1985-61 CRA - Laserfiche WebLink

Home Browse Search

. . I . . commencing on the next succeeding Reset Date; provided, however, that during any period that the Bonds are held by the Bank as Bank Bonds such Bonds shall bear interest at the Revised Rate (as that term is defined in the Reimbursement Agreement) . C. Notice to Owners of Determination of Repet Rate and Reset Period. The Fiscal Agent shall give notice~by first class mail, postage prepaid, to the Owners of Bonds nòt less than ten (10) Business Days prior to each Reset Date. Such notice shall state (i) that the interest rate on the Bonds will be reset on the Reset Date (ii) the Reset Date, (iii) the Reset Rate, (iv) 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the Initial Letter of Credit will expire upon the Reset Date, and whether the rating on the Bonds will be lowered or withdrawn as a result of the expiration of the Initial Letter of Credit or the delivery by the Agency of an Alternate Credit Facility, and (v) state that the Bonds are subject to mandatory purchase on the Reset Date unless the Owner delivers an irrevocable notice, in the form set forth in the Fiscal Agents notice to the Owners of the Bonds, to the Remarketing Agent and the Fiscal Agent by certified mail, return receipt requested, received by the Remarketing Agent and the Fiscal Agent at least five days prior to the Reset Date electing not to have such Owner's Bonds purchased. Failure by the Fiscal Agent to give such notices by mailing, or any defect therein, shall not affect the interest rate to be borne by the Bonds, shall not extend the period for final maturity of the Bonds, nor in any way change the rights of the Owners of such Bonds to deliver Bonds for purchase. D. Mandatory Purchase. On each Reset Date, all Bonds then Outstanding shall be subject to mandatory purchase by the Fiscal Agent. Such mandatory purchase shall occur on any Reset Date at a purchase price equal to the principal amount of the Bonds plus accrued interest to the date of purchase. Notwithstanding the foregoing, Bonds shall not be purchased on a Reset Date if the Owner thereof has delivered to the Fiscal Agent and Remarketing Agent, at least five days prior to the applicable Reset Date an irrevocable notice as described in subsection (C) above electing to have such Owner's Bonds not so purchased. Bonds to be purchased pursuant to such mandatory purchase shall be delivered by the Owners thereof to the Fiscal Agent (together with necessary assignments and endorsements) on or prior to the applicable Reset Date. Any Bonds to be purchased by the Remarketing Agent pursuant to this mandatory purchase that are not delivered for purchase on or prior to the purchase date (the "Untendered Bonds"), for which there has been irrevocably deposited in trust with the Fiscal Agent or the Remarketing Agent an amount sufficient to pay the principal amount of such Untendered Bonds, together with interest accrued or to accrue thereon to the Reset Date (the "Purchase Price"), shall be deemed to have been delivered for 12-28-85 0063k/2281/05 -12-