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"Bond Fund" shall mean the Bond Fund established by Section 6.
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<br /> "Bond Period" shall mean the period beginning on the Closing Date and ending on the
<br /> 15th day of lilly, 2019.
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<br /> "Bondholders" or "Holders" shall mean the registered owners of the Bonds.
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<br /> "Bonds" shall mean the City's General Obligation Refunding Bonds, Series 1999, in an
<br /> aggregate principal mount not to exceed $4,200,000 authorized to be issued hereunder.
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<br /> "Outstanding" when used in reference to the Bonds shall mean, as of a particular date,
<br /> the Bonds authenticated and delivered under this Ordinance except as to:
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<br /> (i) any Bond which is canceled by the City at or before such date;
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<br /> (ii) any Bond for which cash equal to the principal mount of such Bond, with
<br /> interest to the date of maturity, shall have been deposited with the Paying
<br /> Agent prior to maturity;
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<br /> (iii) any Bond for the redemption or purchase of which cash or noncallable
<br /> direct obligations of the United States of America, equal to the redemption
<br /> or purchase price thereof to the redemption or purchase date, shall have
<br /> been deposited with the Paying Agent, for which notice of redemption or
<br /> purchase shall have been given in accordance with the Ordinance;
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<br /> (iv) any Bond in lieu of, or in substitution for which, another Bond shall have
<br /> been authenticated and delivered pursuant to this Ordinance; and
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<br /> (v) any Bond which is deemed paid under the provisions of Section 9, except
<br /> that such Bond. shall be considered Outstanding until the maturity or
<br /> redemption date thereof only for the purposes of actually being paid.
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<br /> "Paying Agent" shall mean the City Treasurer acting ,as Paying Agent'hereunder as
<br />designated and authorized under Section 3 or the successors or assigns serving as such hereunder.
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<br /> "Principal Account" shall mean the Principal Account in the Bond Fund .established by
<br />Section 6.
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<br /> "Proceeds Fund" shall mean the Proceeds Fund established by Section 4.
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<br /> "Registrar" shall mean the Paying Agent, or the successors or assigns serving as such
<br />hereunder.
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<br /> "Underwriter" shall mean Davenport & Company, LLC, Richmond, Virginia.
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<br /> Section 2 - Find_ings and Determinations
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<br /> The Council hereby finds and determines that (i) the City is in need of funds to be used
<br />by the City for purposes of refunding the City's $2,000,000 General Obligation School Bond,
<br />Series 1997 (the "Series 1997 Bond") issued for school purposes (the "School Project") and
<br />refunding the City's $2,000,000 General Obligation Note (Redevelopment and Public Property
<br />Improvement Project), Series 1998 (the "Series 1998 Note") issued for purposes of making a
<br />grant or grants to the City's Redevelopment and Housing Authority (the "Authority") and the
<br />acquisition, construction and equipping of additions and renovations to City of Martinsville
<br />public property (the "Redevelopmerit and Public Property Project"), for completion of the
<br />School Project and the Redevelopment and Public Property Project, for costs of issuance of the
<br />Bonds and for the payment of interest on the Bonds; (ii) the obtaining of such funds will be for
<br />municipal purpos~ of the City, for the welfare of citizens of the City, for purposes which will
<br />serve the City and its citizens pursuant to the authority of the City to provide funds for and
<br />othenvise support the City's public schools, the activities of the City and the Authority and
<br />otherwise support the City's municipal purposes; (iii) the most effective, efficient and expedient
<br />manner in which to provide such funds is through general obligation bonds in an original
<br />principal amount not to exceed $4,200,000 (the "Bonds"), to be issued by the City as further
<br />described heroin and to be sold to the Underwriter, which has offered to purchase the same on
<br />certain terms and conditions pursuant to a Bond Purchase Agreement between the Council and
<br />the Underwriter (the "Bond Purchase Agreement") the form of which has been presented to
<br />the Council, the issuance of such Bonds being within the power of the City to contract debts,
<br />borrow money and make and issue evidence of indebtedness and (iv) the issuance of the Bonds is
<br />in the best interests of the City and its citizens. The Council hereby finds and determines that the
<br />average of the probable useful life of the School Project and the probable useful life of the
<br />Redevelopment and Public Property Project exceeds twenty one years and that the Bonds are
<br />payable and shall mature within the average of the probable useful life of the School Project and
<br />the probable useful life of the Redevelopment and Public Property Project.
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<br />Section 3 - Authorization, Form. and Details o(the Bonds
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<br /> There is hereby authorized to be issued general obligatibn bonds of the City in an
<br />aggregate original principal amount not to exceed $4,200,000 for purposes of refunding the
<br />Series 1997 Bond and the Series 1998 Note, for completion of the School Project and the
<br />Redevelopment and Public Property Project, to pay certain costs of issuance of the Bonds and for
<br />payment of interest on the Bonds, as described in Section 2 above. The Bonds authorized herein
<br />shall be designated "General Obligation Re~nding Bonds, Series 1999," shall be issuable as
<br />fully registered bonds, without coupons, shall be dated the Closing Date, shall be numbered R-1
<br />upwards, shall bear interest payable semiannually on each January 15 and July 15, beginning
<br />January 15, 2000 at the rate per annum (but not to exceed a net interest cost of 5.0%) designated
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