89-100 Ordinance - Laserfiche WebLink

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the first Business Day which is three months from the Interest Rate Adjustment Date, in the judgment of the Remarketing Agent (taking into consideration current transactions and comparable securities with which the Remarketing Agent is involved or of which it is aware and prevailing financial market conditions) to produce as nearly as practical a par bid for the Project Bonds on the Interest Rate Determination Date or (b) in the event that the Remarketing Agent has been removed or has resigned and no successor has been appointed, or the Remarketing Agent has failed to determine the Three Month Interest Rate for whatever reason, or the Three Month Interest Rate cannot be determined pursuant to clause (a) for whatever reason, the interest rate then in effect with respect to the Project Bonds, without adjustment; provided that in no event shall the Three Month Interest Rate exceed 12~ per annum. "Weekly 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 of one week (or less in the case of any such Interest Rate Period commencing on an Interest Period Reset Date which is not a Thursday) commencing on the applicable Interest Rate Adjustment Date, in the judgment of the Remarketing Agent (taking into consideration current transactions and comparable securities with which the Remarketing Agent is involved or of which it is aware and prevailing financial market conditions) to produce as nearly as practical a par bid for the Project Bonds on the Interest Rate Determination Date or (b) in the event that the Remarketing Agent has failed to determine the Weekly Interest Rate for whatever reason, or the Weekly Interest Rate cannot be determined pursuant to clause (a) for whatever reason, the interest rate then in effect with respect to the Project Bonds, without adjustment; provided that in no event shall the Weekly Interest Rate exceed 12~ per annum. TENDER OPTION A. 1. Tender Option While Project Bonds Bear Interest in an Interest Rate Mode Other Than the Weekly Interest Rate. While the Project Bonds bear interest at the One Month Interest Rate, the Three Month Interest Rate, the Six Month Interest Rate, the One Year Interest Rate or the Five Year Interest Rate, on each Interest Rate Adjustment Date thereafter, through and including the Interest Rate Adjustment Date next preceding the Letter of Credit Termination Date, as defined in the Indenture (each a "Bond Purchase Date"), each Holder shall have the option to tender for purchase all of the Project Bonds (so long as such Project Bonds have not previously been selected for redemption) owned by such Holder, or such lesser principal amount thereof (in denominations of $5,000 or any integral multiple thereof) as such Holder may specify in accordance with the terms, conditions and limitations hereinafter set forth. The purchase price for each such Project Bond shall be payable in lawful money of the United -12-