Laserfiche WebLink
153 <br />TUESDAY, JUNE 8, 1999 <br />1997 Bond and the Series 1998 Note from the proceeds of the Bonds, and the purchase of the Municipal <br />Bond Insurance Policy and payment of the premium thereof from the proceeds of the Bonds are hereby <br />approved and ratified. The officers, employees, agents and representatives of the City are hereby <br />authorized and directed to execute, deliver and file all other agreements, instruments, certificates and <br />documents and to take all such further action as they may consider necessary or desirable in connection <br />with the purchase of the Municipal Bond Insurance Policy and in connection with the redemption, <br />defeasance and refunding of the Series 1997 Bond and the Series 1998 Note (each as defined in the <br />Authorizing Ordinance) including the payment of City funds to pay all interest accrued on the Series 1997 <br />Bond and the Series 1998 Note, together with proceeds of the Bonds to pay the principal of the same, <br />sufficient to redeem, defease and refund the same. <br /> <br /> The Trust Indenture between the City and Crestar Bank, a Virginia banking corporation as <br />Trustee, is hereby approved in substantially the form submitted to this meeting, and the Mayor, Vice <br />Mayor or City Manager are authorized and directed to execute the same, with such completions, <br />omissions, insertions and changes as may be approved by the officer executing it, his execution to <br />constitute conclusive evidence of his approval of any such completions, omissions, insertions and <br />changes. <br /> <br />Section 10. Effectiveness and Filing of Supplemental Ordinance <br /> <br /> The Council hereby declares in the public interest that an emergency exists and that this <br />Supplemental Ordinance shall become effective immediately upon its passage as provided for in the Act <br />and as an emergency measure pursuant to Section 3 of Chapter 3 of the City Charter. A certified copy of <br />this Supplemental Ordinance shall be filed by the Clerk with the Clerk of the Circuit Court of the City of <br />Martinsville, Virginia. The filing of this Supplemental Ordinance with the Clerk of the Circuit Court of <br />the City of Martinsville, Virginia shall be deemed to be the filing of an initial resolution or ordinance with <br />such Court for all purposes of the Act. <br /> <br />The Members of the Council voted as follows: <br /> <br />Ayes <br /> <br />Nays <br /> <br />Mark A. Crabtree <br />M. Gene Teague <br />Terry L. Roop <br />Elizabeth H. Haskell <br />Bruce H. T. Dallas <br /> <br />None <br /> <br />Absent <br /> <br />Abstentions <br /> <br />None <br /> <br />None <br /> <br />Adopted this 8th day of June, 1999. <br /> <br />17 <br /> <br /> <br />