Agenda 05/12/2009 - Laserfiche WebLink

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April 14, 2009 the person in whose name this Bond is registered as the absolute owner hereof for the purpose of receiving payment of, or on account of, the principal hereof and interest due hereon and for all other purposes whatsoever. The Bond is subject to prepayment or redemption prior to maturity at the option of the City Council at any time, in whole or in part, at a redemption price equal to 100% of the principal anlolUlt of Bond to be redeemed, plus interest accrued to the redemption date. The records of the Holder hereof shall be prima facie evidence of the amount of principal and interest owed hereunder. THIS BOND IS A GENERAL OBLIGATION OF THE CITY FOR THE PAYMENT OF WHICH THE CITY'S FULL FAITH AND CREDIT ARE IRREVOCABLY PLEDGED. THE CITY COUNCIL IS AUTHORIZED AND REQUIRED TO LEVY AND COLLECT ANNUALLY AT THE SAME TIME AND IN THE SAME MANNER AS OTHER TAXES OF THE CITY ARE ASSESSED, LEVIED AND COLLECTED, A TAX UPON ALL TAXABLE PROPERTY WITHIN THE CITY, OVER AND ABOVE ALL OTHER TAXES AUTHORIZED OR LIMITED BY LAW AND WITHOUT LIMITATION AS TO RATE OR AMOUNT, SUFFICIENT TO PAY WHEN DUE THE PRINCIPAL OF AND PREI\HllM, IF ANY, AND INTEREST ON THE BOND, TO THE EXTENT OTHER FUNDS OF THE CITY ARE NOT LA WFULL Y A V AILABLE AND APPROPRlA TED FOR SUCH PURPOSE. Reference is hereby made to dIe Ordinance and to all of the provisions thereof to which any holder oftllis Bond by his acceptance hereof hereby assents, for definitions of terms: the description of and nature and extent of the security for the Bond: the conditions upon which the Ordinance may be amended or supplemented widlOut the consent of the holder of this Bond and upon which it may be amended only with the consent of the holder of the Bond affected thereby: the rights and remedies of the 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 tllf 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 TREASllRER By: Martinsville City Treasurer DATE OF AUTHENTICATION WORM OF ASSIGNMENT] F or value received, the undersigned hereby sells, assigns, and transfers unto Please insert social serurity number or other tax identification number of assignee: 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 otlke of the within-mentioned Registrar with the full power of substitution in the premIses. DA TED: BOND: The signature to this assignment must correspond with the name of the registered holder tint is written on the face of the within Bond in every particular, without alteration or enlargement or any change whatsoever. Signature Guaranteed NOTICE: Signature(s) must be guaranteed by a member flml of the New York Stock Exchange or a commercial bank or trust company. Section 4 Creation of Proceeds f'und Tbere is hereby established a trust fund to be designated the "Bond Proceeds Fund City of Martinsville General Obligation Bond (Capital Project), Series 2009." Section 5 Pavments into Proceeds Fund (a) All funds received from the proceeds of the sale of the Refunding Bonds after payment of certain costs of issuance of the Bond shall be used to refund the RefUnding Bonds on tile Closing Date in accordance with the Financing Agreement and applicable law (b) All funds received from dIe proceeds of the sale of the Project Bonds after payment of certain costs of issuance of the Bond shall be dqlosited into the Proceeds Fund to pay costs of the Project in accordance with the Financing Agreement and applicable law. Section 6 Creation of Bond Fund There is hereby established a trust fund to be designated the "Bond Fund. City of Martinsville General Obligation Bonds. Series 2009" in which Bond Fund there is hereby established an Interest Account and a Principal Account. As and when received, monies shall be deposited into the Bond Fund, and payments from the Bond FWld shall be made as follows: (i) to tile Interest Account in the Bond Fund, subject to credit, if any, for proceeds of the Bonds deposited therein, on the Business Day prior to each Bond Payment Date, an amount equal to the amount of interest that will become due on the Bonds on the next succeeding Bond Payment Date: and (ii) to the Principal ACCOlUlt in the Bond Fund on the Business Day prior to eoch Bond Payment Date an amount equal to the principal that is required to be deposited into the Principal Account in order to pay the principal due on the Bond on the next succeeding Bond Payment Date