81-001 Ordinance - Laserfiche WebLink

Home Browse Search

?. el,r ? ?.. .ne,an the .3ate on which the interest i.rlco;ne on the Project Bond becomes subject to TFederal income taxation for any r_eason other t;zan solely because the nolder is a"substantial user" of the PY'0j2CL Or d".related person" t0 SUCYl "SllbStantial US2Y'O, aS tiiose terms are defined or used in Section 103(b) of ttle Internal 'rtevenue CodP of 1954, as amended. In the event of a Fi.nal Determination, the Issuer shall pay Additional Interest (as hereinaEcer_ (ler_ined) on the date of redpmption of this Bond to the then cuz_rerlt and, to the extent anplicable, any prior holder. As used her_ein, "Adciitional Interest" shall mean the dif:Cerence bel.ween the amount of inrerest thereto.Eore paid to sucn I-Iolder anc7 the amount of interest that svould have been paici to such Holder it interest hdd been paid at the Taxable Rate f:rom the "i'axable Date. If any montnly install.ment of pr inr_ ipal or interest is not paid as and when the szmP sha11 bE?COlllc^ C1U° and payable or within fifteen (15) days thereafter, the Issuer shall pay a late charge ("Late Charge") in an amount equal to f.ive percent (50) of such overdue installment, to cornpensate tor tne additional work required to follow and process such delinquent installment. If any sucn monthly installment is not paid within thirty (30) days after the due date of such, i.nterest For such thirty-day period on the principal portion of such unoaid installnent shall be r_omputed at the Default Rate (as hereiriafter defined) until paid. As useci hereirl, "Default Rate" sha_ll inean a rate of two percent (2 0) in excess of the interest rate payable on thi.s Bond. In the event of (i) any failure to pay any interest on or principal of this Bond as and when the same shall become due and payable or within fifteen (15) days thereafter; (ii) any failure to pay any Additional Payinent (as defined in the Agreement) or Late Charge on demand or within ten (10) days thereafter; or (iii) the occurrence and continuation of an "Event of Default" as defined in Section 8.1 of the Agreement, the entire unpaid principal balance of this Bond, together with interest accrued thereon, may be declared due and payable by the Holder and, upon such declaration, such principal and interest shall become and be immediately due and payable at the prices set forth in the. Redemption Schedule, and the unpaid principal balance of this Bond shall bear interest from and after such declaration at the Default Rate, co;nputed daily (on the basis of a 360-day year of twelve 30-day months) and payable monthly until this Bond is paid or such declaration is rescinded; provicied, however, that after such declaration no further rate Charges shall be imposed and no interest shall accrue or be payable with respect to any Late Ctiarqes previously imoosed. The Holder may, in its 6