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CITY OF MARTINSVILLE, VIRGINIA <br /> <br />AN ORDINANCE AUTHORIZING THE ISSUANCE OF UP TO <br />$4,200,000 PRINCIPAL AMOUNT OF GENERAL OBLIGATION <br />REFUNDING BONDS OF THE CITY OF MARTINSVILLE, <br />VIRGINIA, AND PROVIDING FOR THE FORM, DETAILS AND <br />PAYMENT THEREOF <br /> <br />Adopted on May 11, 1999 <br /> <br />VIRGINIA <br />In City of Martinsville Circuit Court <br />Clerk's Otfice. <br /> Received and Filed this the <br />eCterk <br /> <br />Section 1 - <br /> <br />Section 2 - <br />Section 3 - <br /> <br />Section 4 - <br />Section 5 - <br />Section 6 - <br />Section 7 - <br />Section 8 - <br />Section 9 - <br /> <br />Section 10 - <br />Section 11 - <br />Section 12- <br />Section 13 - <br />Section 14- <br />Section 15- <br /> <br />TABLE OF CONTENTS <br /> <br /> Definitions .. · 1 <br /> Findings and Determinations ....................................................................................3 <br /> Authorization, Form and Details of the Bonds. ............. Z.....~.~.....~ ...........................3 <br /> <br /> Creation of Proceeds Fund ......................................................................................13 <br /> <br /> Payments into Proceeds Fund .......... ' .......................................................................13 <br /> <br />Creation of Bond Fund <br />Accounts Within Funds 13 <br />Investment of Funds 13 <br />Defeasance 14 <br />General Obligation ' 14 <br />Event of Default ................................... ~' .................................................14 <br /> <br />Enforcement by Bondholders .................................................................................15 <br />Modification of Bond Ordinance ....................................................... 15 <br /> <br />Application of Proceeds~ Sale of Bonds .................................................................16 <br /> <br />No Arbitrage Covenant and Covenants and DeSignations as to the Code 16 <br /> <br /> <br />