Ordinance 3405-14 - Laserfiche WebLink

Bonds to be includable in the gross income of Registered Owners for federal income tax purposes. (g) Conversions. At the option of the City, the interest rate with respect to all (but not less than all) Bonds (other than Fixed Rate Bonds) may be converted from an Index Floating Rate to a new Index Floating Rate or converted to an Index Floating Rate, Daily Rate, Weekly Rate, Short-Term Rate or Long-Term Rate, as follows: (1) Conversion Date. In any such case, the Conversion Date shall be the first day following the last day of an Interest Payment Period for the Interest Rate Mode from which such Bonds are to be converted; provided, however, that for Index Floating Rate Bonds, the Conversion Date must be a Par Call Date or the date on which the Index Floating Rate Period ends, and for Long-Term Rate Bonds, such Conversion shall occur only on a date that such Long-Term Rate Bonds are subject to purchase pursuant to Section 3.10(a)(3) or any date such Long-Term Rate Bonds are subject to optional redemption pursuant to Section 3.01(d). Interest shall accrue on such Bonds at the new interest rate commencing on such Conversion Date, whether or not a Business Day. Any action required to be taken on such Conversion Date, if such day is not a Business Day, may be taken on the next succeeding Business Day as if it had occurred on such Conversion Date. (2) Notice of Intent to Convert. The City shall give written notice of its intent to exercise its option to effect any such Conversion to the Remarketing Agent, the Tender Agent, the Bond Registrar, the Liquidity Facility Provider, if any, and the Credit Facility Provider, if any, by Electronic Notice not fewer than five days (or such shorter period as shall be acceptable to the applicable parties) prior to the date on which the Bond Registrar is required to provide notice to the Registered Owners. Such notice shall specify the proposed Conversion Date. If the -34- P\20287 CMW\20287 AMT 10/14/14