O-2005-2858 - Laserfiche WebLink

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are received from or on behalf of the City. Such Special Record Date shall be fifteen (15) days prior to the date fixed for payment of such past due interest, and notice of the date of payment and the Special Record Date shall be sent by United States mail, first class, postage prepaid, not later than five (5) days prior to the Special Record Date, to each affected Registered Owner as of the close of business on the day prior to mailing of such notice. Section 3.3: Numbers. Denomination. Interest Rates and Maturities. (a) The Obligations shall be initially issued bearing the numbers, in the principal amounts and bearing interest at the rates set forth in the following schedule, and may be transferred and exchanged as set out in this Ordinance. The Obligations shall mature on January 25, 2016. Obligations delivered in transfer of or in exchange for other Obligations shall be numbered in order of their authentication by the Paying Agent/Registrar, shall be in Authorized Denominations and shall mature on the same date and bear interest at the same rate as the Obligation or Obligations in lieu of which they are delivered. Obligation Number R-I Year of Maturity 2016 Principal Amount $2,625,000 Interest Rate 3.74% (b) To the extent required by Section 8.2 of this Ordinance, and in addition to the interest owed pursuant to Section 3.3(a) above, Obligations shall bear interest at a rate per annum, not to exceed the maximum interest rate allowed by law (currently 15% per annum), which will provide the holders of the Obligations with an after-tax yield (for federal income tax purposes) equivalent to the tax-exempt yield (the "Tax-Exempt Yield") on the Obligations. The Tax-Exempt Yield is the yield (exclusive of interest owed pursuant to Section 3.3(a) above) that would have resulted to a holder of an Obligation if such Obligation had maintained its tax- exempt status, taking into account all penalties, fines, interest and additions to federal income tax imposed on a holder of an Obligation as a result of a determination of taxability. Section 3.4: Redemption Prior to Maturity. (a) The Obligations are subject to redemption prior to maturity (a "Break Event"), at the option of the City, in whole or in part, on any date (each a "Break Date"), at par plus accrued interest to the date fixed for redemption, plus a Breakage Fee, if any, defined and determined as follows. For each Break Date, a Breakage Fee shall be due only if the rate under "A" below exceeds the rate under "B" below and shall be determined as follows: "Breakage Fee" = the Present Value of ((A-B) x C) + LIB OR Breakage, where: A = A rate per annum equal to the sum of (i) the bond equivalent yield (bid side) of the U.S. Treasury security with a maturity closest to the Maturity Date as reported by The Wall Street Journal (or other published source) on November 2, 2005 ( the "Lock In Date"), plus (ii) the corresponding interest rate swap spread of a Registered Owner on the Lock In Date for a fixed rate payor to pay a Registered Owner the fixed rate side of an interest rate swap of that maturity, plus (iii) .25%. B = A rate per annum equal to the sum of (i) the bond equivalent yield (bid side) of the 4 HOU:2516661.4