Agenda 06/08/1999 - Laserfiche WebLink

Home Browse Search

Be it Ordained by the City Council of the City of Martinsville, Virginia: Section 1. Findings and Determinations The City Council (the "City Council") of the City of Martinsville, Virginia (the "City") on May 11, 1999 unanimously adopted an Ordinance entitled "An Ordinance Authorizing the Issuance of up to $4,200,000 Principal Amount of General Obligation Refunding Bonds of the City of Martinsville, Virginia and Providing for the Form, Details and Payment Thereof' (such ordinance, together with this Supplemental Ordinance and any other supplements or amendments thereto, shall hereinafter be referred to as the "Authorizing Ordinance"). Except as otherwise provided herein, all words and terms defined in the Authorizing Ordinance have the same meaning in this Supplemental Ordinance. Section 2. Authorization, Form and Details of the Bonds The issuance of the Bonds with amounts, maturity dates and at per annum interest rates as set forth in Exhibit A attached hereto is approved. Except as otherwise provided herein, all other provisions of the Bonds shall be as set forth in the Authorizing Ordinance. Bonds (or portions of the principal amount thereof in installments of $5,000 or any integral multiple thereof) maturing on or after July 15, 2010 shall be subject to redemption prior to maturity at the option of the City Council, in whole or in part, at any time on or after July 15, 2009, by lot, at the redemption prices (expressed as a percentage of the principal amount of the portion thereof to be redeemed) set forth below, together with interest accrued thereon to the date fixed for redemption. Redemption Dates (inclusive) Redemption Prices July 15, 2009 through July 14, 2010 July 15, 2010 through July t4, 2011 July 15, 2011 and thereafter 102% 101% 100% Each of the Bonds shall have the following legend at the top of the first page thereof: Municipal Bond Insurance Policy No. 16470BE (the "Policy") with respect to payments due for principal of and interest on this bond has been issued by Ambac Assurance Corporation ("Ambac Assurance"). The Policy has been delivered to the United States Trust Company of New York, New York, New York, as the Insurance Trustee under said Policy and will be held by such Insurance Trustee or any successor insurance trustee. The Policy is on file and available for inspection at the principal office' of the Insurance Trustee and a copy thereof may be secured from Ambac Assurance or the Insurance Trustee. All payments required to be made under the Policy shall be made in accordance