Minutes 04/14/1987 - Laserfiche WebLink

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TUESDAY, APRIL 14, 1987 EXHIBIT A -- UNITED STATES OF AMERICA COMMONWEALTH OF VIRGINIA No. R- CITY OF MARTINSVILLE $ General Obligation Refunding Bond Series 1987 MATURITY DATE INTEREST RATE CUSIP 573785 REGISTERED OWNER PRINCIPAL AMOUNT ,- THE CITY OF MARTINSVILLE, VIRGINIA, a duly created municipal corpora- tion in the Commonwealth of Virginia (the "City"), for value received, hereby acknowledges itself indebted and promises to pay to the registered owner hereof, or legal representative, the principal amount stated above on the maturity date set forth above and to pay interest on the principal amount of this Bond at the rate specified above per annum, payable semiannually on March 1 and September 1, beginning on September 1, 1987. This Bond shall bear interest (a) from April 15, 1987, if this Bond is authenticated before September 1, 1987, or (b) otherwise from the March 1 or September 1 that is, or immediately precedes, the date on which this Bond is authenticated; provided that, if at the time of authentication of this Bond, interest on this Bond is in default, this Bond shall bear interest from the date to which interest has been paid. Both principal of and interest on this Bond are payable in lawful money of the United States of America. The principal of this Bond is payable upon presentation and surrender to the Director of Finance of the City. Interest on this Bond is payable by check or draft mailed to the registered owner at its address as it appears on the registration books maintained by the Director of Finance of the City as Bond Registrar without presentation of this Bond. All interest payments shall be made to the registered owner as it appears on the registration books kept by the Bond Registrar on the fifteenth day of the month preceding each interest payment date. "_. This Bond has been duly authorized by the Council of the City of Martinsville, Virginia and is issued for the purpose of refunding in full the City's outstanding General Obligation Bonds, Series of 1985. This Bond is one of a series of Bonds in the aggregate principal amount of $1,160,264 issued under the authority of and in full compliance with the Constitution and statutes of the Commonwealth of Virginia, and, more particularly, issued pursuant to the Public Finance Act, Chapter 5 of Title 15.1 of the Code of Virginia of 1950, as amended, the charter of the City and ordinances adopted by the Council of the City on February 10, 1987 and April 14, 1987 (the "Ordinances"). Bonds maturing on or after March 1, 1991 are subject to optional redemption before maturity at the direction of the City on or after March 1, 1990, in whole or in part (in installments of $5,000) at any time in such order as may be determined by the City (except that if at any time less than all of the Bonds of any maturity are called for redemption, the particular Bonds of such maturity or portions thereof to be redeemed shall be selected by lot) upon payment of the principal amount thereof plus interest accrued to the redemption date.