Agenda 10/10/2000 - Laserfiche WebLink

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"Code" shall mean the Internal Revenue Code of 1986, as amended, and applicable regulations, procedures and rulings thereunder. "Commonwealth" shall mean the Commonwealth of Virginia. "Council" shall mean the City Council of the City of Martinsville. ""Financing Agreement" shall mean the Financing Agreement between the VRA and the City dated as of November 1, 2000. "Interest Payment Date" shall mean each April 1 and October 1, beginning April 1, 2001 while any portion of the principal amount of the Bond is Outstanding. "Mayor" shall mean the Mayor or Vice Mayor of the Council. "Outstanding" when used in reference to the Bond shall mean, as of a particular date, the Bond authenticated and delivered under this Ordinance except: (i) if the Bond is eaneeled by the City at or before such date; (ii) if cash equal to the principal amount of the Bond, with interest to the date of maturity, shall have been deposited with the Paying Agent prior to maturity; (iii) the Bond for the redemption or purchase of which cash or noncallable direct obligations of the United States of America, equal to the redemption or purchase price thereof to the redemption or purchase date, shall have been deposited with the Paying Agent, for which notice of redemption or purchase shall have been given in accordance with the Ordinance; (iv) the Bond in lieu of, or in substitution for which, another Bond shall have been authenticated and delivered pursuant to this Ordinance; and (v) if the Bond is deemed paid under the provisions of Section 9, except that such Bond shall be considered Outstanding until the maturity or redemption date thereof only for the purposes of actually being paid. "Paying Agent" shall mean the City Treasurer acting as Paying Agent hereunder as designated and authorized under Section 3 or the successors or assigns serving as such hereunder. "Project" shall mean the Project as defined in the Financing Agreement.