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Section 4 Creation of Proceeds Funds <br /> <br /> There is hereby established a trust fund to be designated the "Proceeds Fund, City of <br />Martinsville General Obligation Note (Landfill Improvement Project), Series 2000." <br /> <br />Section 5 Payments into Proceeds Funds <br /> <br /> All funds received from the proceeds of the sale of the Note shall be deposited into the <br />Proceeds Fund to be used in the manner provided in Section 2 in accordance with the Note <br />Purchase Agreement and applicable law. <br /> <br />Section 6 Creation of Note Fund <br /> <br /> There is hereby established a trust fund to be designated the "Note~'Fund, City of <br />Martinsville General Obligation Note (Landfill Improvement Project), Series 2000" in which <br />Note Fund there is hereby established an Interest Account and a Principal Account. As and <br />when received, monies shall be deposited into the Note Fund, and payments from the Note Fund <br />shall be made as follows: <br /> <br /> a. to the Interest Account in the Note Fund, subject to credit, if any, for proceeds of <br />the Note deposited therein, on the Business Day prior to each Payment Date, an amount equal to <br />the amount of interest that will become due on the Note on the next succeeding Payment Date; <br />and <br /> <br /> b. to the Principal Account in the Note Fund on the Business Day prior to the <br />Maturity Date an amount equal to the principal that is required to be deposited into the Principal <br />Account in order to pay the principal due on the Note on the Maturity Date. <br /> <br />Section 7 Accounts Within Funds <br /> <br /> Any fund or account created by this Ordinance may dontain such accounts or subaccounts <br />as may be necessary for the orderly administration thereof. <br /> <br />Section 8 Investment of Funds <br /> <br /> a. The City shall separately invest and reinvest any monies held in the funds <br />established by this Ordinance in investments which would mature in amounts and at times so that <br />the principal of, premium, if any, and interest on, the Note can be paid when due at maturity <br />thereof. <br /> <br /> b. Permissible investments include investments in securities that are legal <br />investments under Chapter 18 of Title 2.1 of the Code of Virginia of 1950, as amended (Section <br />2.1-327 et seq.) and which are otherwise in compliance with Section 15.2-2619 of the Act. <br /> <br />10 <br /> <br /> <br />