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05-09-2022 FINAL Notice and Agenda Packet
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05-09-2022 FINAL Notice and Agenda Packet
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City Council - City Clerk
City Counci - Date
5/9/2022
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4 <br />The Borrower is required by the Agreement to make payments to the Trustee in the <br />amounts and at the times necessary to pay the principal of and interest and any premium (the “Bond <br />Service Charges”) on the Bonds. In the Indenture, the Issuer has granted to the Trustee, to provide <br />for the payment of the Bond Service Charges on the Bonds, a security interest in the Issuer’s right, <br />title and interest in and to the Agreement, except for the Unassigned Issuer’s Rights as defined in <br />the Indenture. <br />Copies of the Indenture and the Agreement are on file in the principal corporate trust office <br />of the Trustee. <br />The Bonds are issuable only as fully registered bonds in the denominations of $100,000, <br />or integral multiples of $5,000 in excess thereof. <br />In addition to the words and terms defined elsewhere in this Bond, the following terms <br />shall have the following meanings: <br />“Alternate Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the <br />Prime Rate in effect on such day, (b) the Federal Funds Rate in effect on such day plus 0.50% per <br />annum and (c) the Daily BSBY Rate in effect on such day plus 1.00% per annum, provided that <br />the Alternate Base Rate shall at no time be less than 1.00% per annum. If BSBY Rate Calculation <br />Agent shall have determined (which determination shall be conclusive absent clearly manifest <br />error) that it is unable to ascertain the Federal Funds Rate or the Daily BSBY Rate for any reason, <br />including the inability or failure of BSBY Rate Calculation Agent to obtain sufficient quotations <br />in accordance with the terms of the definition of the term Federal Funds Rate, the Alternate Base <br />Rate shall be determined without regard to clause (b) or (c), as applicable, of the preceding <br />sentence until the circumstances giving rise to such inability no longer exist. Any change in the <br />Alternate Base Rate due to a change in the Prime Rate, the Federal Funds Rate or the Daily BSBY <br />Rate, as applicable, shall be effective from and including the effective date of such change in the <br />Prime Rate, the Federal Funds Rate or the Daily BSBY Rate, as applicable, respectively. <br />“Available Tenor(s)” means, as of any date of determination and with respect to the then- <br />current Benchmark, as applicable, (x) if such Benchmark is a term rate, any tenor for such <br />Benchmark (or component thereof) that is or may be used for determining the length of an Interest <br />Period pursuant to the Agreement or the Indenture, or (y) otherwise, any payment period for <br />interest calculated with reference to such Benchmark (or component thereof), as applicable, that <br />is or may be used for determining any frequency of making payments of interest calculated with <br />reference to such Benchmark pursuant to the Agreement or the Indenture, in each case, as of such <br />date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then- <br />removed from the definition of “Interest Period” pursuant to Part I of this Bond titled <br />“Benchmark Replacement Setting”. <br />“Benchmark” means, initially, BSBY; provided that if a Benchmark Transition Event and <br />its related Benchmark Replacement Date have occurred with respect to BSBY or the then-current <br />Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent that <br />such Benchmark Replacement has replaced such prior benchmark rate pursuant to Part I of this <br />Bond. Any reference to “Benchmark” shall include, as applicable, the published component used <br />in the calculation thereof.
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