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"principal A~uat" shall maim the Principal Accoont in the Note Fund established by
<br />Snofon6.
<br />
<br /> "proceeds Fund" shill mean the Pwceed. s Fund established by Section 4.
<br /> .ll~listrar-shzUme~t thchyin~AFmt, orthesuccassorsor assiFLs sct~b~ss such
<br />hcmemsdcr.
<br />
<br />See~ot 2 Hndlm,s tied Detem|autioes
<br />
<br /> TbeCouncilheay~yfmdsanddets~inuesthat(i)theCi~yisinneedoffundstobeased
<br />by the City lot Po~ose$ of ti~ acquisitlea. 4xmslmctiort and cq,,~opin~ of reao~tions,
<br />and imptovcsue~s to the City of MastinsOle Landfill, including closure d two areas of
<br />Landfill, ~ systom and roadway imFovements, m5 site pt~epar~on tot tnttsfe~
<br />cea,~mction (the "project"), for costs ofissuance of~c N~e and for the paym~t ofinte~ast
<br />the Note, (ii) the obUinEng of such funds wilt be for municipal pu23x~ of t~c City for
<br />welfare of citizens of the City for ptulrose~ which will so're the City a~l its citizens pursuant to
<br />the amhotity of the City to providc funds [.or ~xd otherwise provide and operate solid waste
<br />mafiaFagot fucililies and support the Ctty's municipal ~ (lii) the most effsotive,
<br />and ex~ manne~ in which to provide such funds is by a general obligutio~ note in
<br />maximum pt'hiciFal amount d 52,700,0~0 issued. by the City n fu~her described he~n (the
<br />"Note") to be sold to SunTsu~t Bank, which has <}ffcsud to p4z,-chase the same un ordain terms
<br />anaceedi~innspursuamtoaNotepu~bascAglzcmcmbctweeathcCityCouncilandSenTr, t~
<br /> Bank (the "Note l%t~b use Agreemet") the form ef which has been ~suted to the City
<br /> Cramoil, ~e issuance o~ sudt Note bring wit~ the powee of the City to contrac~ debts, borrow
<br /> money aria make and issue eviaence of indchtedaass and (iv) the issuance ef the Note is in the
<br />
<br /> probable usdul li~c of th, e Pmje~ and any and all postions of tl~ Pmjnot, exceeds ~cnty-fivc
<br /> ~andthatthcNe~eispayableandshatlmatutcwilintheptobablcusc~lli~co~thcProj~
<br />
<br /> anavcrd~asefullifeofsuchpo~oas). ThcCmm~lecpso~thattheptincip~oftheNot~hall
<br />
<br /> Sectinn 3 Authorizeflee. Form end D~ails of the l~ote
<br />
<br /> 'fhcre is hereby ~uthorized to be issued a genes'el obligation nute ofthe City in the
<br /> agg~gatc ptincipll sutotmt of up to $7., 700,000 for rounicipal puzposus as de~cdb<~ in Section 2
<br /> above. TI~ Note atthorized bereh sludl be designated 'G~nonl Obligation N~c (Landfill
<br /> Improvement Project), Series 2000," shall be issuehie as a fully rogistel~l note., without coupons,
<br /> shall beo~todthe CIosing lylte, shitibeuombemi R-l,shsit bear interest payable on the
<br /> Maturity Date at a rate pet annum of 5.05% in accordan~ with the provisions bercln, and the
<br /> Noteshalimann~onth~bl~urityDIle. TIw Note is subjeot to ~demp~inn prior to maxmity at
<br /> the ~ <}['the Council at any tlmc upon seven days notice to th~ liolder, in whole or in p~ as
<br />
<br />limited by the ~nns of the Note, at a redemp~inn price equal to 100°/, of the l>rincipsi amount o f
<br />the Note to be redeemed, plus inlezest accrued to ?,he redemption date.
<br /> The Nute is heroby authorized to be iss,.%ed unde~ the City Ch~te~ and the Act. TheNote
<br />shali bear iotetesl li~n the da~e on which it is aulheulicated- [nte~slonth~Notcslatlb~
<br />computedoothebasisof30-daymonthsanda360-dayyear-
<br /> Principal of, and inta'es~en, the Nutc shall belmYible in lawful m°neY o['the United
<br />S~atosofAmefict Principgofandintetes~ontheNoteshallbePaYabhiattheFfinciPatoffice
<br />oftbepa~ingAgc~wlxmFexcutatinnandsm'~czzScto['theNotcoutheMatudtyDaf~
<br /> ThcNot~shall beFinted, llihoFaphcd ort,,~pewritlunaml shall be subsuntlally in the
<br />form hc~--in below se~ fon~ with such appropriate ~dztiotts, omissions and in~tt~inns s,s uc
<br />permitted or rcqaired by this Otthnano:, including such vad~ions, iase~inr, s and omlssioas as
<br />shall be nece~a~ to issue the Note undez a sy~m of book-entry for recording the owne~hip
<br />and ~-~mfer of owuaship o[ righis to rr-~ve In~nents of principal d&nd intc~st on the Note
<br />and may h~ve endorsed thez~.on such leSends or teat as n~y be necessary or ~ppropdate to
<br />conform to any apphcablc sules and regulations of any Eovemmen~al atxthority or any usage or
<br />tequi~emenl ofisw w~th n~pect thereto.
<br />
<br /> if any principal of, or intuest on, the Note i~ not paid wbe~ dee (whethe~ at rrmtorlty, li~
<br /> acceleration or call ~or tederuption, or othev~se), thet~ to ~he extent permiUed by ~,w, th~
<br /> overdue installme~s o~p~ncipai shall be~ interest until paid a~ th~ same rate as sol fot~ in the
<br /> Note.
<br />
<br /> 't'he Note shill be sign~ by the facshnile or ra~ual signatu~ o [' the Ma~or. The
<br /> facsimile of the City's seal shall be printed the~on or manually ~ thereon and aUested
<br /> by the facsimile or manual signature of the Clerk. In case any offr. er whose signature or
<br /> facsimile o['who~e signattire shall appex~ on the Note shall cease to be such offcot befor~
<br /> d~i~,ety of the Note, such siphire ot facsimile shall noveithele~ be valid. and suf~cieut fo~ all
<br /> puzpeses, the same as if he remaln~ in office until such delivery. The Note nay bo~ ~
<br /> facUmile si~otore of or may be signed by sucti p~sons is ot the ac'mal time of the ~ec~tion
<br /> thereof shall be the propa offwets to sire the Note although on the date o[' dclivez'y o[' the Note
<br /> such persons my not have ~ such otiScots.
<br />
<br /> Th~ Note shall bear a cet~fic~te ofauthenti~tion, in the form se~ fetch below, duly
<br /> execmed by the P-eFstr~- ~ Re~istz~ shall sutheuticate the Note with the si~mamro of an
<br /> luthorized otScet of the R~ras. Oaty the autheuticated Note shall be entitled to any right
<br /> benefit under this Ordinance, and such certificate on the Note isstie~ bet~under shah be
<br /> conclusive evidence ~ the Note has been duly issued and is se~uted by tl~ pwv~otn hereof.
<br />
<br /> Tnc Payin~ A~e~t shall act as Regish-~ and sbell mai~ain Re~stration Books for
<br /> r~gistntion and the registration of transfer of the Not~. The City Treasurer is llcreby desi~z~atcd
<br />
<br /> andauthodzedtoactaspayingAge~andRegislrarhetennde~'- Thetnmsfe~oftheNotenaybe
<br /> rogislet~ only tm eae books kept for the re~,is~on and rogisb~Xion ofmmsfot ofd~ Noz upon
<br /> holderinpenonotbyhlsdalyanthorizedanomeyotlegahqffesentafiveinsuchfotmassha31
<br /> shallatp. heuticateandddiver, ineadmngcoftheNote, anewtc~slet~dN°lezcgiateredinthe
<br /> ueac ofthctransforce ofthe sane serle$,roatutitYand interesl r~le ssthcN°to s°e~changed in
<br /> anydenotainationordmominatinnssuthodzedbythisOrdlimnce~
<br /> 1'~ p, egis~rar shall not be mtuired to malcc any such teg~U~un ot registration of
<br /> tressfc~ during the thirty 00) days immediately procuring lbe Maturity Dale or a redemption
<br /> date.
<br />
<br /> Prior to dno pl~eutment for rcgisu=~on oftnnsfe~ for the Note, the P, egistrar shall treal
<br />· the regisradii holder as the person exda~vety entRied to payme~ of prittcipai of, l~minm, if
<br /> any, ted hiteros1 on, the Note and the exe~s~ of aH other rights and powers of the Bolder.
<br />
<br /> lfth~ Note has been mutilatect, ~ or destroyed, the City shall execute and ~ Registrar
<br /> shall autheuticate and deliver a new Note of like date and te~or in exchange or sobslimtion for,
<br /> and upon cancellatinn of, such routlisted Nute or in lieu of and in substitution for such los~ or
<br /> daslroyed }~ote; provided, however, that the City and the Rcgigrar shall execute. authenticote
<br /> and alelive such Note ~tty if the Holder has paid the te~sonibie exl~nses and charges of the
<br /> City and the Registr4r in connectinnthet~Wlth snd, in the coseofalostotdestroYedN°te, has
<br /> furnishedtotheCitym~dtheReg~tnn~(a~cvideno¢sa%Lsfactotytothcmth~tsuchNotewas~st
<br /> or desired and the Holder was the Owner thereof and (b) indemnity Sotisfastov/Io them. If the
<br /> Note h~s matted, insteatt of issuln__.g a new Note, the P, eg~stru m~y pay the some without
<br /> sire'eerier lhe~eofupen receipt of the aforesuid evidence and indenmity.
<br />
<br /> If the Note has been p aid (whether at nuau~ty, by acceleration or otherwise) or delivered
<br /> to the paying Agent for cancellation, the Nee: shall not be reissued and the Rcglstrar shall, unless
<br /> otl~-wisc di reeled by the City, cremate, shred or othenvise dispose of the Note. The Registrar
<br /> shall ddiva to the City a ce~i~Scate oF any such ore~uation, ~din~ or otter di~iliun of ~
<br /> Note.
<br />
<br /> CUSli~identificatioe numbels may be P~inted onlhe Note,liut t~w-li manbers daljnot be
<br /> deemed m he a part o f the Note ot a pan of the contract evidenced lhereb? and no liability shall
<br /> heteafie~ atuch to the City or any of the of~c~s ot a~ents thereof bcc~asc or on scceuni of said
<br /> CUSIP mmaben.
<br />
<br /> The Nute. the Cenl fica~e of Auttp,~i,-~,on and ~e pto~sson foe the assignment Io be
<br />
<br />"FOP, M OF NOTE"
<br />
<br />No. R-I
<br />
<br /> UNTrED ST~TF..S OF AMERICA
<br /> COMMONM~ALTH OF VIRGINL~ CiTY OF MARTLNSVILLE
<br />
<br /> GENERAL OBLIGATION NOTE (LAND FILL IMYROVEMEI~f PROJEC~
<br /> SERIES 2000
<br />
<br /> Dated: July _, 2000
<br />
<br />Rtgi~tered Holder; Maturity'Date: July 25, 2001
<br />SU~'RUST BANK
<br />
<br />Pr{ncipal Sum:
<br />$?,~00,000 laterfit Pdstc:
<br />
<br /> KNOW ALL IVI~N BY T~F,~;~-- P!~ESEI~FS. that the City of Mmlinsvillc,
<br />(herdus[tot somet{mes referred to as the "Ci~"), a City of the Commonwcalih
<br />for value received herd~y promises to pay to the rc~ist¢ced holder (named above), or assigns, on
<br />the Maturity Date (s~ccilied above), subjeot to p2~tnymnot or prior redemption as
<br />provided. tl~ Principal Sum (specified above) upon pf~CP_tatiOB sud stiffenclef of this Note at the
<br />principal corporate office oflhc Martinsviii* City TrcasureT, M,~hsv~l¢, Virgi~ak (the
<br />**Paying Ageot"), and to pay interest on s~d Pt-hlcipsi Sum, from the da~e o[' authentlcation
<br />hereof until the payme~ of said Frinc[pat Sum, ut the t:ate p~ annum (~pecilied above) payable
<br />on the Maturity Date, as ['ollows:
<br />
<br /> Commencln8 on September 1, 2000 and ~he litst day of each month thereafter to the
<br /> Maturlty Da~e, intc~st <ndy payments at the ate act forth above, with the fmat p~ymeat due
<br /> hcmmclct in the amount of the principal balance outstanding on this Note and intex~t thereon at
<br /> the xlte se~ forth above. due arKl payable in full oft July 25,
<br />
<br /> Both lnUla[ofand imex~slonlltis N~e axe paYable in atlY c°in orcuttellcY°fthe
<br /> Lln~ted Stetes of America which at tbe time ofpaymemt is le~ I~.d,n' f~r public and Ftivate
<br /> debts.
<br />
<br /> It is beveby cex~cd, reared and deciseed that all acts, conditions and things tequi~ to
<br /> havchaFpeaxed, toedstand to havebecnpcdotmcdptcccdcnttoandinthcissuancc°fthisNote
<br /> fequimt by law; that this 1,~e does not exceed my c.~RV, imtional, statutop/ot ch~t~ limltaxinn
<br />
<br />
<br />
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