1985-53 CRA - Laserfiche WebLink

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Maturity Date (December 15) Principal Amount . 1986 1987 1988 1989 1990 2014 2015 $ 80,000 85,000 85,000 100,000 100,000 4,600,000 2,950,000 Section 5. Interest. . A. General. The Bonds shall initially bear interest at a rate or rates to be hereafter fixed by resolution, but not to exceed seven and one-half percent (7.5%) per annum from the Date of Issuance of the Bonds through December 15, 1990 and thereafter at the rates determined in the manner hereinafter provided. Commencing on December 15, 1990, the interest on the Bonds shall be payable at the Reset Rate until the next succeeding Reset Date as determined pursuant to Section 5B hereof. Interest shall be paid on June 15 and December 15 of 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 the Bonds. B. Determination of Reset Rate and Reset Period. 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, 1990 (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 Redevelopment Project Area, 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 12-02-85 9559p/2281/01 -10-