Ordinance 3405-14 - Laserfiche WebLink

SIFMA means the Securities Industry & Financial Markets Association (formerly the Bond Market Association). SIFMA Index means, for any Computation Date, the level of the index which is issued weekly and which is compiled from the weekly interest rate resets of tax-exempt variable rate issues included in a database maintained by Municipal Market Data which meet specific criteria established from time to time by SIFMA and issued on Wednesday of each week, or if any Wednesday is not a Business Day, the next preceding Business Day. If the SIFMA Index is no longer published, then SIFMA Index shall mean the S&P Weekly High Grade Index. If the S&P Weekly High Grade Index is no longer published, then SIFMA Index shall mean the prevailing rate determined by the City and notified to the Calculation Agent for tax-exempt state and local government bonds meeting criteria determined in good faith by the City and notified to the Calculation Agent to be comparable under the circumstances to the criteria used by SIFMA to determine the SIFMA Index immediately prior to the date on which the SIFMA Index and the S&P Weekly High Grade Index are no longer published. SIFMA Index Rate means a per annum rate of interest established on each Computation Date equal to the sum of the Applicable Spread plus the SIFMA Index. SIFMA Index Rate Conversion Date means (a) the date on which the Bonds begin to bear interest at the SIFMA Index Rate or (b) if the Bonds have previously borne interest at the SIFMA Index Rate during a SIFMA Index Rate Period then ending, the Index Floating Rate Conversion Date occurring at the end of the then ending SIFMA Index Rate Period. SIFMA Index Rate Period means each period from and including the Closing Date or a SIFMA Index Rate Conversion Date to but excluding the earlier of (a) the immediately succeeding Purchase Date and (b)the Maturity Date. -19- P 120287_CMW120287_AMT 10/14/14