Agenda 07/25/2000 - Laserfiche WebLink

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"Code" shall mean the Internal Revenue Code of 1986, as amended, and applicable regulations, procedures and rulings thereunder. "Commonwealth" shall mean the Commonwealth of Virginia. "Council" shall mean the City Council of the City of Martinsville. "Interest Account" shall mean the Interest Account in the Note Fund established by Section 6. "Maturity Date" shall mean July 25, 2001. "Mayor" shall mean the Mayor or Vice Mayor of the Council. "Outstanding" when used in reference to the Note shall mean, as o'fa particular date, the Note authenticated and delivered under this Ordinance except: (i) if the Note is canceled by the City at or before such date; (ii) if cash equal to the principal amount of the Note, with interest to the date of maturity, shall have been deposited with the Paying Agent prior to maturity; (iii) the Note for the redemption or purchase of which cash or noncallable direct obligations of the United States of America, equal to the redemption or purchase price thereof to the redemption or purchase date, shall have been deposited with the Paying Agent, for which notice of redemption or purchase shall have been given in accordance with the Ordinance; (iv) the Note in lieu of, or in substitution for which, another Note shall have been authenticated and delivered purserant to this Ordinance; and if the Note is deemed paid under the provisions of Section 9, except that such Note shall be considered Outstanding until the maturity or redemption date thereof only for the purposes of actually being paid. "Paying Agent" shall mean the City Treasurer acting as Paying Agent hereunder as designated and authorized under Section 3 or the successors or assigns serving as such hereunder. "Payment Date" shall mean the first day of each month, beginning September 1, 2000, while any portion of the principal amount of the Note is Outstanding.