Ordinance 3405-14 - Laserfiche WebLink

such rate shall become effective on the SIFMA Index Reset Date next succeeding such Computation Date (or on such Computation Date if such Computation Date is the SIFMA Index Reset Date) and interest at such rate shall accrue until such rate is recalculated on the next succeeding Computation Date during such SIFMA Index Rate Period. The SIFMA Index Rate shall be rounded upward to the second decimal place. Promptly following the determination of the SIFMA Index Rate, the Calculation Agent shall give notice thereof to the City. If the SIFMA Index Rate is not determined by the Calculation Agent on the Computation Date, the rate of interest borne by such Index Floating Rate Bonds shall be the rate determined on the immediately preceding Computation Date until the Calculation Agent next determines the SIFMA Index Rate as required hereunder. (B) LIBOR Index Rate. During each LIBOR Index Rate Period, the Bonds shall bear interest at the LIBOR Index Rate. The Calculation Agent shall determine the LIBOR Index Rate on each Computation Date during the LIBOR Index Rate Period, and such rate shall become effective on the LIBOR Index Reset Date next succeeding such Computation Date and interest at such rate shall accrue each day during such LIBOR Index Rate Period, commencing on and including the first day of such period to but excluding the last day of such period. The LIBOR Index Rate shall be rounded upward to the third decimal place. Promptly following the determination of the LIBOR Index Rate, the Calculation Agent shall give notice thereof to the City. If the LIBOR Index Rate is not determined by the Calculation Agent on the Computation Date, the rate of interest borne by such Index Floating Rate Bonds shall be the rate determined on the immediately preceding Computation Date until the Calculation Agent next determines the LIBOR Index Rate as required hereunder. -27-- P 120287_CMW20287_AMT 10/14/14