Minutes 01/23/1962 - Laserfiche WebLink

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4l Tl?SD1~Y JANU[RY 23. 1962 ~- The CITY OF Nf!.RTINSVILIE (hereinafter referred to as "C:ityl1), a municipal corporation of the ConrrnoDVreal th of Virginia, hereby acknm.Jledges itself indobtec: and, for value received, promises to pa:r to the bearer of this bond, or, if this bond be registered, to thl~ regi stered holder hereof, the S1..Ul1 of ONE THOUSAND DOLL.4:.RS ($1,000) on r1:'lrch 1, 19_, and to pay interest thereon from the date of this bond until it shall mature at the rate of per cent1..Ul1 ( %) per armum, na;rable semi-annua~.Jy on Harch 1 and September 1 in each year, unon nresentation and surrender of the annexed coupons therefor attached hereto as ttey severa.lly become due. Both principal of and interest on this bond will be 'Jaid at the princi.pal office of The Fi!'st Nat;onal 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 HartinsvHle and Henry County, in thp City of !-'hrtJnsville, Virginia, or at The Piedmont Trust Eank, in the City of HartjnsvHle, Virginia, in any coin or currency of the United States of America which at the time of payment is leRal tender for the pa:>711lent of DubUc and privatp debts. This bond may bp reg.i.str!red as to nrincipal by the holder in his name on the books of the City kept in the office of the City Treasurer of the C:_ t;r, and such registrat'lon shaI1 be noted hereon by said City Treasurer, after vrh::1ch no valid transfer of this bond shall be made excent on said books, until after registered transfer to bearer. If this bond be so registered, the DrinciDal sr.all thereafter be payable only to the rf~gistered holder thereof. Such registration shall not affect the negotiability of the coupons, which shall continue to pass by delivery. This bond is one of an issue of bonds of like date and tenor, except a~3 to ra.te of interest and maturity, authorized by an ordinance duly adopted by the Council of the City on ~1anuary 26, 1960, ared approved by the affirmative vote of the majority of the qualified voters of the City voting upon the question of ttEdr issuance at a special election held for that purpose on ~larch 1, 1960, in accordance vii th the P!'ovisions of Clause (b) of Soetion 127 of the Constitution of Virginia, and is issued pursuant to the Public Finance Act of 1q58 (Chanter 19.1 of Title 15 of the Code of Virgini8, 1950), to pay the Cost o{ improving the sevrage disposal system maintained by the City. The City has convenanted that, until all ()f the bonds of said i8::::ue have aeen f:llly paid and dischar["ed in accordance wi th their terms, (1) the City shall operate its set.Jage disDosal system and "d11 charge rates or fees for service furnished by sych system; and (2) such rates or fees sb.all be fixed and maintained at. a level l.Jhich vrill nI'oduce sufficient revenues to pa~r for the cost of operation and administration of said system (including interest on bonds issued therefor) and the cost of insurance again::::t loss by injury to persons and Droperty, ane. an annua.l amount to be covered :Lnto 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 fiscaJ year shall, to the extent necessary, be first applied tn the oayment of such cost of oper[j,tion and administration during the fiscal year and to the payment of such annual amount payable in