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Ch. 11, § 4 MARTINSVILLE CODE (5) years after the date of the bonds. Term bonds may be redeemed prior to the' maturity thereof by mandatory sinking fund redemption. (Acts 1954, Ch. 104; Acts 1981, Ch. 201, § 1) Sec. 5. Procedure for issuing bonds. A. Whenever the council of the City of Martinsville proposes to issue bonds, the council shah adopt an ordinance reciting the expediency of borrowing money by the City of Martin- sville and the issuance of bonds therefor, the purpose or purposes, in general terms, for which bonds are to be issued, the actual or maximum amount of bonds to be issued, or if bonds are to be issued for more than ene purpose, the actual or maximum amount to be issued for each purpose and the maximum length of time such bonds will be outstanding. B. Upon the adoption by the council of the ordinance described in subsection A, a copy thereof, certified by the clerk of the council, shah be filed with the judge of the Circuit Court of the City of Martinsville, Virginia, whereupon the judge of such circuit court shall enter such order as may be required by general law now or hereafter in effect ordering that the question of issuing bonds be submitted to the qualified voters of the City of Martinsville at a regular or special election and may enter such additional orders as may be required by general law now or hereafter in effect. C. Notice of the proposed bond issue shall be published in a newspaper of general circu- lation in the City of Martinsville at least once a week for two (2) successive weeks after the adoption of the ordinance described in subsection A. Such notice shall set forth in general terms the purpose or purposes for which the bonds are to be issued, the actual or maximum amount of such bonds or if bonds are to be issued for more than one purpose, the actual or maximum amount of bonds to be issued for each purpose, and the maximum time such bonds will be outstanding. D. In lieu of the election required by § 2 of this chapter, in any bond issue which does not exceed two (2) percent of the assessed valuation of the real estate of the city subject to taxation, the council may hold a public hearing on the proposed bond issue. In the event that council elects to hold a public hearing in lieu of an election, the notice described in subsection C shall be published in the display advertising of the newspaper and, in addition, shall be broadcast at least once a week for two (2) successive weeks on all radio and television stations whose broadcast facilities are located within the city, and the notice shall specify the time and place of the hearing at which persons may appear and present their views. The hearing shall not be held less than six (6) nor more than twenty-one (21) days after the date the second notice appears in the newspaper. E. Following approval of the bonds by the qualified voters of the City of Martinsville or, where applicable, following said public hearing, the council may at any time thereafter adopt an ordinance authorizing the issuance of the bonds approved by the voters or any portion thereof. Such ordinance shall set forth the specific terms of the bond issue, including the term thereof and the rate of interest thereon. Any such ordinance may be amended or supplemented from time to time. Supp. No. 28 26