Minutes 01/28/1985 - Laserfiche WebLink

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,"\ (' ~o JANUARY 28, 1985 HONDAY authenticated before March 1, 1986, or (b) otherwise from the March 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. Principal of this Bond shall be payable upon presentation and sur- render of this Bond to the City. Interest on this Bond is payable by check or draft mailed to the registered owner at the address appearing on the registra- tion books maintained by the Director of Finance of the City, as bond registrar (the "Bond Registrar"). Principal of and interest on this Bond are payable in lawful money of the United States of America. In case the date of maturity of the principal of this Bond or the date fixed for redemption of this Bond shall be a date on which banking institutions located in Virginia are authorized or obligated by law to close, then payment of principal need not be made on such date, but may be made on the next succeeding date which is not such a date in Virginia, and if made on such next succeeding date no additional interest shall accrue for the period after such date of maturity or date fixed for redemption. This Bond has been duly authorized by the City Council of the City of Martinsville, Virginia, and is issued for the purpose of paying the costs of water system improvements. The full faith and credit of the City and the rev- enues after payment of operating expenses of the water system of the City are pledged for the payment of the principal of and interest on this Bond in accord- ance with its terms. This Bond is one of a series of Bonds in the aggregate principal amount of $1,350,000 issued under the authority of and in full compliance with the Consti- tution and statutes of the Commonwealth of Virginia, and, more particularly, issued pursuant to a vote of a majority of the qualified voters at a referendum held on November 6, 1984, and the charter of the City, and Ordinances adopted by the City Council of the City on August 28, 1984, January 22, 1985 and January 28, 1985 (collectively, the "Ordinance"). The Bonds are subject to optional redemption by the City, in whole or in part (in any integral multiple of $1,000) at any time, upon payment of a redemp- tion price equal to the principal amount of Bonds to be redeemed plus interest accrued to the redemption date. If less than all the Bonds are to be redeemed, the particular Bonds or por- tions thereof (in amounts of $1,000 or any integral multiple thereof) to be called for redemption shall be selected by the City in inverse order of maturity and by lot within a maturity. In the case of a Bond of a denomination greater than $1,000, the City shall treat such Bond as representing the number of separate Bonds each of the denomination of $1,000 as can be obtained by dividing the actual principal amount of such Bond by $1,000. New Bonds representing the unredeemed balance of the principal amount of such Bond in a denomination greater than $1,000 shall be issued to the registered owner thereof. If any of the Bonds are called for redemption, the City shall cause a notice thereof to be sent to the registered owners of the Bonds to be redeemed by first class mail not less than thirty nor more than sixty days before the redemption date, at their address as it appears on the registration books maintained by the Bond Registrar, provided that failure to give any such notice or any defect in the mailing thereof, shall not affect the validity of the redemption of any Bonds with respect to any registered owner to whom notice was properly mailed. Any notice of