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