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Dur: <br />and <br />bea <br />F iv <br />sai <br />on i <br />whip <br />date <br />Ink <br />6 -mi <br />and <br />to <br />date <br />f on <br />per <br />"Sec <br />statemer <br />the foll <br />(a) <br />Cng the period from the date of the acceptance of delivery of <br />payment for each such Note through June 30 , 1967, (herein <br />_ed the "Initial Interest Period "), said principal sum shall <br />interest on the unrepaid amount thereof at the rate of <br />and One- Fourth per centum (S --t%) per annum. From and after <br />I date each such Note shall bear interest on the unrepaid <br />icipal amount thereof at a redetermined rate (to be duly noted <br />)ehalf of the United States of America on the reverse thereof), <br />!h shall be initially determined and become effective on the <br />immediately following the expiration of the <br />:ial Interest Period and shall be successively redetermined at <br />)nth intervals thereafter on January 1 and July 1 of each year; <br />each such redetermined rate shall become effective, with respect <br />iayments unrepaid on the date immediately preceding the effective <br />r of such redetermined rate, in accordance with the following <br />tula: The redetermined rate shall not exceed six per centum (6%) <br />annum, but otherwise shall be the higher of: <br />(a) The "going Federal rate" determined pursuant to the <br />provisions of Title I of the Housing Act of 1949, as <br />amended, and effective on the effective date of such <br />redetermined rate; or <br />(b) A rate per annum equal to the average yield to maturity <br />on all outstanding obligations of the United States <br />having a maturity of approximately five years from the <br />May 1 or November 1, as the case may be, next preceding <br />the effective date of such redetermined rate, as <br />determined by the Secretary of Housing and Urban Develop- <br />ment upon the advice of the Secretary of the Treasury, <br />such average yield to be estimated on the basis of <br />daily closing market bid quotations or prices for the <br />month of May or November next preceding the effective <br />date of such redetermined rate, and adjusted to the <br />nearest 1/8 of 1 percent." <br />:ion 3. That each Project.Temporary Loan Note issued, including a <br />: of the delivery thereof to the Government, shall be in substantially <br />â–ºwing form: <br />When such Project Temporary Loan Note supports a requisition for a <br />direct Federal loan to finance the urban renewal or redevelopment <br />project, such Note shall be in substantially the form of "Exhibit <br />A" attached hereto and made a part hereof; Provided that each such <br />-Project Temporary Loan Note bearing a date subsequent to the expira- <br />tion of the "Initial Interest Period" shall state on its face the <br />applicable interest rate and shall define therein the term "Initial <br />Interest Period" by use of a date which shall be the end of the <br />pertinent six -month period, both as authorized and as required by <br />this Resolution; <br />-2- <br />