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No. R-
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<br />"FORM OF BOND"
<br />
<br />, $
<br />
<br /> UNITED STATES OF AMERICA
<br />COMMONVqEALTH OF VIRGINIA, CITY OF MARTINSVILLE
<br />
<br />GENERAL OBLIGATION REFUNDING BOND, (SERIES 1999)
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<br />Registered Holder: Cede & Co.
<br />
<br /> Dated: ,1999
<br />Maturity Date: ,20__
<br />
<br />Principal Sum: CUSIP:
<br />S Interest Rate:
<br />
<br /> KNOW ALL MEN BY THESE PRESENTS, that the City of Martinsville, Virginia
<br />(hereinafter sometimes referred to as the "City"), a City of the Commonwealth of Virginia,
<br />for value received hereby promises to pay to the registered holder (named above), or assigns, on
<br />the Maturity Date (specified above), subject to prior redemption as hereinafier provided, the
<br />Principal Sum (specified above) upon presentation and surrender of this Bond at the principal
<br />corporate office of the Martinsville City Treasurer, Martinsville, Virginia, (the "Paying
<br />Agent"), and to pay interest on said Principal Sum, ~om the date ofauthentication hereof until
<br />the payment of said Principal Sum, a! the rate per annum (specified above) payable on the
<br />Maturity Date, as follows: .
<br />
<br />of indebtedness; and that provision has been made for the payment of the principal of, and
<br />interest on, this Bond and the series of which it is a pan, as provided in the Ordinance.
<br />
<br /> No registration, transfer or exchange of this Bond shall be permitted within fifteen (15)
<br />days of any ifiterest Payment Date, the Maturity Date or the date of redemption of this Bond.
<br />
<br /> This Bond is one of an authorized series of Bonds in an aggregate original principal
<br />mount not to exceed $4,200,000, of like date and tenor herewith, except for number and
<br />denomination, and is issued under and pursuant to and in compliance with the Constitution and
<br />laws of the Commonwealth of Virginia, including the City Charter of the City of Martinsville,
<br />Virginia and Chapter 26, Title 15.2 of the Code of Virginia of 1950, as amended, the same being
<br />the Public Finance Act, and the Ordinances duly adopted under said Chapter by the Council on
<br />April 27, 1999 and May 1 I, 1999, as supplemented by a Supplemental Ordinance adopted by the
<br />Council on __ _, 1999 (together, the "Ordinance").
<br />
<br /> This Bond shall bear interest from the date on which this Bond is authenticated. Interest
<br />on this Bond shall be computed on the basis of 30-day months and 360-day year.
<br />
<br /> This Bond is transferable only upon the registration books kept at the office of the
<br />Registrar by the registered holder hereof, or by his duly authorized attorney, upon surrender of
<br />this Bond (together with a written instrument of transfer, satisfactory in form to the Registrar,
<br />duly executed by the registered holder or his duly authorized attorney, which may be the form
<br />endorsed hereon) and subject to the limitations and upon payment of the charges, if any, as
<br />provided in the Ordinance, and thereupon as provided in the Ordinance a new Bond, in the
<br />aggregate principal amount and of the same series, interest rate and maturity as the Bond
<br />surrendered, shall be issued in exchange therefor. The City and the Registrar shall deem and
<br />treat the person in whose name this Bond is registered as the absolute owner hereof for the
<br />purpose of receiving payment of, or on account of, the principal hereof and interest due hereon
<br />and for all other purposes whatsoever.
<br />
<br />This Bond may not be called for redemption prior to maturity except as set forth below:
<br />
<br /> Both principal of and interest on this Bond are payable in any coin or currency of the
<br />United States of America which at the time of payment is legal tender for public and private
<br />debts.
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<br /> It is hereby certified, recited and declared that all acts, conditions and things required to
<br />have happened, to exist and to have been performed precedent to and in the issuance of this Bond
<br />do exist, have happened and have been performed in regular and due time, form and manner as
<br />required by law; that this Bond does not exceed any constitutional, statutory or charter limitation
<br />
<br /> If less than all of the Bonds are called for redemption, then the Bonds to be redeemed
<br />shall be selected by lot in such manner as the City, in its discretion may determine, each $5,000
<br />portion of the principal amount of any Bond being counted as one Bond for this purpose. Ira
<br />portion of a Bond having a principal amount of more than $5,000 shall be called for redemption,
<br />then a new Bond in principal amount equal to the unredeemed portion thereof shall be issued to
<br />the registered Holder upon surrender thereof.
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