Agenda 07/25/2000 - Laserfiche WebLink

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"Principal Account" shall mean the Principal Account in the Note Fund established by Section 6. "Proceeds Fund" shall mean the Proceeds Fund established by Section 4. "Registrar" shall mean the Paying Agent, or the successors or assigns serving as such hereunder. Section 2 Findings and Determinations The Council hereby finds and determines that (i) the City is in need of funds to be used by the City for purposes of the acquisition, construction and equipping of renovations, additions and improvements to the City of Martinsville Landfill, including closure of two areas of the Land fill, drainage system and roadway improvements, and site preparatioh for transfer station construction (the "Project"), for costs of issuance of the Note and for the payment of interest on the Note, (ii) the obtaining of such funds will be for municipal purposes of the City for the welfare of citizens of the City for purposes which will serve the City and its citizens pursuant to the authority of the City to provide funds for and otherwise provide and operate solid waste management facilities and support the City's municipal purposes (iii) the most effective, efficient and expedient manner in which to provide such funds is by a general obligation note in the maximum principal amount of $2,700,000 issued by the City as further described herein (the "Note") to be sold to SunTrust Bank, which has offered to purchase the same on certain terms and conditions pursuant to a Note Purchase Agreement between the City Council and SunTrust Bank (the "Note Purchase Agreement") the form of which has been presented to the City Council, the issuance of such Note being within the power of the City to contract debts, borrow money and make and issue evidence of indebtedness and (iv) the issuance of the Note is in the best interests of the City and its citizens. The Council hereby finds and determines that the probable useful life of the Project, and any and all portions of the Project, exceeds twenty-five years and that the Note is payable and shall mature within the probable useful life of the Project and the probable useful life of any and all portions of the Project (whether considered alone or as an average useful life of such portions). The Council expects that the principal of the Note shall be paid, prepaid or redeemed from proceeds of long-term financing of the Project. Section 3 Authorization, Form and Details of the Note There is hereby authorized to be issued a general obligation note of the City in the aggregate principal amount of up to $2,700,000 for municipal purposes as described in Section 2 above. The Note authorized herein shall be designated "General Obligation Note (Landfill Improvement Project), Series 2000," shall be issuable as a fully registered note, without coupons, shall be dated the Closing Date, shall be numbered R-l, shall bear interest payable on the Maturity Date at a rate per annum of 5.05% in accordance with the provisions herein, and the Note shall mature on the Maturity Date. The Note is subject to redemption prior to maturity at the option of the Council at any time upon seven days notice to the Holder, in whole or in part as