1994-06-21 Minutes - Laserfiche WebLink

Home Browse Search

and the Tender Agent of the initial Adjustable Long Rate to be • borne by each Bond designated to operate in an Adjustable Long Mode. (d) If the Authority shall designate a Mode for any Bond different from that then in effect with respect to such Bond or designate an Adjustment Period which is an Adjustable Long Mode that succeeds an Adjustable Long Mode where the Adjustable Long Mode or the Rate Periods therein change from a duration of 366 days or less to a duration of more than 366 days, or vice versa, the Authority shall cause to be delivered to the Trustee, the Tender Agent, the Remarketing Agent and the Credit Facility Issuer concurrently with the notice described above, and no such designation of an Adjustment Period, Rate Period or subsequent Adjustment Date shall take effect without, an Opinion of Bond Counsel to the effect that such designation (i) is authorized or permitted by this Indenture, (ii) will not have an adverse effect on any exemption from federal income taxation to which the interest on the Bonds would otherwise be entitled, and (iii) will not have an adverse effect on the validity or enforceability of any Bond. Notwithstanding the provisions of the preceding sentence, such opinion shall not be required to be delivered with respect to (i) a Weekly Mode or an Adjustable Long Mode with a duration of 366 days or less if the immediately preceding Adjustment Period was a Weekly Mode or an Adjustable Long Mode with a duration of 366 days or less; or (ii) an Adjustable Long Mode with a duration of more than . 366 days if the immediately preceding Adjustment Period was an Adjustable Long Mode with a duration of more than 366 days. If an Opinion of Bond Counsel is required to be delivered, together with the notice, as provided in this Section 601(d), the conversion contemplated by such opinion and notice shall not become effective unless prior to 11:00 a.m., New York City time, on the applicable Adjustment Date the Trustee shall have received an Opinion of Bond Counsel, dated the Adjustment Date, reaffirming the conclusions of the opinion accompanying the notice delivered as above required. (e) In the event that the Remarketing Agent does not determine the interest rate applicable to the initial Rate Period during such new Mode with respect to any Bond all as provided in subsection 601(a) hereof or if any relevant opinion required by subsection 601(d) hereof is not delivered or is withdrawn or if the Remarketing Agent shall fail to determine an Adjustable Long Rate on a Rate Determination Date for a Rate Period within an Adjustable Long Mode which is not a scheduled Adjustment Date, the immediately succeeding Adjustment Period with respect to the Bonds in the Adjustment Period or Rate Period then ending shall be a Weekly Mode; provided, however, that in the event the preceding Rate Period was of a duration of more than 366 days, in order for such Bonds to so commence operation in a Weekly Mode, the Remarketing Agent shall have obtained (A) certificates from the Authority, the Trustee and the Credit Facility Issuer that there have been no changes in the Credit Facility, in the documents executed and • 57