Ordinance 3405-14 - Laserfiche WebLink

Interlocal Agreement means the agreement of that name between the District and the City with respect to the refunding of the 2007 District Bonds. Letter of Representations means the blanket issuer letter of representations from the City to DTC. LIBOR Index means the rate of interest per annum for United States Dollar deposits in the London Interbank Market, as quoted by the Calculation Agent from Reuters Screen LIBOR01 Page or any successor thereto, which shall be that one-month LIBOR rate in effect on the applicable Computation Date. If for any reason such LIBOR Index is unavailable and/or the Calculation Agent is unable to determine the LIBOR Index for any LIBOR Index Rate Period, the Calculation Agent upon direction by the Designated Representative, shall either: (a) select a replacement index based on the arithmetic mean of the quotations, if any, of the interbank offered rate by first class banks in London or New York for deposits with comparable maturities or (b) deem the LIBOR Index to be a rate per annum equal to the Calculation Agent's Federal Funds Rate as of the first day of any LIBOR Index Rate Period for which such LIBOR Index is unavailable or cannot be determined; provided that the Calculation Agent shall give prompt written notice to the City setting forth such change in interest rate, the nature of the circumstances giving rise to such change, and the method of calculating such change if based on a replacement index. The Calculation Agent's internal records of applicable interest rates shall be determinative in the absence of manifest error. LIBOR Index Rate means a per annum rate of interest established on each Computation Date equal to the sum of (a) the product of (1) the LIBOR Index multiplied by (2) the Applicable Factor plus (b) the Applicable Spread. -11- P\20287 CMVM20287 AMT 10/14/14