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(Resolution No. 23) <br />the I <br />the I <br />N <br />on the unrepaid principal amount thereof at the rate per <br />annum, which is and shall be the higher of (1) Four and <br />One - Eighths per centum (4 1/8 %) per annum, or (2) the <br />rate, not to exceed, in any event, Six per centum (67o) <br />per annum, which, subject to such limitation, shall be <br />equal to the average yield to maturity on all outstanding <br />marketable obligations of the United States having a ma- <br />turity of approximately five years from the first day of <br />May or November, as the case may be, next preceding <br />the expiration of the Initial Loan Period, as determined <br />by the Housing and Home Finance Administrator, upon <br />the advice of the Secretary of the Treasury of the United <br />States of America, by estimating such average yield on <br />the basis of daily closing market bid quotations or prices <br />during the month of May or November, as the case may <br />be, next preceding the expiration of the Initial Loan Pe- <br />riod and by adjusting such estimated average yield to the <br />nearest one - eighth of one per centum. <br />Section 3. That each Project Temporary Loan Note issued during <br />Loan Period, including a statement of the delivery thereof to <br />rnment, shall be in substantially the following form: <br />PROJECT TEMPORARY LOAN NOTE <br />Project No. <br />No . <br />ot <br />(herein <br />the "Local Public Agency "), for value received, hereby promises <br />to p�y, but solely from the Project Temporary Loan Repayment Fund here- <br />- 3 - <br />