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1994-06-21 Minutes
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1994-06-21 Minutes
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Adjustment Date, the Trustee shall have received an Opinion of Bond <br />• Counsel, dated the Adjustment Date, reaffirming the conclusions of <br />the opinion accompanying the notice delivered as above required. <br />(d) Upon receipt <br />provided in subsection 602(c) <br />least one Business Day prior <br />Date, give immediate Notice <br />affected Bonds on the Substi <br />Facility Issuer. <br />of notice from the Authority as <br />hereof, the Tender Agent shall, at <br />to each such Substitute Adjustment <br />of the mandatory purchase of the <br />tute Adjustment Date to the Credit <br />(e) If in connection with and immediately subsequent to <br />any such conversion as provided in this Section 602 a Credit <br />Facility is to be in effect, such conversion shall not be effective <br />unless the Interest Component specified in the Credit Facility is <br />not less than the amount specified in Section 405(h) hereof. <br />(f) Any designation by the Authority pursuant to <br />Section 602 (a) of a Substitute Adjustment Period shall be <br />accompanied by (i) a written statement from the Remarketing Agent, <br />addressed to the Authority, the Trustee and the Tender Agent, to <br />the effect that the Remarketing Agent has determined that such <br />change satisfies the standards provided in Section 601(a) hereof <br />or (ii) an approval in writing of such change by the Authority or <br />a duly authorized officer of the Authority or an Opinion of Bond <br />Counsel to the effect that such approval is not required for the <br />• continued validity and enforceability of the Bonds in accordance <br />with their terms. <br />Section 603. Authority for and Conditions to Conversion <br />to a Fixed Rate. (a) On any Rate Change Date during an Adjustable <br />Long Mode or on any Business Day during a Weekly Mode, the interest <br />rate to be borne by all or any portion of the Bonds in such Mode <br />shall be converted to a Fixed Rate, and such Bonds so converted <br />shall thereafter bear interest at such Fixed Rate until payment of <br />the principal or redemption price thereof shall have been made or <br />provided for in accordance with the provisions hereof, whether at <br />Maturity, upon redemption or otherwise, upon receipt by the Trustee <br />and the Tender Agent of a direction from the Authority not less <br />than 15 days prior to the Conversion Date specified in such <br />direction. A Fixed Rate shall be determined for each Bond being <br />so converted on the basis of the Maturity for such Bond, taking <br />into consideration any designation of a specific mandatory <br />redemption date for such Bond pursuant to •Section 511(f) (ii) hereof <br />and as described in clause (i) of the next sentence. Such <br />direction of conversion shall be accompanied by (i) a firm <br />underwriting or purchase contract from a recognized firm of bond <br />underwriters or recognized institutional investors ("Qualified <br />Underwriters") to underwrite or purchase all Bonds which are to be <br />converted on such Conversion Date at a price of 100% of the <br />principal amount thereof, which shall request the Trustee to <br />designate on which dates specific Bonds will be subject to <br />• <br />60 <br />
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