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89-100 Ordinance
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89-100 Ordinance
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1/11/2014 12:31:12 PM
Creation date
1/2/2014 3:01:45 AM
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North Olmsted Legislation
Legislation Number
89-100
Legislation Date
12/6/1989
Year
1989
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* . <br />"Three Month Interest Rate" means (a) the rate of interest <br />per annum determined by the Remarketing Agent, on the Interest <br />Rate Determination Date immediately preceding the applicable <br />Interest Rate Adjustment Date, to be the interest rate necessary, <br />during the Interest Rate Period commencing on the applicable <br />Interest Rate Adjustment Date to and including the day preceding <br />the first Business Day which is three months from the Interest <br />Rate Adjustment Date, in the judgment of the Remarketing Agent <br />(taking into consideration current transactions and comparable <br />securities with which the Remarketing Agent is involved or of <br />which it is aware and prevailing financial market conditions) to <br />produce as nearly as practical a par bid for the Project Bonds on <br />the Interest Rate Determination Date or (b) in the event that the <br />Remarketing Agent has been removed or has resigned and no <br />successor has been appointed, or the Remarketing Agent has failed <br />to determine the Three Month Interest Rate for whatever reason, <br />or the Three Month Interest Rate cannot be determined pursuant to <br />clause (a) for whatever reason, the interest rate then in effect <br />with respect to the Project Bonds, without adjustment; provided <br />that in no event shall the Three Month Interest Rate exceed 12$ <br />per annum. <br />"Trustee" means the Trustee under the Indenture, originally <br />The Central Trust Company, N.A., and any other successor Trustee <br />as determined or designated pursuant to the Indenture. <br />"Unassigned Issuer's Rights" means the Unassigned Issuer's <br />Rights as defined in the Loan Agreement. <br />"Weekly Interest Rate" means (a) the rate of interest per <br />annum determined by the Remarketing Agent on the Interest Rate <br />Determination Date immediately preceding the applicable Interest <br />Rate Adjustment Date, to be the interest rate necessary, during <br />the Interest Rate Period of one week (or less in the case of any <br />such Interest Rate Period commencing on an Interest Period Reset <br />Date which is not a Thursday) commencing on the applicable <br />Interest Rate Adjustment Date, in the judgment of the Remarketing <br />Agent (taking into consideration current transactions and <br />comparable securities with which the Remarketing Agent is <br />involved or of which it is aware and prevailing financial market <br />conditions) to produce as nearly as practical a par bid for the <br />Project Bonds on the Interest Rate Determination Date or (b) in <br />the event that the Remarketing Agent has failed to determine the <br />Weekly Interest Rate for whatever reason, or the Weekly Interest <br />Rate cannot be determined pursuant to clause (a) for whatever <br />reason, the interest rate then in effect with respect to the <br />Project Bonds, without adjustment; provided that in no event <br />shall the Weekly Interest Rate exceed 12~ per annum. <br />Any reference herein to the Issuer, to the Legislative <br />Authority, or to any officers thereof, shall include those which <br />succeed to their functions, duties or responsibilities pursuant <br />to or by operation of law or who are lawfully performing their <br />- 9 - <br />
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