Ordinance 99-86 - Laserfiche WebLink

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The Bond Anticipation Note (initially issued in one (1) typewritten certificate) shall be dated the date of initial issuance. Unless the interest rate on the Bond is converted to the Prime Rate or is otherwise subject to adjustment pursuant to the provisions of Section 2.7 hereof, the Bond Anticipation Note shall bear interest on the outstanding principal amount of the Bond Anticipation Note from time to time at the BAN Interest Rate. Principal of and interest on the Bond Anticipation Note shall be payable in equal installments on each quarterly Payment Date commencing January 1,2000, with such payments to be determined on the basis of a twenty year mortgage amortization schedule and an assumed interest rate of five percent (5%) per annum. All previously unpaid principal of the Bond Anticipation Note and all previously accrued and unpaid interest on the Bond Anticipation Note shall be payable on the BAN Maturity Date. The Bond Anticipation Note shall be issuable in registered form only. In the event that the City shall determine that seasonal fluctuations in Pledged Revenues have made it impracticable for the City to make the quarterly payments of principal of and interest on the Bond Anticipation Note at the times and in the amounts described in the preceding paragraph, the City may alter the schedule of such quarterly payments to correspond to such seasonal fluctuations, subject to the following conditions: (i) such altered schedule of payments shall not reduce the sum total of principal and interest payments on the Bond Anticipation Note payable during each year that the Bond Anticipation Note shall remain outstanding; (ii) the Bank shall be given a written copy of such altered schedule of payments not less than 30 days before it shall take effect; (iii) the City shall provide the Bank with a replacement Bond Anticipation Note reflecting such altered schedule of payments (and the Bank shall be obligated to return to the City for cancellation the Bond Anticipation Note that it shall be holding at the time of such replacement); and (iv) the City shall provide the Bank, at the City's sole cost and expense, an opinion of Bond Counsel to the effect that the imposition of such altered schedule of payments shall not have an adverse effect on the exclusion of interest on the Bond Anticipation Note from the gross income of the Bank for federal income tax purposes. Principal and interest on the Bond Anticipation Note shall be payable at the office of the Paying Agent (the designated corporate trust office of the Paying Agent if the City's Finance Department is not the Paying Agent). The Bond Anticipation Note shall be numbered in such manner as may be prescribed by the Registrar. The Bond Anticipation Note shall be payable, with respect to interest and principal, in any coin or currency of the United States of America which at the time of payment is legal tender for the payment of public and private debts. 12