Laserfiche WebLink
ARTICLE II <br /> AUTHORIZATION AND TERMS OF BONDS <br /> Section 2.01. Authorized Amount of Bonds. No Bonds may be issued under the <br /> provisions of this Indenture except in accordance with this Article. The total authorized principal <br /> amount of Bonds which shall be issued under the provisions of this Indenture is $4,100,000. <br /> Section 2.02. Issuance of Bonds. <br /> (a) General. It is determined to be necessary to, and the Issuer shall, issue, sell and <br /> deliver $4,100,000 principal amount of Bonds for the Project Purposes. The Bonds shall be <br /> designated "Multifamily Housing Revenue Bonds, Series 2020A (Cedar Glen Apartments <br /> Project)"; shall be issuable only in fully registered form, substantially as set forth in Exhibit A to <br /> this Indenture; shall be numbered in such manner as determined by the Trustee in order to <br /> distinguish each Bond from any other Bond; shall be in Authorized Denominations; shall be <br /> dated as of April 1, 2020 and shall mature on the Maturity Date, subject to Mandatory Tender for <br /> purchase as set forth in Section 4.01 hereof. The Bonds shall bear interest on the principal <br /> amount Outstanding from the most recent date to which interest has been paid or duly provided <br /> for or, if no interest has been paid or provided for, from their dated date,payable on each Interest <br /> Payment Date. The Bonds shall bear interest for each Interest Period at the Interest Rate all as <br /> more specifically set forth hereinafter. Interest on the Bonds shall be calculated on the basis of a <br /> 360-day year consisting of twelve 30-day months. <br /> (b) Initial Interest Rate. From their dated date to but not including the Initial <br /> Mandatory Tender Date, the interest rate on the Bonds shall be the Initial Interest Rate per <br /> annum. On the Initial Mandatory Tender Date, the Bonds shall be subject to Mandatory Tender <br /> pursuant to Section 4.01 hereof. <br /> (c) Establishment of Remarketing Rate. The Remarketing Agent shall <br /> establish the interest rate on the Bonds Outstanding for each Remarketing Period at the <br /> Remarketing Rate in accordance with this Section 2.02. Not less than 10 Business Days <br /> preceding each Remarketing Date, the Remarketing Agent, taking into consideration prevailing <br /> market conditions, shall, using its best professional judgment, determine the minimum rate(s) of <br /> interest which, if borne by the Bonds then Outstanding for the Remarketing Period specified by <br /> the Remarketing Agent at the direction of the Borrower as provided in Section 4.01 hereof, <br /> would enable such Bonds to be remarketed at a price equal to 100% of the principal amount of <br /> such Bonds. The rate of interest determined in accordance with the previous sentence shall be <br /> the Remarketing Rate for the specified Remarketing Period; provided that if the rate of interest <br /> so determined for such period would exceed the Maximum Interest Rate, the Bonds Outstanding <br /> shall be remarketed for the longest Remarketing Period for which the minimum rate of interest <br /> that would enable such Bonds to be remarketed at a price equal to 100% of the principal amount <br /> of such Bonds that would not exceed the Maximum Interest Rate. Notwithstanding the foregoing, <br /> if the rate of interest so determined for any Remarketing Period would exceed the Maximum <br /> Interest Rate, the Bonds Outstanding shall not be remarketed. <br /> - 17 - <br />