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<br />April 14, 2009
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<br />is the actual Bond Ordinance for authorization to issue said bonds and actual
<br />selection of the financial institution. The FY 1 0 budget will be presented to
<br />Council on April 21 while a public hearing on this Bond Ordinance will be
<br />conducted on April 28 at which time Council can, on second reading, approve all
<br />projects contained, no projects, or specific projects only. After lengthy discussion
<br />by Council members, a motion was made by Kimble Reynolds, seconded by Mark
<br />Stroud, with the following 5-0 recorded vote: Mrs. Lawson, aye; Mr. Reynolds,
<br />aye; Mr. Stroud, aye; Mr. Teague, aye; and Mr. Turner, aye, Council approved the
<br />bond ordinance on the first reading. On a motion by Gene Teague, seconded by
<br />Danny Turner, with a 5-0 vote, Council agreed to proceed with Carter Bank &
<br />Trust. Following is the ordinance approved on first reading:
<br />
<br />CITY OF MARTINSVILLE, VIRGINIA
<br />AN ORDINANCE AlJTHORIZING THE ISSllANCE OF liP TO $5,535,000 MAXIMllM PRINCIPAL AMOlINT OF GENERAL
<br />OBLIGATION BONDS OF THE CITY OF MARTINSVILLE, VIRGINIA AND PROVIDING FOR THE FORM, DETAILS AND
<br />PAYMENT THEREOF
<br />
<br />Adopted on April 28, 2009
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<br />Be it Ordained by tbe Council of tbe City of Martinsville, Virginia:
<br />Section 1 Definitions
<br />Unless the context shall clearly indicate some other meaning, the following words and tenns shall for all purposes of the Oninance and of
<br />any certificate, resolution or otber instrument amendatory thereof or supplemental thereto lor all purposes of alY opinion or instrument or other
<br />docwnents therein or herein melIioned, have tbe following meanings:
<br />"Act" shall mean the Public Finance Act, Chapter 26, Title 15.2 oftbe Code of Virginia of 1950, as amended.
<br />"Bank" shall mean Carter Bank & Trust, Martinsville, Virginia
<br />"Bonds" shall mean tbc City's General Obligation Bonds, in the aggregate principal amowll of up to $5,535,000, authorized to be issued
<br />hcreunder, which arc tbe Refunding Bonds, as such are defincd in Section 2(a) in the aggregate principal amount of up to $4,335,000 and the Project
<br />Bonds, as such are de lined in Section 2(b) in the aggregate priocipal anlOunt of up to $1,200,000.
<br />"Bondholder" or "Bondholders" shall mean tbe registered holder or holders of the Borris.
<br />"Bond Counsel" shall mean Sands, Anderson, Marks & Miller, a Professional Corpontion or another attorney or firm of attorneys
<br />nationally recognized on the ~Ihject of municipal bonds sclected by the City.
<br />"Bond Fund" shall mean the Bond Fund established by Section 6.
<br />"Bond Maturity Date" shall mean July 15,2019 for the Series A Refunding Bond, July 15,2015 for tbe Series 13 Refunding Bond, July
<br />15,2019 for tbe Series A Project Bond and July 15,2029 for tbe Series 13 Project Bond
<br />"Bond Payment Date" shall mean the 15th day of each January and July, beginning July 15,2009 for tbe Series A Refunding Bond, the
<br />Series 13 Refunding Bond and the Series A Project Bond, and January 15,20 I 0 for the Series 13 Project Bond, up to and including the applicable
<br />Bond Maturity Date.
<br />"Bond Proceeds Fund" shall mean the Bond Proceeds Fund established by Section 4.
<br />"Business Day" shallmcan any Monday, Tucsday, Wedncsday, Thursday or Friday on whiehcommcrcial banks generally are open for
<br />business in the Commonwealth of Virginia.
<br />"City" shall mean tbe City of Martinsville, Virginia.
<br />"City Charter" shall mean the City Charter of thc City of Martinsville, Virginia as anlended.
<br />"Clerk" shall mean tbe Clerk of tbe Councilor tbe Deputy Clerk ofthe Council.
<br />"Closing Date" shall mean the datc on which tbc Bonds arc issued and delivered to the Bondholder.
<br />"Code" shall mean tbe Internal Rcvenue Code of 1986, as amcnded, and applicable regulations, procedures and rulings thereunder.
<br />"Commonwealth" shall mean tbe Commonwealth of Virginia.
<br />"Council" shall mean thc City Council of the City of Martinsville.
<br />"Interest Account" shall mean the Interest Account in the Bond Flmd established by Section 6.
<br />"Mayor" shall mean the Mayor or Vice Mayor ofthe Cty.
<br />"Outstanding" when used in refercnce to thc Bonds shall mean as of a particular datc, thc Bonds authenticated and delivered under tbis
<br />Ordinance except:
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<br />(i) if a Bond is canceled by the City at or before such date:
<br />
<br />(ii) a Bond for the redemption or purchase of which cash or noncallable direct obligations oftbe United States of
<br />America, cqual to tbe rcdcmption or purchasc pricc tbercof to the redemption or purchase date, shall have been
<br />dcposltcd with thc Paying Agcnt, for which notice of redemption or purchase shall have been given in accordance
<br />with tbe Ordinance:
<br />
<br />(iii) a Bond inlicu of or in substitution for which. anotber Bond shall have been authenticated and delivered pursuant to
<br />this Ordinance: and
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