Minutes 05/11/1999 - Laserfiche WebLink

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[FORM OF ASSIGNMENT] For value received, the undersigned hereby sells, assigns, and transfers unto Please insert social security number or other tax identification number of assignee: Name and address of assignee, including zip code: the within- mentioned Bond and hereby irrevocably constitutes and appoints aRorney-in-fact, to transfer the same on the registration books thereof maintained in the office of the within-mentioned Registrar with the full power of substitution in the premises. DATED: BOND: The signature to this assignment must correspond with the name of the registered holder that is written on the face of the within Bond in every particular, without alteration or enlargement or any change whatsoever. Signature Guaranteed NOTICE: Signature(s) must be guaranteed by a member firm of the New York Stock Exchange or a commemial bank or trust company. Sectiou 4 - Creation of Proceeds Fund, There is hereby established a trust fund to be designated the "Proceeds Fund, City of Martinsville General Obligation Refunding Bonds, Series 1999." Section 5 - Payments into Proceeds Fund All funds received fi'om the proceeds of the sate of the Bonds shall be deposited into the Proceeds Fund to be used in the manner provided in Section 2 in accordance with the Bond Purchase Agreement and applicable law. Section 6 - Creation of Bond Fund, There is hereby established a trust fund to be designated the "Bond Fund, City of Martinsville General Obligation Refunding Bonds, Series 1999" in which Bond Fund there is hereby established an Interest Account and a Principal Account. As and when received, monies shall be deposited into the Bond Fund, and payments from the Bond Fund shall be made as follows: (a) to the Interest Account in the Bond Fund, subject to credit, if any, for proceeds of the Bonds deposited therein, on the Business Day prior to each Payment Date, an mount equal to the amount of interest that will become due on the Bonds on the next succeeding Payment Date; and Co) to the Principal Account in the Bond Fund on the Business Day prior to the Maturity Date an amount equal to the principal that is required to be deposited into the Principal Account in order to pay the principal due on the Bonds on the Maturity Date. Section 7 - Ac.c_ounts Within Funds Any fund or account created by this Ordinance may contain such accounts or subaccounts as may be necessary for the orderly ai~Lrninistration thereof. Section 8 - lnve~_tment of Funds_ (a) The City shall separately invest and reinvest any monies held in the funds established by this Ordinance in investments which would mature in amounts and at times so that the principal of, premium, if any, and interest on, the Bonds can be paid when due at maturity thereof. (b) Permissible investments include investments in securities that are legal investments under Chapter l 8 of Title 2.1 of the Code of Virginia of 1950, as amended (Section 2.1-327 ~t.seq.) and which are otherwise in compliance with Section 15.2-2619 of the Act. 12 13