83-110 Ordinance - Laserfiche WebLink

Home Browse Search

?,..- ? person" thereof, as those terms are used in Section 103(B)(13) of the Code) then (A) at the election of the Bondholders, either (1) the Project Bonds shall bear interest at the rate of seventeen percent (17%) per annum, commencing on the Payment Date immediately following the Final Determination and continuing until final maturity or prior redemption of the Project Bonds, or (2) the Project Bonds shall be redeemed in whole by the Issuer, without premium or penalty (except for the increased inter- est rate provided in (B) below), at a redemption price of one hundred percent (100%) of the out- standing principal amount thereof, plus accrued interest to the date fixed for redemption, at the earliest practicable date selected by the Bond- holders after consultation with the Company, but in no event earlier than 180 days following the Final Determination (unless the Company otherwise agrees) or later than 270 days following the Final Determi- nation, and (B) the Company, on behalf of the Issuer, shall pay to the Bondholders in the manner and at the time set forth in this paragraph, an amount equal to the difference between (1) the amount of interest paid on the Project Bonds from the date as of which the Final Determination is effective until the date fixed for redemption because of the Final Determination, or the date as of which,the interest rate on the Project Bonds is increased because of such Final Determination, as the case may be, and (2) the amount of interest that would have been payable during the above described period had the interest rate on the Project Bonds been seventeen percent (17$) per annum during such period. In the event the Bond- holders elect to increase the interest rate on the Bonds, in accordance with the provisions of this paragraph, the Company may prepay the Note in whole (with a corresponding and simultaneous redemption by the Issuer of the then outstanding Project Bonds) on any Payment Date occurring within 180 days after the effective date of such election, without premium or penalty, provided notice of the intention to make such prepayment has been given to the Bondholders within sixty (60) days after such election. The amount determined to be payable pursuant to clause (B) above shall be payable in one installment on the Payment Date immediately following the Final Determination. As used herein, "Final Determination" shall be deemed to have occurred upon the date of deli very of written notice by the Bondholders to the Company and the 12