Minutes 09/27/1967 - Laserfiche WebLink

Home Browse Search

" ~ ...... - WEDNESDAY SEPTEMBER 27, 1967 - annual amount to be covered into a sinking fund sufficient to pay, at or before maturity, all bonds issued to 'finance said system; and (3) the revenues which the City derives from said system in each fiscal year shall, to the extent necessary, be first applied to the payment of such cost of operation and administration during the fiscal year and tothe payment of each annual amoQ~t payable in such fiscal year; and (4) th3 City shall segregate and keep segregated, from all other funds, all revenues derived by the City from its operation and ownership of said system. In consideration of the purchase and acceptance of said bonds by those who shall hold the S9.me from time to time, the provisions of this paragraph of this resolution shall be deemed to be and shall constitute a contract between the City and the holders from time to time of said bonds and of the interest coupons appurtenant thereto. (5) The bonds and the interest coupons representing the interest payable thereon and the provisions for the registration of the bonds to be endorsed thereon shall be in substantially the following form: (Form of Bond) No. No. UNITED STATES OF AMERICA COMMONWEALTH OF VIRGINIA CITY OF MARTINSVILLE SEWER BOND, SERIES C $5,000 $5,000 The CITY OF MARTINSVILLE (hereinafter referred to as !1Cityll), a municipal corporation of the Commonwealth of Virginia, hereby acknowledges itself indebted and, for value received, promises to pay to the bearer of this bond, or, if this bond be registered, to the registered holder hereof, the sum of FIVE THOUSAND DOLLARS ($5,000) on Mar c h 1, 19_, and to pay interest thereon from the date of this bond until it shall mature at the rate of three and seven-eighths per centum (3-7/8%) per annum, payable semi-annually on March 1 and September 1 in e9.ch yea~upon presentation and surrender of the annexed coupons therefor attached hereto as they severally become due. Both principal of and interest on this bond will be paid at the principal office of First & Merchants National BanK in the City of Richnlond, Virginia or at the option of the holder at The First Nationak Bank of Martinsville and Henry County in the City of Martinsville, Virginia or at the Piedmont Trust Bank in the City of Martinsville, Virginia, in any coin or currency of the United States of ~~erica which at the time of paynlent is legal tender for the paynlent of public and private debts. - This bond may be registered as to principal by the holder in his name on the books of the City kept in the office of the City Treasurer of the City, and such registration shall be noted hereon by said City Treasurer, after which no valid transfer of this bond shall be made