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<br />THURSDAY <br /> <br />OCTOBER 2, 1969 <br /> <br />~ <br /> <br />shall be payable in annual installments on November 1 in each year as <br />follows, viz.: $125,000 in each of the years 1970 to 1974, inclusive, <br />$135,000 in each of the years 1975 to 1984, inclusive, and $125,000 <br />in the year 1985. <br /> <br />Section 2. Each of said bonds shall be designated "School Bond" <br />and shall be in the denomination of $5,000. Said Bonds shall constitute <br />an aggregate principal amount of $2,100,000, and shall be numbered from <br />1 to 420, inclusive, in the order of their maturity. <br /> <br />- <br /> <br />Section 3. All of said bonds shall be dated November 1, 1969, and <br />shall bear interest at the rate of 6% per annum. Such interest shall <br />be payable semi-annually on May 1 and November 1. <br /> <br />Section 4. Said bonds shall be coupon bonds, registrable as to <br />principal only. Both principal of and interest on said bonds shall be <br />payable at the principal office of the First National City Bank, New York, <br />New York, or , at the option of the holder, at the First & Merchants <br />National Bank in the City of Richmond, Virginia, or at The First National <br />Bank of Martinsville and Henry County in the City of Martinsville, Virginia, <br />or at the Piedmont Trust Bank in the City of Martinsville, Virginia, in any <br />coin or currency of the United States of America which, at the time of <br />payment, is legal tender for the payment of public and private debts. <br />Each of said bonds shall be signed by the Mayor of said City, and shall <br />be attested by the Clerk of Council, and shall be sealed with the <br />corporate seal of said City. Each of said interest coupons shall be <br />authenticated by the facsimile signature of such Mayor and Clerk of <br />Counc il. <br /> <br />Section 5. The full faith and credit of said City are hereby pledged <br />to secure the payment of said bonds and the interest thereon. Ad valorem <br />taxes on all property subject to taxation by said City shall be levied <br />annually in an amount sufficient to pay said bonds and the interest <br />thereon as the same become due and payable. <br /> <br />Section 6. Each of said bonds and of the interest coupons representing <br />the interest payable thereon and the provision for the registration of said <br />bonds to be endorsed thereon shall be in substantially the following form: <br /> <br />(Form of Bond) <br /> <br />No. <br /> <br />No. <br /> <br />UNITED STATES OF AMERICA <br /> <br />COMMONWEALTH OF VIRGINIA <br /> <br />CITY OF MARTINSVILLE <br /> <br />SCHOOL BOND <br /> <br />$ <br /> <br />$ <br />