106-83 Bonds for Hospial - Laserfiche WebLink

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(i) Letter of Credit Draws for Purchase of Series 1983 Bonds. As provided in the Payment, Purchase and Remarketing Agreement, the Trustee may from time to time draw moneys under the Letter of Credit for the purpose of funding the Issuer's purchase of Series 1983 Bonds pursuant to the Payment, Purchase and Remarketing Agreement. Any amounts so drawn under the Letter of Credit shall bear interest at a floating annual rate equal to ninety percent (90%) of the Prime Rate, with each change in the Prime Rate automatically and immediately creating a change in such rate. The fact of ownership of any such Series 1983 Bond by the Issuer, and the period of such ownership, shall be conclusively established by the confirmations of the Remarketing Agent showing the sale of any such Series 1983 Bond to and by the Issuer. The Remarketing Agent shall promptly provide to the Trustee copies of all confirmations showing purchase and sale of any Series 1983 Bond by the Issuer, to and including the date next preceding the sale settlement date, as shown on the confirmation of sale of such Series 1983 Bond by the Issuer, and such purchases and sales shall be recorded in the registration books maintained by the Trustee. (j) Letter of Credit Draws. Notwithstanding anything herein or in the Indenture to the contrary, one Business Day prior to any redemption date the Trustee shall draw on the Letter of Credit funds which are sufficient to redeem the Series 1983 Bonds to be redeemed as provided in this Section 5. (k) Purchase of Bonds by the Issuer. As provided in the Pay- ment, Purchase and Remarketing Agreement, Series 1983 Bonds shall, at the option of the holders thereof, and to the extent not remarketed, he subject to purchase by the Issuer on any Interest Payment Date at a pur- chase price equal to 100% of the principal amount thereof to he so purchased. Any such purchase shall be subject to the terms, conditions and restrictions of the Payment, Purchase and Remarketing Agreement. (1) Certificate of Award. The Executive and the Fiscal Officer are, and each of them is, hereby authorized and directed promptly to negotiate the sale of the Series 1983 Bonds to the Original Purchaser designated pursuant to Subsection (m) of this Section 5 upon terms consistent with this Bond Legislation, and to determine and specify in the Certificate of Award the following terms and provisions of or with respect to the Series 1983 Bonds: (i) the aggregate principal amount, provided that such amount shall not exceed $4,000,000; (ii) (a) the rate per annum at which the Series 1983 Bonds shall bear interest for the first Interest Period, provided that such rate shall not exceed seven and one-half percent (7.5%), and (b) the percentage of the Interest Index to be used to determine the rate per annum at which the Series 1983 Bonds shall bear interest for each Interest Period after the first Interest Period in accordance with Section 5(d) of this Bond Legislation, -19-