Ordinance 2557-01 - Laserfiche WebLink

(2) In the event the Remarketing Agent fails for any reason to determine, or notify the Registrar of, the Interest Rate for any Interest Period during which the Bonds are in a Weekly Mode (except as provided in Section 2.09(d)), the Bonds shall accrue interest at a Weekly Rate equal to the BMA Municipal Swap Index in effect as of each Rate Determination Date, until the Registrar is notified of a new Weekly Rate determined by the Remarketing Agent. (b) Weekly Rates. The Weekly Rate for each Interest Period in the Weekly Mode shall be effective from and including the commencement date of such Interest Period through and including the last day thereof. Each such Weekly Rate shall be determined by the Remarketing Agent no later than 4:00 p.m.,New York City time, on the Rate Determination Date and provided to the Registrar by the Remarketing Agent by telephonic or Electronic Means by the second Business Day following such Rate Determination Date. (c) Fixed Rate. A Fixed Rate shall be determined as follows: (1) The Fixed Rate during the Fixed Mode shall be effective from and including the Fixed Rate Conversion Date and remain in effect until the Maturity Date. The Fixed Rate shall be determined not later than 12:00 noon, New York City time, on the Rate Determination Date and provided to the Registrar by the Remarketing Agent by telephone or Electronic Means by the close of business on such Rate Determination Date. (2) If Term Maturity Dates or Serial Maturity Dates are approved by the City, a Fixed Rate shall be set for each such date. (d) Rate in Absence of Remarketing Agent. If there is a vacancy in the office of Remarketing Agent during any period in which the Bonds are in a Weekly Mode, the Bonds -25- P\CMW\CMW4ZL 11/20/01