Ordinance 99-86 - Laserfiche WebLink

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Upon the satisfaction of the terms and conditions of Section 2.6(b) of the Ordinance: (i) advances under the First Tranche shall be available only on the date of original issuance and delivery of the Bond and shall be applied solely to retire the Bond Anticipation Note; (ii) advances under the Second Tranche shall be available on and after the first business day of calendar year 2000 until the last business day of calendar year 2001; and (iii) advances under the Third Tranche shall be available on and after the first business day of calendar year 2001 until the last business day of calendar year 2001. After the last business day of calendar year 2001, the Bondholder shall not be obligated to advance any additional principal under this Bond. Except as set forth in this paragraph, no advance shall be made under the Second Tranche until the entire principal amount of the First Tranche shall have been advanced, and no advance shall be made under the Third Tranche until the entire principal amount of the Second Tranche shall have been advanced. The City agrees that it shall: (i) request the advance under the First Tranche and an advance under the Second Tranche in calendar year 2000; and (ii) request an advance under the Third Tranche in calendar year 2001. If the Bondholder shall not have advanced in calendar year 2000 the entire $10,000,000 in principal amount of the Second Tranche, the first $200,000 requested to be advanced in calendar year 2000 shall be allocated to the Second Tranche. If the Bondholder shall not have advanced in calendar year 2001 the entire $8,300,000 in principal amount of the Third Tranche, the fIrst $200,000 requested to be advanced in calendar year 2001 shall be allocated to the Third Tranche. Except in the event of [INSERT REFERENCE TO APPROVED INTEREST RATE ADmSTMENTS], this Bond shall bear interest at the "Interest Rate", which for purposes of this Bond, shall mean (i) with respect to the First Tranche of the maximum authorized principal amount of the Bond to be advanced by the Bondholder, such rate of interest as shall be set forth in subsequent proceedings of the City on or prior to the date of the original issuance and delivery of the Bond; (ii) with respect to the Second Tranche of the maximum authorized principal amount of the Bond to be advanced by the Bondholder, such rate of interest as shall be set forth in subsequent proceedings of the City not less than fIfteen days after the date of the written agreement described in clause (i) above; and (iii) with respect to the Third Tranche of the maximum authorized principal amount of the Bond to be advanced by the Bondholder, such rate of interest as shall be set forth in subsequent proceedings of the City not less than fIfteen days after the date of the written agreement described in clause (ii) above. The Interest Rate shall be subject to adjustment as set forth in Section 2.7 of the Ordinance or in such subsequent proceedings of the City. The Interest Rate on the First Tranche shall be reset on December 15, 2009 to such rate of interest as shall be set forth in a written agreement between the Bondholder and the City. The Interest Rate on the Second Tranche shall be reset on December 30, 2009 to such rate of interest as shall be set forth in a written agreement between the Bondholder and the City. The Interest Rate on the Third Tranche shall be reset on January 14,2010 to such rate of interest as shall be set forth in a written agreement between the Bondholder and the City. The subsequent proceedings of the City to reset the Interest Rate on the Second Tranche shall be approved by the City not earlier than fIfteen days after the date of the subsequent proceedings of the A-3