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'to purchase the Bonds, provided that no interest rate or rates on <br />.the Bonds should exceed nine percent (9%) per year; <br /> <br /> WHEREAS, on July 2, 1991, the City Manager on behalf of the <br />City awarded the Bonds, bearing interest at the annual rates and <br />maturing on. July 15 in years and amounts as shown on Schedule I <br />hereto, to the Authority; <br /> <br /> WHEREAS, the Authority has requested the Council to amend <br />.and restate certain provisions of the Bond Resolution in order to <br /> conform the terms and provisions of the Bonds to those of the <br /> bonds to be issued by the Authority, a portion of the proceeds of <br /> which the Authority will use to purchase the Bonds; and <br /> <br /> WHEREAS, the Council desires to amend and restate certain <br />provisions of the Bond Resolution and to ratify and confirm <br />certain other provisions relating thereto; <br /> <br /> BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br />MARTINSVILLE, VIRGINIA: <br /> <br /> 1. The Bond Resolution is amended to provide that the <br />Bonds shall be issued in the aggregate principal amount of <br />$438,631; shall be issuable in fully registered form as a single <br />typewritten bond substantially in the form attached hereto as <br />Exhibit A; shall be dated the date of issuance and delivery of <br />the Bonds; shall be designated "School Bonds, Series of 1991A"; <br />shall bear interest from the date of delivery thereof payable on <br />January 15, 1992, and semiannually thereafter on each January 15 <br />and July 15 (each an "Interest Payment Date"), at the rates set <br />forth on Schedule I attached hereto and shall mature on July 15 <br />in the years (each a "Principal Payment Date"), and in the <br />amounts set forth on Schedule I attached hereto. The action of <br />the City Manager in awarding the Bonds to the Authority is hereby <br />ratified, approved and confirmed. <br /> <br /> 2. The Bond Resolution is amended to provide that the <br />Mayor, the City Manager and such officer or officers of the City <br />as either may designate are hereby authorized and directed to <br />execute a Use of Proceeds Certificate or Certificates setting <br />forth the expected use and investment of the proceeds of the <br />Bonds and containing such covenants as may be necessary in order <br />to show compliance with the provisions of the Internal Revenue <br />Code of 1986, as amended (the "Code"), and applicable regulations <br />relating to the exclusion from gross income of interest on the <br />Bonds or onthe Authority's bonds, except as provided below. The <br />Council covenants on behalf of the City (i) that the proceeds <br />from the issuance and sale of the Bonds will be invested and <br />expended as set forth in such Use of Proceeds Certificate or <br /> <br />-2- <br /> <br /> <br />