Agenda 03/09/1999 - Laserfiche WebLink

Home Browse Search

DRAFT 1:03/03/99 Be it Ordained by the City Council of the City of Martinsville, Virginia: Section 1 - Definitions Unless the context shall clearly indicate some other meaning, the following words and terms shall for all purposes of the Ordinance and of any certificate, resolution or other instrument amendatory thereof or supplemental thereto for all purposes of any opinion or instrument or other documents therein or herein mentioned, have the following meanings: "Act" shall mean the Public Finance Act, Chapter 26, Title 15.2 of the Code of Virginia of 1950, as amended. "Bond Counsel" shall mean Sands, Anderson, Marks & Miller, a Professional Corporation or another attomey or firm of attomeys nationally recognized on the subject of municipal bonds selected by the City. "Business Day" shall mean any Monday, Tuesday, Wednesday, Thursday or Friday on which commercial banks generally are open for business in the Commonwealth of Virginia. "City" shall mean the City of Martinsville, Virginia. "City Charter" shall mean the City Charter of the City of Martinsville, Virginia, as amended. "Clerk" shall mean the Clerk of the Council or the Deputy Clerk of the Council.. "Closing Date" shall mean the date on which the Notes are issued and delivered to the Noteholders. "Code" shall mean the Internal Revenue Code of 1986, as mended, and applicable regulations, procedures and rulings thereunder. "Commonwealth" shall mean the Commonwealth of Virginia. "Council" shall mean the City Council of the City of Martinsville,' Virginia. "Interest Account" shall mean the Interest Account in the Note Fund established by Section 6. "Interest Date" shall mean each January 15 and July 15, beginning January 15, 2000 while any portion of the principal mount of the Notes is Outstanding. "Maturity Date" shall mean January 15, 2001. "Mayor" shall mean the Mayor or Vice Mayor of the Council.