Ordinance 3405-14 - Laserfiche WebLink

City does not elect in a timely fashion to convert to a new Interest Rate Mode, the Interest Rate Mode then in effect shall continue until changed by timely notice. In addition, if an Index Floating Rate is to be in effect immediately following such Conversion Date, such notice shall state (i) whether such Index Floating Rate shall be a SIFMA Index Rate or a LIBOR Index Rate, (ii) the Applicable Spread to be in effect, (iii) if applicable, the Applicable Factor to be in effect, (iv) if applicable, each Par Call Date, and (v) the date on which such Index Floating Rate Period shall end (which date shall be a Conversion Date or the Maturity Date). The City shall provide notice in writing to the Remarketing Agent of the Applicable Factor to be in effect. The Remarketing Agent shall determine each Par Call Date, the date on which such Index Floating Rate Period shall end and the Applicable Spread to be in effect. (3) Notice of Conversion and Mandatory Tender. For Bonds other than Short- Term Rate Bonds, not fewer than 15 days prior to the proposed Conversion Date, the Bond Registrar shall give Electronic Notice, confirmed by first class mail, of the Conversion and of mandatory tender of the Bonds to the Registered Owners of such Bonds at their addresses as they appear on the Bond Register as of the date notice of the election is received by the Bond Registrar from the City. The notice given pursuant to this paragraph shall set forth the information required by Section 3.10(d) hereof. (4) Opinion of Counsel. Any Conversion pursuant to this Section shall be subject to the conditions that, on or before the Conversion Date, the City shall have delivered to the Bond Registrar, the Remarketing Agent, the Liquidity Facility Provider, if any, and the Credit Facility Provider, if any, with respect to the affected Bonds, an Opinion of Counsel to the effect that the Conversion is authorized by this ordinance and will not, in and of itself, cause the -35- P120287 CMVN20287 AMT 10/14/14