Ordinance 3405-14 - Laserfiche WebLink

Maturity Date. The Remarketing Agent may, in the reasonable exercise of its judgment, determine one or more Short-Term Interest Periods that result in a Short-Term Rate or Short- Term Rates on Bonds that are higher than would be borne by such Bonds with a shorter Short- Term Interest Period in order to increase the likelihood of achieving the lowest net interest cost during the term of such Bonds by assuring the effectiveness of such Short-Term Rate for a longer Short-Term Interest Period. The determination of each Short-Term Interest Period by the Remarketing Agent shall be based upon the relative market yields of the Bonds and other securities that bear interest at a variable rate or at fixed rates that, in the reasonable exercise of the judgment of the Remarketing Agent, are otherwise comparable to the Bonds, or any fact or circumstance relating to the Bonds or affecting the market for the Bonds or affecting such other comparable securities in a manner that, in the reasonable exercise of the judgment of the Remarketing Agent, will affect the market for the Bonds. The Remarketing Agent, in its discretion, may consider such information and resources as it deems appropriate in making the determinations described in this paragraph, including consultations with the City, but the Remarketing Agent's determination of the Short-Term Interest Periods will be based solely upon the reasonable exercise of the Remarketing Agent's judgment. (2) Effective Period. The interest rate for each Short-Term Interest Period shall be effective from and including the commencement date of that interest period and shall remain in effect through and including the last day thereof. (3) Short-Term Interest Periods. Short-Term Rate Bonds may bear interest for different Short-Term Interest Periods and at different Short-Term Rates; provided that all Short- Term Rate Bonds with the same Short-Term Interest Period shall bear interest accruing at the -30- P\20287 CMVV\20287 AMT 10/14/14