Ordinance 3405-14 - Laserfiche WebLink

the Bonds to be converted. Such determination shall be conclusive and binding upon the City, the Bond Registrar, the Remarketing Agent, Beneficial Owners and the Registered Owners, the Liquidity Facility Provider, if any, and the Credit Facility Provider, if any. No later than 4:00 p.m., New York City time, on the date of determination of the Fixed Rate, the Remarketing Agent shall communicate the Fixed Rate by Electronic Notice to the Bond Registrar, the City, the Liquidity Facility Provider, if any, and the Credit Facility Provider, if any, (in the case of Conversion of Index Floating Rate Bonds, Variable Rate Bonds, Short-Term Rate Bonds or Long-Term Rate Bonds). (f) Any Conversion pursuant to this Section shall be subject to the conditions that, on or before the Fixed Rate 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, an Opinion of Counsel to the effect that the Conversion is authorized by this ordinance and will not, in and of itself, cause interest on the Bonds to be includable in the gross income of Registered Owners of the Bonds for federal income tax purposes. (g) Notwithstanding the City's delivery of notice of the exercise of its option to effect Conversion to a Fixed Rate pursuant to Section 2.04(c) above, such Conversion to the Fixed Rate shall not take effect if: (I) the City withdraws such notice of Conversion not later than 10:00 a.m., New York City time, on the Business Day preceding the date on which the Fixed Rate is to be determined; (2) the Remarketing Agent fails to determine the Fixed Rate; (3) the notice to Registered Owners required by Section 2.04(d) is not given when required; -40- P\20287 CMVM20287 AMT 10/14/14