Agenda 05/12/2009 - Laserfiche WebLink

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April 14, 2009 LEVIED AND COLLECTED, A TAX UPON ALL TAXABLE PROPERTY WITHIN THE CITY, OVER AND ABOVE ALL OTHER TAXES AUTHORIZED OR LIMITED BY LAW AND WITHOlJT LIMITATION AS TO RATE OR AMOUNT, SUFFICIENT TO PAY WHEN DUE THE PRINCIPAL OF AND PREMIlTM, IF ANY, AND INTEREST ON THE BOND, TO THE EXTENT OTHER FUNDS OF THE CITY ARE NOT LAWFULLY A V AILABLE AND APPROPRIATED FOR SUCH PURPOSE. Reference is hereby made to 1I1e Ordinance and to all of the provisions thereof to which any holder of this Bond by his acceptance hereof hereby assents, for definitions of terms; the description of and nature and extent ofthe security for the Bond; the conditions upon which the Ordinance may be amended or supplemented wi1l10ut the consent of the holder of this Bond and upon which it may be amended only with 1I1e consent of the holder of the Bond affected thereby; 1I1e right~ and remedies of1l1e holder hereof with respect hereto; the rights, duties and obligations of the City; the provisions discharging the Ordinance as to this Bond and for the other terms and provisions of the Ordinance. This Bond shall not be valid or obligatory for any purpose unless the certificate of authentication hereon has been duly executed by the Registrar and the date of authentication inserted hereon. IN WITNESS WHEREOF, the City of Martinsville, Virginia, by its City Council has caused this Bond to be signed by the Mayor and attested by the Clerk of said Council, by their manual or facsimile signatures, and its seal to be impressed or imprinted hereon, and this Bond to be dated as set forth above. (SEAL) Clerk of the City Council Mayor of the City of Martinsville CERTIFICATE OF AUTHENTICATION This Bond is the Bond described in the within-mentioned Ordinance. REGISTRAR - CITY OF MARTINSVILLE TREASURER By: Martinsville City Treasurer DATE OF AUTHENTICATION [FORM OF ASSIGNMENT I For value received, the undersigned hereby sells, assigns, and transfers LUlto Please insert social security number or other tax identification number of a'isignee: Name and address of assignee, including zip code: the within- mentioned Bond and hereby irrevocably constitutes and appoints attorney-in-fact, to transfer the same on the registration books thereof maintained in the otlice ofthe within-mentioned Registrar with the full power of substitution in the premises. DATED: BOND: The signature to this assignment must correspond with the name ofthe registered holder tint is written on the face of the within Bond in every particular, without alteration or cnlargement or any change whatsoever. Signature Guaranteed NOTICE: Signature(s) must be guaranteed by a member firm of the New York Stock Exchange or a commercial bank or trust company. (b) There is hereby authorized to be issued general obligaticn bonds of the City in the aggregate principal amount of up to $1,200,000 for municipal purposes a'i described in Section 2(b) above. The Project Bonds authorized herein shall be designated "General Obligation Bond (Capital Project), Series 2009A" (the "Series A Project Bond") and "General Obligation Bond (Capital Project), Series 2009B" (the "Series B Project Bond") The Series A Project Bond shall be issuable in the principal amount of $205, I 00 as a fully registered Bond, without coupons, shall be dated the Closing Date, shall be numbered R-I, shall bcar intcrcst payable on 1I1c applicable Bond Payment Dates at a rate 01'3.25% per annum. The Series B Project Bond shall be issuable in the principal amount not to exceed $1,094,900 as a fully registered Bond, without coupons, shall be dated the Closing Date, shall be numbered R-I, shall bear interest payable on 1I1e applicable Bond Payment Dates at a rate of 4.50% per annum. The Project Bonds shall mature on their respective Bmd Maturity Dates. Commencing on July J 5, 2009, and continuing on each January 15 and July 15 thereafter, interest on the outstanding principal an10unts of the Series A Project Bond shall be due and payable as set forth ~ove, and commencing on July 15,2009, and continuing on each July 15 thereafter, principal amounts of the Series A Project Bond shall be due in accordance with the Bank's written proposal to purchase the Series A Project BOl~ until the applicable Bond Maturity Date. Commencing on January 15,20 I 0, and continuing on each Jul7 15 and January 15 thereafter, interest on the outstanding principal amounts of the Series B Project Bond shall be due and payable as set forth above, and commencing on July 15,20 I 0, and continuing on each July 15 thereafter, principal amounts of the Series B Project Bond shall be due in accordance with the Bank's written proposal to purchase the Series B Project Bond until the applicable Bond Maturity Date. The Project Bonds are subject to redemption prior to maturity at the option of the Council at any time, in whole or in part, at a redemption price equal to 100% of the principal amount of the Project Bond to be redeemcd, plus interest accrued to the redemption date. The Project Bonds are hereby authorized to be issued under the City Charter and the Act. The Project Bonds shall bear interest from the date on which they are authenticated. Interest on 1I1e Project Bonds shall be computed on the basis of 30-day months and a 360-day year. Principal oj~ and interest on, the Project Bonds shall be payable in lawfulrnllley of the United States of America Principal of and interest on the Project Bonds shall be payable by check or draft mailed to the registered owner thereof at its address. The Project Bonds shall be printed, lithographed or typewritten aI~ shall be substantially in the form herein below set forth, with such appropriate variations, omissions al1d insertions as are pennitted or required by this Ordinance, including such variations, insertions and omissions as shall be necessary to issue the Project Bonds under a system of book-entry for recording 1I1e ownership and tral1sfer of ownership of rights to receive payments of principal of and interest on the Project Bonds and may have endorsed thereon such legends or text as may be necessary or appro prate to conform to any applicable rules and regulations of any governmental authority or any usage or requirement oflav with respect thereto. If aJ1Y principal of, or interest on, the Project Bonds is not paid when due (whether at maturity, by acceleration or call for redemption, or otherwise), then, to the extent pennitted by la\\, the ovcrdue ingallments of principal shall bear interest lmtil paid at the Saine rate or rates as set forth in the Project Bonds.