83-152 Ordinance - Laserfiche WebLink

Home Browse Search

.._? paragraph of Section 6.8 of the Agreement, the Project Note shall be subject to mandatory prepayment in the manner and upon the date request- ed in writing by the Mortgagee. The Issuer shall cause to be deposited into the Note Fund the monies required to retire the Project Note at a price of 1057; of the amount of principal outstanding on the date of prepayment, plus an amount of money, payable as interest, equal to the amount that would have been payable as interest from the date upon which federal income tax is payable on interest on the Project Note (the "Taxable Date") (which Taxable Date may precede the date of such final determination) to such date of prepayment had the interest rate on the Project Note been equal to the Prime Rate, as the Prime Rate is in effect on the fifteenth day of each month for which payment is made (less interest payments made by or on behalf of the Issuer from the Taxable Date to such date of prepayment), plus the sum of any Additional Payments accrued as of the prepayment date. As used herein, "final determination" shall be deemed to have occurred upon the date of a ruling or technical advice by the Internal Revenue Service as to which the Owner has been consulted or the date of a written opinion by bond counsel selected by the Mortgagee and satisfactory to the Owner, which expression of satisfaction shall not be unreasonably withheld. In the event of a final determination that interest on the Project Note is wholly includable for federal income tax purposes in the gross income of a Holder for any reason other than as described in the preced- ing paragraph (other than because a Holder is a"substantial user" of the Project or a"related person" thereto, as those terms are used in Section 103 of the Code, in which case there shall be no change in the 15