Minutes 06/08/1999 - Laserfiche WebLink

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TUESDAY, JUNE 8, 1999 Be it Ordained by the City Council of the City of Martinsville, Virginia: Section 1. Findings and Determinations The City Council (the "City Council") of the City of Martinsville, Virginia (the "City") on May 11, 1999 unanimously adopted an Ordinance entitled "An Ordinance Authorizing the Issuance of up to $4,200,000 Principal Amount of General Obligation Refunding Bonds of the City of Maxtinsville, Virginia and Providing for the Form, Details and Payment Thereof' (such ordinance, together with this Supplemental Ordinance and any other supplements or amendments thereto, shall hereinm4~er be referred to as the "Authorizing Ordinance"). Except as otherwise provided herein, all words and terms defined in the Authorizing Ordinance have the same meaning in this Supplemental Ordinance. Section 2. Authorization, Form and Details of the Bonds The issuance of the Bonds with amounts, maturity dates and at per annum interest rates as set forth in Exhibit A attached hereto is approve& Except as otherwise provided herein, all other provisions of the Bonds shall be as set forth in the Authorizing Ordinance. The Bonds shall provide that Crestar Bank, Richmond, Virginia, is initial Paying Agent and Registrar for the Bonds. Bonds (or portions of the principal amount thereof in installments of $5,000 or any integral multiple thereof) maturing on or after July 15, 2010 shall be subject to redemption prior to maturity at the option of the City Council, in whole or in part, at any time on or after July 15, 2009, by lot, at the redemption prices (expressed as a percentage of the principal amount of the portion thereof to be redeemed) set forth below, together with interest accrued thereon to the date fixed for redemption. Redemption Dates (inclusive) Redemption Prices July 15, 2009 through July 14, 2010 · July 15,2010throughJuly 14,2011 July 15, 2011 and thereafter 102% 101% 100% Each of the Bonds shall have the following legend at the top of the first page thereof: Municipal Bond Insurance Policy No. 16470BE (the "Policy") with respect to payments due for principal of and interest on this bond has been issued by Arebat Assurance Corporation ("Ambac Assurance"). The Policy has been delivered to the United States Trust Company of New York, New York, New York, as the Insurance Trustee under said Policy and will be held by such Insurance Trustee or any successor insurance trustee. The Policy is on file and available for inspection at the principal office of the Insurance Trustee and a copy thereof may be secured from Ambac Assurance or the Insurance Trustee. ~ All payments required to be made under the Policy shall be made in accordance with the provisions thereof. The owner of this bond acknowledges and consents to the subrogation rights of Arebat Assurance as more fully set forth in the Policy. As and when received, monies shall be deposited into the Bond Fund, and payments from the Bond Fund shall be made as follows: