Minutes 01/23/1962 - Laserfiche WebLink

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06 TUESDA Y JMJU~~RY 23. 1962 (3) The bonds shall be coupon bonds, registerable at the option of the holder as to nr1.ncinal only. Both nrinc:::.pal of and interest on the bonds shall be payable at the princ:tpal office of The First National City Bank of New York, in the Borough of Manhattan, City and State of New York, or, at the option of the holder, at The First National Bank of Martinsvi11e 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 ~merica which at the time of payment is lefal tender for the pa:rment of public and private debts. (4) The corporate seal of the City shall be affixec. to or impressed upon each of said bonds and each of said bonds shall be signed by the Mayor of saj,d City and shall be attested by the Clerk of Council. Each of the interest coupons reDresentin[ the interest payable on stIch bonds shaH be authenticated by the facsimile signatlTes of such I~yor and Clerk of Council. (5) Until all of said $1,300,000 Sewer Bonds, Series A, have been fully paid and discharged in accordance with their terns, (1) the City shall ODerate its sevT3--ge disposal system and Hill charge rates or fees for service furnished by such system; and (2) such rates or fees shaD be fixed and ma:intained at a level which will produce sufficient revenues to nay for the cost of oDeration and administration of said system (includi~I7'- interest on bonds issued therefor) and the cost of insurance against loss by injury to persons and property, and an annual amount to be covered into a sinking fund sufficie~t to pay, at or before maturity, all bonds issued to finance said system; and (3) the revenues which tl:e City derives from said system in each fiscal year shall, to the eJdent necessary, be first applied to t~8 payment of such cost of operation and a(~inistration during the fiscal year and to the payment of each annual amount payable in such fiscal year j and (4) the City shall segregate and keep segregated, from all other funds, all revenues derived by the City from its operation qnd ow~or- ship of said system. In consideration of the purchase and acceptance of said bonds b;<t those who sr,ull hold the same frorn time to time, the provisions of this paragraph of this resolution shaH be deomed to be and shaH constitute a contract between the City anc. the holders from time to time of said bonds and of the interest coupons apPt1I'tenant thereto. (6) 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 fo110wing form: (E.9l:m.. of Bond) No. No. UNITED STATES OF Al<ERICA COlvlHOI-.JWEALT:.! OF VJRGINJA CITY OF ~~RTItSVILIE SEWER B0I'ID, SERI?B .L"{. $1,000 ~~1 , 000