Variable Rate Bonds. If any of the Outstanding Bonds or Bonds of the Series then to be issued constitute Variable Rate Bonds, then the interest rate used in the above-described computations shall be the greater of (i) the interest rate on any additional Bonds issued as Variable Rate Bonds for the first period of calculation of such interest and (ii) the weighted average interest rate at which HRTAC could reasonably expect to have borrowed on the date of issuance of such Bonds by issuing such Bonds with a fixed rate or rates of interest. HRTAC’s reasonable expectation shall be established by an Officer’s Certificate and a letter of a knowledgeable professional, including HRTAC’s financial advisor, confirming the interest rate expectation as reasonable.
Variable Rate Bonds. (A) If District #6 issues a series of Variable Rate Bonds, District #6 shall deliver to the City a proforma schedule of fixed rate debt service certified as reasonable by the financial advisors to both District #6 and the City.
(B) Within fifteen days after the last day of each calendar quarter during any period in which Variable Rate Bonds are outstanding, District #6 shall deliver an interest rate report to the City specifying the rate or rates at which interest accrued on each series of Variable Rate Bonds during the immediate prior calendar quarter. If interest on any series of Variable Rate Bonds accrued at more than one interest rate during the quarter, the report shall specify the period during which interest accrued at each rate.
Variable Rate Bonds. If any of the Outstanding Bonds or Bonds of the Series then to be issued constitute Variable Rate Bonds, then the interest rate used in the above-described computations shall be the greater of (i) the interest rate on any additional Bonds issued as Variable Rate Bonds for the first period of calculation of such interest and (ii) the weighted average interest rate at which NVTC could reasonably expect to have borrowed on the date of issuance of such Bonds by issuing such Bonds with a fixed rate or rates of interest. NVTC's reasonable expectation shall be established by an Officer's Certificate and a letter of a knowledgeable professional, which may be NVTC's financial advisor, confirming the interest rate expectation as reasonable.
Variable Rate Bonds
