Agenda 07/25/2000 - Laserfiche WebLink

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"FORM OF NOTE" No. R-1 $2,700,000 UNITED STATES OF AMERICA COMMONWEALTH OF VIRGINIA, CITY OF MARTINSVILLE GENERAL OBLIGATION NOTE (LANDFILL IMPROVEMENT PROJECT), SERIES 2000 Dated: July _, 2000 Registered Holder: SUNTRUST BANK Maturit~ Date: July 25, 2001 Principal Sum: $2,700,000 Interest Rate: 5.05% KNOW ALL MEN BY THESE PRESENTS, that the City of Martinsville, Virginia (hereinafter sometimes referred to as the "City"), a City of the Commonwealth of Virginia, for value received hereby promises to pay to the registered holder (named above), or assigns, on the Maturity Date (specified above), subject to prepayment or prior redemption as hereinafter provided, the Principal Sum (specified above) upon presentation and surrender of this Note at the principal corporate office of the Martinsville City Treasurer, Martinsville, Virginia, (the "Paying Agent"), and to pay interest on said Principal Sum, from the date of authentication hereof until the payment of said Principal Sum, at the rate per annum (specified above) payable on the Maturity Date, as follows: Commencing on September 1, 2000 and the first day. of each month thereafter to the Maturity Date, interest only payments at the rate set forth above, with the final payment due hereunder in the amount of the principal balance outstanding on this Note and interest thereon at the rate set forth above, due and payable in full on July 25, 2001. Both principal of and interest on this Note are payable in any coin or currency of the United States of America which at the time of payment is legal tender for public and private debts. It is hereby certified, recited and declared that all acts, conditions and things required to have happened, to exist and to have been performed precedent to and in the issuance of this Note do exist, have happened and have been performed in regular and due time, form and manner as required by law; that this Note does not exceed any constitutional, statutory or charter limitation 6