Ordinance 3405-14 - Laserfiche WebLink

(3) each Short-Term Rate Mandatory Purchase Date if a Liquidity Facility is not in effect with respect to such Bonds; and (4) each Long-Term Rate Mandatory Purchase Date if a Liquidity Facility is not in effect. Collectively, (1)through (4) above are referred to as the "Required Liquidity Payments." (b) Optional Liquidity Payments. The City may elect, in its discretion, to pay or cause to be paid to the Tender Agent, for deposit in the Purchase Fund, the amounts required to provide moneys for the payment of the Purchase Price of Bonds tendered and/or deemed tendered for purchase and not remarketed pursuant to the terms of this ordinance on the following Purchase Dates: (1) a City Elective Purchase Date; (2) a Liquidity Facility Date or a Credit Facility Date; and (3) a Purchase Date where a Liquidity Facility is in effect with respect to the Bonds and the Liquidity Facility Provider has failed to provide funds for such purchase. Collectively, (1) through (3) above are referred to as the "Optional Liquidity Payments." (c) The failure of the City to make a Required Liquidity Payment as and when due shall constitute a default. The failure of the City to make an Optional Liquidity Payment as and when needed shall not constitute a default. ARTICLE VIII MODIFICATION OR AMENDMENT OF THE ORDINANCE Section 8.01. Amendments Permitted. (a) This ordinance and the rights and obligations of the City and of the Registered Owners of the Bonds and, with the consent of the Bond Registrar, of the Bond Registrar may be modified or amended from time to time and at any time by an ordinance or ordinances -100- P\20287 CMWM20287 AMT 10/14/14