Agenda 07/25/2000 - Laserfiche WebLink

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of indebtedness; and that provision has been made for the payment of the principal of, and interest on, this Note as provided in the Ordinance. No registration, transfer or exchange of this Note shall be permitted within thirty (30) days of the Maturity Date or the date of prepayment or redemption of this Note. This Note is in the aggregate principal amount of $2,700,000 and is issued under and pursuant to and in compliance with the Constitution and laws of the Commonwealth of Virginia, including the City Charter of the City of Martinsville, Virginia and Chapter 26, Title 15.2 of the Code of Virginia of 1950, as amended, the same being the Public Finance Act, and the Ordinances duly adopted under said Chapter by the City Council on June 27, 2000 and July 25, 2000 (together, the "Ordinance"). -. This Note shall bear interest from the date on which this Note is authenticated. Interest on this Note shall be computed on the basis of 30-day months and 360-day year. This Note is transferable only upon the registration books kept at the office of the Registrar by the registered holder hereof, or by his duly authorized attomey, upon surrender of this Note (together with a written instrument of transfer, satisfactory in form to the Registrar, duly executed by the registered holder or his duly authorized attorney, which may be the form endorsed hereon) and subject to the limitations and upon payment of the charges, if any, as provided in the Ordinance, and thereupon as provided in the Ordinance a new Note, in the aggregate principal amount and of the same series, interest rate and maturity as the Note surrendered, shall be issued in exchange therefor. The City and the Registrar shall deem and treat the person in whose name this Note is registered as the absolute owner hereof for the purpose of receiving payment of, or on account of, the principal hereof and interest due hereon and for all other purposes whatsoever. The Note is subject to prepayment or redemption prior to maturity at the option of the City Council at any time, in whole or in part as limited by the terms hereof, at a redemption price equal to 100% of the principal amount of Note to be redeemed, plus interest accrued to the redemption date, upon seven (7) days notice to the Noteholder. The records of the Holder hereof shall be prima facie evidence of the amount of principal and interest owed hereunder. THIS NOTE IS A GENERAL OBLIGATION OF THE CITY FOR THE PAYMENT OF WHICH THE CITY'S FULL FAITH AND CREDIT ARE IRREVOCABLY PLEDGED. THE CITY COUNCIL IS AUTHORIZED AND REQUIRED TO LEVY AND COLLECT ANNUALLY AT THE SAME TIME AND IN THE SAME MANNER AS OTHER TAXES OF THE CITY ARE ASSESSED, LEVIED AND COLLECTED, A TAX UPON ALL TAXABLE PROPERTY WITHIN THE CITY, OVER AND ABOVE ALL OTHER TAXES AUTHORIZED OR LIMITED BY LAW AND WITHOUT LIMITATION AS TO RATE OR AMOUNT, SUFFICIENT TO PAY WHEN DUE THE PRINCIPAL OF AND PREMIUM, IF ANY, AND INTEREST ON 7