1985-61 CRA - Laserfiche WebLink

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. . I . . each year, commencing June 15, 1986. Each Bond shall bear interest until its principal sum has been paid; provided, however, that if funds are available for the payment thereof in full accordance with the terms of Section 3 of this Resolution, such Bond shall then cease to bear interest from and after the date established for the payment of such Bonds. B. Determination of Reset Rate and Reset ieriod. The Agency hereby appoints the Remarketing Agent as its agent for determining each Reset Date and Reset Period pursuant to the provisions of this Resolution and the Remarketing Agreement. Commencing on December 1, 1989 (or, if such date is not a Business Day, then on the next succeeding Business Day) and on the fourteenth day immediately preceding each Reset Date thereafter (or, if such date is not a Business Day, then on the next succeeding Business Day), the Remarketing Agent shall determine the Reset Rate which shall be the highest rate of interest (but not to exceed 12% per annum) that the Agency could pay on all Outstanding Bonds until the final maturity thereof, based on 120% of Tax Revenues to be received by the Agency in the current fiscal year from the Site, after deducting from the amount of such Tax Revenues the fee payable to the Remarketing Agent determined in accordance with the Remarketing Agreement. The Remarketing Agent shall then determine the Reset Period which shall be longest period of one month or any multiple thereof but not extending beyond the final maturity date of the Outstanding Bonds at which the Bonds can be remarketed (having due regard for prevailing market conditions, and taking into account whether an Alternate Credit Facility will be delivered by the Agency pursuant to Section 5E hereof and the resulting rating on the Bonds subsequent to the Reset Date) at 100% of the principal amount thereof together with interest at the Reset Rate; provided, however, if the Reset Period so determined shall terminate later than the final maturity date of the Outstanding Bonds, the Reset Rate shall be such lesser rate as will enable the Remarketing Agent to remarket the Bonds (having due regard for prevailing market conditions) for a Reset Period ending on the final maturity date of the Outstanding Bonds, at 100% of the principal amount thereof. The Remarketing Agent shall immediately notify the Bank, the Agency and the Fiscal Agent, by telephonic or telegraphic notice followed with written confirmation thereof of the Reset Rate and Reset Period so determined and whether the Initial Letter of Credit will expire upon the Reset Date, and whether the rating on the Bonds will be lowered or withdrawn as a result of the expiration of the Initial Letter of Credit or the delivery by the Agency of an Alternative Credit Facility. The interest rate so determined shall be the Reset Rate payable on such Bonds for the Reset Period 12-28-85 0063k/2281/05 -11-