Ordinance 2011-375 - Laserfiche WebLink

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payers in interest rate swaps, interpolated to the nearest month, that was in effect three Business Days prior to the repayment date; both discounted at the same interest rate utilized in determining the applicable amount in (2). Should the present value have no value or a negative value, the City may prepay with no additional fee or redemption premium. Should the Federal Reserve no longer release rates for fixed-rate payers in interest rate swaps, the Bondholder may substitute the Federal Reserve H.15 Statistical Release with another similar index. The Bank shall provide the City with a written statement explaining the calculation of the premium due, which statement shall, in absence of manifest error, be conclusive and binding. The application of such fee or prepayment premium is not intended to, and shall not be deemed to be, an increase in the Interest Rate. Determination of Taxability. Upon the occurrence ofa Determination of Taxability and for as long as this Bond remains outstanding, the Interest Rate on the Bond shall be converted to the Taxable Rate. In addition, upon a Determination of Taxability, the City shall pay to the Bank (i) an additional amount equal to the difference between (A) the amount of interest actually paid on the Bond during the Taxable Period and (B) the amount of interest that would have been paid during the Taxable Period had the Bond borne interest at the Taxable Rate, and (ii) an amount equal to any interest, penalties on overdue interest and additions to tax (as referred to in Subchapter A of Chapter 68 of the Code) owed by the Bank as a result of the Determination of Taxability. Additional Payments if Bond Determined not be Bank Qualified. If it is determined that the Bond is not a "qualified tax exempt obligation" within the meaning of Section 265(b)(3)(C) of the Code, then the interest rate borne by the Bond will increase to _% per annum, as of the date of determination that the Bond is not a qualified tax exempt obligation. Such non bank qualified interest rate will be subject to further adjustment as provided herein. Partial prepayments may be made, subject to a prepayment charge based upon the same calculation methodology described above. Any partial prepayment shall be applied to installments of principal in the inverse order of maturity and shall not postpone the due dates of, or relieve the amounts of, any scheduled installment payments due hereunder. Any amounts prepaid hereunder may not be re-borrowed. For purposes of the preceding paragraph, the term Business Day shall mean any day other than a Saturday, Sunday or legal holiday or other day on which the Bank is authorized or required to close. Interest at the lesser of 12% per annum or the maximum lawful rate per annum shall be payable on the entire principal balance owing hereunder from and after the occurrence of and during the continuation of an Event of Default under the Loan Agreement (but only after the passage of any applicable grace period permitted for such Event of Default), irrespective of a declaration of maturity. The City to the extent permitted by law hereby waives presentment, demand, protest and notice of dishonor. This Bond is issued pursuant to (a) an Ordinance duly adopted by the City Commission of the City on , 2011 (the "Ordinance"), for the purposes of: (i) financing a portion of the costs of development of City parklands, municipal garage and improvements to A-4 MIA 182, 189,S1Sv6 11-2-11