Taxable Equivalent of the Short-Term Municipal Bond Rate on any date means 90% of the quotient of (A) the per annum rate expressed on an interest equivalent basis equal to the Kenny S&P 30-day High Grade Index (the "Kenny Index") or any successor index, made available for the Business Day immediately preceding such date but in any event not later than 8:30 A.M., New York City time, on such date by Kenny Information Systems Inc. or any successor thereto, based upon 30-day yield evaluations at par of bonds the interest on which is excludable for regular Federal income tax purposes under the Code of "high grade" component issuers selected by Kenny Information Systems Inc. or any such successor from time to time in its discretion, which component issuers shall include, without limitation, issuers of general obligation bonds but shall exclude any bonds the interest on which constitutes an item of tax preference under Section 57(a)(5) of the Code, or successor provisions, for purposes of the "alternative minimum tax," divided by (B) 1.00 minus the Marginal Tax Rate (expressed as a decimal); provided, however, that if the Kenny Index is not made so available by 8:30 A.M., New York City time, on such date by Kenny Information Systems Inc. or any successor, the Taxable Equivalent of the Short-Term Municipal Bond Rate shall mean the quotient of (A) the per annum rate expressed on an interest equivalent basis equal to the most recent Kenny Index so made available for any preceding Business Day, divided by (B) 1.00 minus the Marginal Tax Rate (expressed as a decimal). The Corporation may not utilize a successor index to the Kenny Index unless Moody's and S&P provide the Corporation with written confirmation that the use of such successor index will not adversely affect the then-current respective Moody's and S&P ratings of the AMPS.

Examples of Taxable Equivalent of the Short-Term Municipal Bond Rate in a sentence

Xxxxx Index has the meaning set forth under Taxable Equivalent of the Short-Term Municipal Bond Rate.
The maximum rate on APS rated aa3/AA- or better is equal to 110% of the higher of (i) the Taxable Equivalent of the Short-Term Municipal Bond Rate or (ii) the “AA” Composite Commercial Paper Rate.Since February 2008, regularly scheduled auctions for APS issued by closed end funds, including this fund, have consistently failed because of insufficient demand (bids to buy shares) to meet the supply (shares offered for sale) at each auction.

More Definitions of Taxable Equivalent of the Short-Term Municipal Bond Rate

Taxable Equivalent of the Short-Term Municipal Bond Rate on any date means 90% of the quotient of (A) the per annum rate expressed on an interest equivalent basis equal to the

Taxable Equivalent of the Short-Term Municipal Bond Rate means (i) 90% of (A) the per annum rate expressed on an interest equivalent basis equal to the index, made available for the Business Day immediately preceding such date but in any event not later than 8:30 A.M., New York City time, on such date by Kenny Information Systems or any successor thereto, based upon 30-day yield evaluations at par of bonds the interest on which is excludable for Federal income tax purposes under the Code, of not less than "high grade" component issuers selected by Kenny Information Systems or any such successor from time to time in its discretion, which component issuers shall include, without limitation, issuers of general obligation bonds but shall exclude any bonds the interest on which is subject to the Federal alternative minimum tax or similar tax under the Code, unless all bonds the interest on which is so excludable for Federal income tax purposes are subject to such tax and (B) divided by 1 minus the Maximum Marginal Regular Federal individual income tax rate applicable to the character of the income being distributed or the maximum marginal regular Federal corporate income tax rate applicable to the character of the income being distributed (in each case expressed as a decimal), whichever is greater; or (ii) in lieu of the rate determined pursuant to clause (i) above, a percentage, determined by the Corporation, of (A) the per annum rate expressed on an interest equivalent basis equal to any substitute index prepared by any person (other than an Affiliate of the Corporation), selected from time to time by the Corporation, based on bonds the interest on which is excludable from gross income for Federal income tax purposes under the Code, and (3) divided by 1 minus the Maximum Marginal Regular Federal individual income tax rate applicable to the character of the income being distributed or the Maximum Marginal Regular Federal individual income tax rate applicable to the character of the income being distributed (in each case expressed as a decimal), whichever is greater, as made available on a discount basis or otherwise by the preparer of such index for the Business Day immediately preceding such date but in any event not later than 8:30 A.M., New York City time, on such date; provided that the Corporation shall not select any such substitute index or determine any such percentage unless the Corporation has received confirmation from Moody's and S&P (or any Substitute Rating Agency) that the use of such index or percent...

Taxable Equivalent of the Short-Term Municipal Bond Rate on any date for any Minimum Rate Period or Special Rate Period of 28 Rate Period Days or fewer, shall mean 90% of the quotient of (A) the per annum rate expressed on an interest equivalent basis equal to the S&P Kennx 00 day High Grade Index or any successor index (the "Kennx Xxxex") (provided, however, that any such successor index must be approved by Moody's (if Moodx'x xx then rating the shares of Municipal Preferred) and S&P (if S&P is then rating the shares of Municipal Preferred)), made available for the Business Day immediately preceding such date but in any event not later than 8:30 A.M., New York City time, on such date by S&P J.J. Xxxxx Xxxluation Services or any successor thereto, based upon 30-day yield evaluations at par of short-term bonds the interest on which is excludable for regular Federal income tax purposes under the Code, of "high grade" component issuers selected by S&P J.J. Xxxxx Xxxluation Services or any such successor from time to time in its discretion, which component issuers shall include, without limitation, issuers of general obligation bonds, but shall exclude any bonds the interest on which constitutes an item of tax preference under Section 57(a)(5) of the Code, or successor provisions, for purposes of the "alternative minimum tax," divided by (B) 1.00 minus the greater of the maximum marginal regular Federal individual income tax rate applicable to ordinary income or the maximum marginal regular Federal corporate income tax rate applicable to ordinary income (in each case expressed as a decimal); provided, however, that if the Kennx Xxxex is not made so available by 8:30 A.M., New York City time, on such date by S&P J.J. Xxxxx Xxxluation Services or any successor, the Taxable Equivalent of the Short-Term Municipal Bond Rate shall mean the quotient of (A) the per annum rate expressed on an interest equivalent basis equal to the most recent Kennx Xxxex so made available for any preceding Business Day, divided by (B) 1.00 minus the greater of the maximum marginal regular Federal individual income tax rate applicable to ordinary income or the maximum marginal regular Federal corporate income tax rate applicable to ordinary income (in each case expressed as a decimal).

Taxable Equivalent of the Short-Term Municipal Bond Rate on any date for any Minimum Rate Period or Special Rate Period of 28 Rate Period Days or fewer, shall mean 90% of the quotient of (A) the per annum rate expressed on an interest equivalent basis equal to the S&P Municipal Bond 7 Day High Grade Rate Index or any successor index (provided, however, that any such successor index must be approved by Moody's (if Moody's is then rating xxx xxares of Municipal Preferred) and Fitch (if Fitch is then rating the shares of Municipal Preferred)), made available for the Business Day immediately preceding such date but in any event not later than 8:30 A.M., New York City time, on such date by S&P or any successor thereto, based upon evaluations at par of short-term bonds the interest on which is excludable for regular Federal Income tax purposes under the Code, of "high grade" component issuers selected by S&P or any such successor from time to time in its discretion, which component issuers shall include, without limitation, issuers of general obligation bonds, but shall exclude any bonds the interest on which constitutes an item of tax preference under Section 57(a)(5) of the Code, or successor provisions, for purposes of the "alternative minimum tax," divided by (B) 1.00 minus the maximum marginal regular Federal individual income tax rate applicable to ordinary income or the maximum marginal regular Federal corporate income tax rate applicable to ordinary income (in each case expressed as a decimal), whichever is greater; provided, however, that if the S&P Municipal Bond 7 Day High Grade Rate Index is not made so available by 8:30 A.M., New York City time, on such date by S&P or any successor, the Taxable Equivalent of the Short-Term Municipal Bond Rate shall mean the quotient of (A) the per annum rate expressed on an interest equivalent basis equal to the most recent S&P Municipal Bond 7 Day High Grade Rate Index so made available for any preceding Business Day, divided by (B) 1.00 minus the maximum marginal regular Federal individual income tax rate applicable to ordinary income or the maximum marginal regular Federal corporate income tax rate applicable to ordinary income (in each case expressed as a decimal), whichever is greater.

Taxable Equivalent of the Short-Term Municipal Bond Rate definition

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