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CITY OF MARTINSVILLE, VIRGINIA
<br />
<br /> AN ORDINANCE AUTHORIZING THE ISSUANCE OF UP TO
<br /> $2,700,000 pRINCIPAL ~V~OUNT OF A GENERAL OBLIGATION NOTE
<br /> OF THE CITY OF MARTINSVILLF_, VIRGINIA FOR PURPOSES OF
<br />ASSISTING IN IMpROVEMEr~'FS TO THE CITY OF MARTINSVILLE LANDFILL,
<br />AND ~,ROVIDENG FOR THE FOR,M, DETAILS AND PAYMENT THEREOF
<br />
<br />Adopted on July
<br />
<br /> Attachment A
<br />TABLE OF CONTENTS
<br />
<br />Definitions .............................................................................................................I
<br />Fi~dlt~ and D~1~-~ir~x~s
<br />~ F~ ~ ~1~ of~ No~ ..........................................................3
<br />~of~F~ ...............................................................................10
<br />Pa~ ~ ~ F~ ...............................................................................tO
<br />C~ion of N~e F~d ..................................................................................10
<br />~ ...........................................................................................................I 1
<br />~a[ Ob~fi~ ..........................................................................................11
<br />Ev~t of~t ....................................................................................................I
<br />~fo~t by ~c~ld~ ...................................................................................12
<br />M~i fi~ion of No~ ~ ~ce ............................................................................12
<br />A~llcation of P~s; ~e of Note ..................................................................13
<br />No ~i~e Cov~l ~ Cov~ a~ ~i~alio~ ~ 1o ~e C~e .............13
<br />F~ ~ Au~ ...................................................................................14
<br />Innlidi~ of S~ ............................................................................................14
<br />H~ of~, Table of~mm ..............................................................14
<br />Eff~tiv~ ~ Filing of Otdi~ ..................................................................14
<br />
<br /> Be it Ozdained by the City C~undl of the City of Ma~insville. Virgi~a:
<br />
<br />Seelion IDefinitions
<br />
<br /> Unlessthecontex~slullciearlyindicatesomeothet~,thefoll°wingw°t~sand
<br />~enn~dm~foraRpu~p~fthe~iinanceand~fa~yc~tificat~es~h~i~n~t~%herins~.Wax~nt
<br />a~,.,,,~a~lhe~ofor~ppkmeninla~'etofo~allPuxPor~ofaaY°Pinfonorlns~mentof
<br />
<br /> "ACe" sixall mean ~ Public Finance Ac~ Chapter 26, Tfilc 15.2 of tl~ Code of Virginja
<br />of l950. as amended.
<br /> "Bank" shall mean StmTmsz Bank, Richmond, Vit~nia.
<br />
<br /> "Bond Counsd" ~ mean Sand.s, Ande~on, Ma~cs & MAllet. a Profederal
<br />Corporation or another attorney or firm of anortt~ys t~linnally rccognizal on th~ subject of
<br />municipal bor,~ selected by the City.
<br />
<br /> "Note Fund" ~nall mean the Note Ftagl astshl~hed by Section 6.
<br />
<br /> "Note Period" shall mean the period b~ginning on foe Closing Date and ending on the
<br /> 25th day of.tttly, 2001.
<br />
<br /> "Noteholder" or "Holder" shall me. an the regi~eroi owner of the Note.
<br />
<br /> "Note'* shall mean the Cit,fs Genenl (Yoligation Note (Land fill Improvement Projcct),
<br /> Series 2000, in the aggregate principal anouot of up to $2,700,00(} euthorized to bc issued
<br />
<br /> "Basins D0y" shall mean any Monday, Tuesday, Wednesday, Thursday or Friday on
<br /> which commercial banks g~cralty ve open for bu~ine~ in the Conunonwealth o f Virg~ma.
<br />
<br /> "City" shall meo. n the City ofMartinsville, Vh,g~ia.
<br />
<br /> "City Chaffer" shall mean ~ Ci~/C~.er of the City of Mmins-dlle, Virginia, as
<br />
<br /> "Clerk" shall mean the Clerk of the Council or the Deputy Ci~k of the Councit.
<br />
<br /> -ClofingDMe"shaHmeanthedateonwhichtheNoteisissuedanddelivaedinthe
<br /> Noteholder.
<br />
<br />,
<br />
<br /> 'Code" ~11 mean the lntm~ Rev~uc Code of 1996. ~ mended, and ~4~p~cablc
<br />zegu~ions, proc~lores and ml~gs themua~er.
<br /> "Commou~tealth" shal[ mere lh~ Commonwealth of Virginia.
<br />
<br /> "Courtall" shall mean ~ City Comn'l. of the City of Mattinsville.
<br />
<br /> elatelest Aeeeunt" ~ mean fire Itttet~t Account in Rile Note Fund e~lablished by
<br />
<br /> "MatarRy Date" shall m~tn luly 2~. 2001.
<br />
<br /> 't~f~yer" shtll tn~a the Mayor or Vice Mayor of the Council.
<br /> "Outstanding" when used in reference to the Note shall mean~ as ;fa particular date,
<br />the Note authenticatod and daliveted undct this Otdlnance except:
<br />
<br /> (i) iftheNoteiscancciedbytheCityatorbefor~suchdate;
<br /> (ii)ifcashequal lo thepnncipal amountoftheNote, with interesl tothe date
<br /> of maturity, d~tll have been dq~osited with the Paying Agettt prior to
<br /> maturity;
<br />
<br /> (iii)the Note for foe tedemptlon Or purchase of which cash or noncallable
<br /> ~ obligations of the Unit~ Stme~ of America, equal lo the redeempriori
<br /> or p4~-dmse price thereof to the tedempli~n or putcha.~ date. sb~lt have
<br /> been &tx~it~d with the hying Agera, for whir. b. notic~ of rodemptinn or
<br /> ptuchase shall have been given in acc~clance with the Otdlnance;
<br />
<br /> (iv) the Note in lieu of, or in ~bstitution for whlck another Note shah have
<br /> been authenticated and delive~d pursuant to this Ordi nance~ and
<br />
<br /> (v) iftheNote is doene4paiaunaet the ptovislonsofSeclion9, cxc~t that
<br /> te~nl~inn d~e mereof ealy for the puzposes of actually bcing papa.
<br />
<br /> "Paying Ageat" shall me~ the City Tteasute~ acting as Paying Ageat h~teun<~ as
<br /> designated and authorized unde~ Sec6on 3 or the successots Or ss~igns ~'~ng as such
<br />
<br /> ~ faymeat Date~ shall mean the f~t day of each month, beginni~ Seretabor 1, 2000,
<br /> v, hile any p~inn of the Fineipal amouat of ltte Note is O~sinnding.
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