1994-06-21 Minutes - Laserfiche WebLink

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delivered in connection with the original delivery of the Bonds or • in any .other aspect of the action contemplated hereby since the original delivery of the Bonds or (B) an Opinion of Bond Counsel to the effect that the validity of the Bonds and any exemption from federal income taxation to which the interest on the Bonds would otherwise be entitled would not be impaired by reason of the commencement of operation in such Weekly Mode. If no such certificates or opinion can be obtained, in the case of a failed Mode conversion, the immediately succeeding Adjustment Period shall consist of one Rate Period in an Adjustable Long Mode of a duration of 366 days. (f) Upon receipt of notice from the Remarketing Agent as provided in subsection 601(b) hereof, the Trustee or the Tender Agent shall, at least ten days prior to each succeeding Adjustment Date, notify by first class mail, postage prepaid, each owner of Bonds thereby affected bearing interest at a Weekly Rate of the mandatory purchase of the affected Bonds on the Adjustment Date. (g) If in connection with and immediately subsequent to any conversion of Modes as provided in this Section 601 a Credit Facility is to be in effect; such conversion shall not be effective unless the Interest Component specified in the Credit Facility is not less than that required by Section 405(h) hereof. Under no circumstances shall the Interest Component specified in the Credit Facility then in effect be reduced before the Credit Facility • Issuer has honored any draw made by the Trustee or Tender Agent on the Adjustment Date. In addition, a conversion to an Adjustable Long Mode shall not be effective if the Renewal Date is scheduled to occur during the initial Rate Period therefor unless the Credit Facility in effect after the Adjustment Date also includes an amount sufficient to pay the applicable premium on the Renewal Date on which the Bonds bearing interest at an Adjustable Long Rate are required to be purchased pursuant to Section 504 hereof. (h) Any designation by the Remarketing Agent pursuant to Section 601(a) of a subsequent Adjustment Period shall be accompanied by (i) a written statement from the Remarketing Agent, addressed to the Authority, the Trustee and the Tender Agent, to the effect that the Remarketing Agent has determined that such change satisfies the standards provided in Section 601(a) hereof or (ii) an approval in writing of such change by the Authority or a duly authorized officer of the Authority or an Opinion of Bond Counsel to the effect that such approval is not required for the continued validity and enforceability of the Bonds in accordance with their terms. Section 602. Desianation of Substitute Adjustment Date for Pledged Bonds. (a) The Authority may designate a Substitute Adjustment Date for any Pledged Bonds with the consent of the Credit Facility Issuer, which Substitute Adjustment Date shall be 58