89-100 Ordinance - Laserfiche WebLink

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Interest Rate for such six month period as established on the Interest Rate Determination Date immediately preceding the commencement of such six month period. On February 1, 1990 and on any Interest Period Reset Date thereafter, subject to the conditions set forth in the Indenture, the interest rate on the Project Bonds may be converted to a different Interest Rate Mode upon receipt by the Trustee and the Remarketing Agent of a direction from the Borrower, given on behalf of the Issuer and with the prior written consent of the Bank, not less than 45 days prior to such Interest Period Reset Date, to convert the interest rate on the Project Bonds to an Interest Rate Mode other than the Interest Rate Mode then in effect. On each Interest Rate Determination Date, the Remarketing Agent shall give the Trustee, the Borrower and the Bank telephonic notice (immediately confirmed in writing) of the interest rate to be borne by the Project Bonds for the following Interest Rate Period; provided that if the interest rate is determined pursuant to clause (b) of the definition of the applicable Interest Rate Mode, on the Interest Rate Determination Date, the Trustee shall give notice to the Borrower and the Bank as above provided. If the interest rate on the Project Bonds is converted to a different Interest Rate Mode, at least 30 days prior to the Interest Period Reset Date the Trustee shall notify the Holders of all outstanding Project Bonds by telephone (to the extent their telephone numbers have been provided in writing to the Trustee), immediately confirmed by first class mail, that upon such Interest Period Reset Date the Project Bonds shall be converted to a different Interest Rate Mode, which Interest Rate Mode shall be specified, and that all Project Bonds shall be subject to a mandatory tender, subject to the right of the Holders to affirmatively elect to waive the mandatory tender and retain their Project Bonds. Any calculation of the interest rate to be borne by the Project Bonds shall be rounded to the nearest one-hundredth of one percent (0.010 . The computation of the interest rate on the Project Bonds by the Remarketing Agent or the Trustee, as applicable, shall be binding and conclusive upon the Holders of the Project Bonds. "Five Year Interest Rate" means (a) the rate of interest per annum determined by the Remarketing Agent, on the Interest Rate Determination Date immediately preceding the applicable Interest Rate Adjustment Date, to be the interest rate necessary during the Interest Rate Period commencing on the applicable Interest Rate Adjustment Date and ending on the January 31 or July 31 nearest to but not later than the date which is five years from the Interest Rate Adjustment Date, in the judgment of the Remarketing Agent (taking into consideration current transactions -8-