Ordinance 3405-14 - Laserfiche WebLink

(2) Maximum Rate. Interest on the Bonds shall not exceed the maximum nonusurious lawful rate of interest permitted by applicable State law, if any. (3) Interest Rate Mode During Initial Period. On the Closing Date, the Bonds shall be Index Floating Rate Bonds and bear interest at the SIFMA Index Rate. (4) Index Floating Rate Bonds. The Index Floating Rate shall be determined in accordance with Section 2.03(b). The Calculation Agent shall notify the City of the Index Floating Rate for each Index Floating Rate Period in accordance with Section 2.03(b). All Index Floating Rate Bonds shall bear interest accruing at the same Index Floating Rate. (5) Variable Rate Bonds, Short-Term Rate Bonds or Long-Term Rate Bonds. Subject to the further provisions of this Section 2.03 with respect to particular Variable Rates, Short-Term Rates or Long-Term Rates or Conversions between Variable Rates or to Short-Term Rates or Long-Term Rates, the interest rate on the Bonds during any Variable Rate Period, Short-Term Interest Period or Long-Term Interest Period shall be determined by the Remarketing Agent as provided in this Section 2.03, and notice thereof shall be given as follows: (A) The interest rate for the Variable Rate Period, Short-Term Interest Period or Long-Term Interest Period in question shall be determined by the Remarketing Agent on the date or dates and at the time or times required pursuant to Section 2.03(c), Section 2.03(d), Section 2.03(e), or Section 2.03(f) below, whichever is applicable. The interest rate to be determined for the Variable Rate Period, Short-Term Interest Period or Long-Term Interest Period shall be the lowest rate of interest that, in the reasonable judgment of the Remarketing Agent, would cause the Bonds to have a price equal to the principal amount thereof under prevailing market conditions for the relevant period as of the date of determination, except as otherwise provided in Section 2.03(g). -25- P 0287 CMW120287 AMT 10/14/14