Minutes 04/14/1987 - Laserfiche WebLink

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R TUESDAY, APRIL 14, 1987 Year 1988 1989 1990 1991 1992 1993 1994 1995 Amount $125,000 130,000 135,000 140,000 145,264 155,000 160,000 170,000 Rate 5.00% 5.00% 5.00% 4.60% 4.80% 5.00% 5.20% 5.30% The 1987 Bonds shall be substantially in the form attached as Exhibit A. The 1987 Bonds shall be subject to optional redemption before maturity as provided in the form of the 1987 Bond attached as Exhibit A. 3. The 1987 Bonds shall have CUSIP identification numbers printed there- on. No such number shall constitute a part of the contract evidenced by the 1987 Bond on which it is imprinted and no liability shall attach to the City, or any officer or agent thereof, by reason of such numbers or any use made thereof, including any use thereof made by the City and any such officer or agent, or by reason of any inaccuracy, error or omission with respect thereto. 4. The Series 1985 Bonds are called for redemption on the date of the delivery of the 1987 Bonds. On the date of delivery of the 1987 Bonds, the proceeds derived from the sale of the 1987 Bonds shall be deposited in a sinking fund to be held by the City and applied on April 30, 1987 to payment of the principal of the Series 1985 Bonds. The City shall pay from its gen- eral funds the accrued interest on the 1985 Bonds to the date of redemption. 5. The appropriate officers of the City are hereby authorized and directed to execute a non-arbitrage certificate setting forth the expected use and investment of the proceeds of the 1987 Bonds in order to show compliance with the provisions of Section 148 of the Internal Revenue Code of 1986, as amended, and regulations issued pursuant thereto, applicable to "arbitrage bonds." 6. The Council finds 'it in the best interests of the City and the Common- wealth of Virginia to accept the bid of Scott & Stringfellow, Inc. to purchase the 1987 Bonds for a purchase price of $1,160,264.17, plus accrued interest, if any. 7. The officers and agents of the City are hereby authorized and directed to take such further action as they deem necessary regarding the issuance and sale of the 1987 Bonds and all actions taken by such officers and agents in connection with the issuance and sale of the 1987 Bonds are hereby ratified and confirmed. 8. This Ordinance shall take effect immediately. Clerk, Council of the City of Martinsville, Virginia (SEAL)