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Agenda 05-16-2023; 8-c - Adoption of the Final Resolution Authorizing 2023 Installment Financing for Various Capital Investment Plan Projects for Up to $14,500,000
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Agenda 05-16-2023; 8-c - Adoption of the Final Resolution Authorizing 2023 Installment Financing for Various Capital Investment Plan Projects for Up to $14,500,000
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5/11/2023 4:01:35 PM
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BOCC
Date
5/16/2023
Meeting Type
Business
Document Type
Agenda
Agenda Item
8-c
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22 <br /> 2026 2036 <br /> 2027 2037 <br /> 2028 2038 <br /> 2029 2039 <br /> 2030 2040 <br /> 2031 2041 <br /> 2032 2042 <br /> 2033 2043 <br /> 2034 <br /> (d) Exhibit D shows a schedule of payments due on the 2023 Bonds with <br /> respect to each Payment Date. Upon any change to the 2023A Interest Rate or the <br /> 2023B Interest Rate, the affected Bondholder shall promptly prepare a substitute <br /> Exhibit D reflecting the new interest rate and resulting payment schedule, and <br /> deliver a copy of the new schedule to the County, the Trustee and to the LGC. The <br /> Trustee has no responsibility to calculate any new payments, with those matters <br /> lying only between the County and the affected Bondholders. <br /> Section 1.05. Rate Changes upon Taxability. Upon any Determination of <br /> Taxability or Event of Taxability, (a) the principal of the 2023 Bonds will remain <br /> payable on dates and in amounts as provided in Section 1.04, but (b) the unpaid <br /> principal of the 2023A Bonds will, from and after the Date of Taxability, bear <br /> interest at the rate that will provide to each affected Bondholder the effective yield <br /> which it would have received if there had not been a Determination of Taxability or <br /> an Event of Taxability (the "Alternative Rate of Interest"), payable from and after the <br /> Date of Taxability. If a Determination of Taxability or Event of Taxability only <br /> applies to the 2023A or the 2023B Bond, then only the affected 2023 Bond will be <br /> subject to the Alternative Rate of Interest. <br /> The County shall also pay to each affected Bondholder, upon the Bondholder's <br /> demand, (i) the difference between interest paid and interest that would have been <br /> due at the Alternative Rate of Interest for all Payment Dates from the Date of <br /> Taxability to the demand date, and (ii) all amounts which may be necessary to <br /> 4 <br />
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