1994-06-21 Minutes - Laserfiche WebLink

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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. (d) Upon receipt provided in subsection 602(c) least one Business Day prior Date, give immediate Notice affected Bonds on the Substi Facility Issuer. of notice from the Authority as hereof, the Tender Agent shall, at to each such Substitute Adjustment of the mandatory purchase of the tute Adjustment Date to the Credit (e) If in connection with and immediately subsequent to any such conversion as provided in this Section 602 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 the amount specified in Section 405(h) hereof. (f) Any designation by the Authority pursuant to Section 602 (a) of a Substitute 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 603. Authority for and Conditions to Conversion to a Fixed Rate. (a) On any Rate Change Date during an Adjustable Long Mode or on any Business Day during a Weekly Mode, the interest rate to be borne by all or any portion of the Bonds in such Mode shall be converted to a Fixed Rate, and such Bonds so converted shall thereafter bear interest at such Fixed Rate until payment of the principal or redemption price thereof shall have been made or provided for in accordance with the provisions hereof, whether at Maturity, upon redemption or otherwise, upon receipt by the Trustee and the Tender Agent of a direction from the Authority not less than 15 days prior to the Conversion Date specified in such direction. A Fixed Rate shall be determined for each Bond being so converted on the basis of the Maturity for such Bond, taking into consideration any designation of a specific mandatory redemption date for such Bond pursuant to •Section 511(f) (ii) hereof and as described in clause (i) of the next sentence. Such direction of conversion shall be accompanied by (i) a firm underwriting or purchase contract from a recognized firm of bond underwriters or recognized institutional investors ("Qualified Underwriters") to underwrite or purchase all Bonds which are to be converted on such Conversion Date at a price of 100% of the principal amount thereof, which shall request the Trustee to designate on which dates specific Bonds will be subject to • 60