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1994-06-21 Minutes
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1994-06-21 Minutes
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or the Tender Agent as provided in subsection (a) of this <br />Section 603 through the Conversion Date therefor, such Bond shall <br />not be remarketed by the Remarketing Agent except to a buyer who <br />is notified in writing of the mandatory purchase of such Bond on <br />such Conversion Date. <br />(e) The determination of the Fixed Rate for any Bonds <br />shall be conclusive and binding upon the owners of such Bonds, the <br />Authority and the Trustee. <br />(f) Within five Business Days after the Conversion Date <br />for any Bonds, but in no event later than the Stated Expiration <br />Date then in effect, the amount available to pay principal and the <br />corresponding amount available to pay interest under such Credit <br />Facility shall be reduced with respect to such Bonds in accordance <br />with the terms of the Credit Facility and such Bonds shall not be <br />entitled to the benefit of a Credit Facility. <br />(g) After the Conversion Date for any Bonds, interest <br />on such Bonds shall be payable. semiannually on each February 1 and <br />August 1 until all of such Bonds shall have been paid or payment <br />shall have been duly provided for; provided, however, that the <br />interest payable on the February 1 and August 1 as the case may be, <br />next following the Conversion Date for such Bonds shall be for the <br />period, which may be less than six months, commencing on such <br />Conversion Date until such February 1 and August 1. <br />• (h) All Bonds bearing interest at a Fixed Rate <br />on or after the applicable Conversion Date therefor shaldelifethe <br />determination of specific redemption dates is made as provided in <br />Section 511(f)(ii) hereof and as described in Section-603 (a) <br />hereof, have affixed to their face the appropriate mandatory <br />redemption date therefor. <br />rate on anylBondito a Fixed Rate does not vo cur n uch Bondstshall <br />bear interest from and after the proposed Fixed Rate Conversion <br />Date in the Weekly Mode; provided, however, that if the Rate Period <br />preceding the failed Fixed Rate Conversion Date was of a duration <br />of more than 366 days, in order for the Bonds to so commence <br />operation in a Weekly Mode the Remarketing Agent shall have <br />obtained (A) certificates from the Authority, the Trustee and the <br />Credit Facility Issuer that there have been no changes in the <br />Credit Facility, the documents executed and delivered in connection <br />with the original delivery of the Bonds, or in any other aspect of <br />the action contemplated hereby since the original delivery of the <br />Bonds or (B) an Opinion of Bond Counsel to the effect that the <br />commencement of operation in such Weekly Mode will not have an <br />adverse effect on the validity of the Bonds or on any exemption <br />from federal income taxation to which the interest on the Bonds <br />would otherwise be entitled. If such certificates or opinion are <br />required but cannot be obtained, the immediately succeeding <br />• <br />62 <br />
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