2014/09/24 Council Agenda Packet

dissolved or liquidated or shall no longer perform the functions of a securities rating agency, any other nationally recognized securities rating agency designated by the Designated Representative. MSRB means the Municipal Securities Rulemaking Board or any successor to its functions. Net Proceeds, when used with reference with the Bonds, means the principal amount of the Bonds, plus accrued interest and original issue premium, if any, and less original issue discount,if any. New York Banking Day means any day on which banks in New York, New York are open for the transaction of business. Non reinstatement Date means, with respect to a Liquidity Facility, the date which is seven calendar days (or if such seventh calendar day is not a Business Day, the Business Day immediately preceding such seventh calendar day) after the date on which the Bond Registrar receives written notice from the Liquidity Facility Provider to the effect that an. event of default under the related Liquidity Facility Agreement has occurred and as a result thereof a drawing under the Liquidity Facility to pay the Purchase Price of the Bonds will not be reinstated. Opinion of Counsel, when used with reference to this ordinance means a written opinion of Bond Counsel in form and substance acceptable to the Designated Representative and the addressees thereof, which opinion may be based on a ruling or rulings of the Internal Revenue Service. Optional Liquidity Payments has the meaning given in Section 7.03(b). Outstanding, when used as of any particular time with reference to Bonds, means (subject to the provisions of Article IX) all Bonds theretofore, or thereupon being, authenticated and delivered by the Bond Registrar under this ordinance except (a) Bonds theretofore canceled _14_ P120287_CM'M20287 AMT 09/16/14