />~ <br /> <br />Definitions... <br /> <br />...........1 <br /> <br />Findings and Determinalions.. <br /> <br />........ J <br /> <br />Authorization, Form and Delails of the Bond. ..... .........,. .....,............ ..... ...... ..4 <br /> <br />Creation of Proceeds Fund.. ... ... ..11 <br /> <br />Payments inlo Proceeds Fund or Escrow Fund... ....................... ........ .... .......11 <br /> <br />Creation of Bond Fund... <br /> <br />.............................................................11 <br /> <br />Accounts Within Funds <br /> <br />....II <br /> <br />lnvestmen1ofFunds... <br /> <br />... .. 12 <br /> <br />Defeasance .. <br /> <br />.........12 <br /> <br />General Obligation <br /> <br />.......................................... ..............12 <br /> <br />Section 11 Event of Default.. <br /> <br />.... ....... .....13 <br /> <br />Section 12 <br /> <br />Section 13 <br /> <br />....................... .............. 12 <br /> <br />Enforcement by Bondholder <br /> <br />Modification of Bond Ordinance.. <br /> <br />..13 <br /> <br />Section 14 Application ofProcecds; Sale of Bond <br /> <br />................. ...............14 <br /> <br />Section 15 No Arbitrage Covenant and Covenants and Designations as to the Cock .... .......14 <br /> <br />Section 16 Further Actions Authorized; Appro\..alofDocumenls... .... .15 <br /> <br /> <br />Section 17 fnvaJidityofSections.. .. .......... ....... .....16 <br /> <br />Seclion 18 Headings of Sections . Table ofConlents.. .... .16 <br /> <br /> <br />Section 19 Effectiveness and Filing of Ordinance... . .......... ............... ...... 16 <br /> <br />Da'," 'hi~ay or~. 2005. <br /> <br /> <br />17 <br />