Ordinance 1983-805 - Laserfiche WebLink

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" , For the Years Limitations Following Delivery on Interest Rate of Interest of the Bond Rate ( a) 11% per annum ye ar s 1 and 2 -- (b) 75% of the Prime Rate of years 3 to 10, provided that Denver National Bank, inclusive in no event such interest rate to be shall such in- fixed two years from terest rate be the date of closing, less than 11 % and to be ad j usted nor more than semiannually thereafter. 14%. (c) 75% of the Prime Rate of years 11 to 15, provided that Denver National Bank, inclusive in no event such interest rate to be shall such in- fixed ten years from terest rate be the date of closing, less than 11 % to be adjusted nor more than semiannually thereafter. 24% - However, upon a Determination of Taxability, as defined in the Loan Agreement, whereby the interest accruing on the Bond becomes includible in the gross income of the Lender for the purpose of federal income taxation, the Bond shall bear interest at an annual rate equal to two percent above the Prime Rate of interest charged by Denver National Bank, adjusted semiannually, from and after the Date of Taxability. However, said rate may not be set at an annual rate qreater than thirty percent (30%) per annum. The maximum net effective interest rate authorized for the Bond is twenty-four percent ( 24%) per annum. However, upon a Determination of Taxability, the maximum net effective interest rate authorized for the Bond is thirty percent (30%) per annum. The Bond shall mature on or before fifteen ( 1 5 ) years and one month from its date of issue. The Bond may be redeemed prior to maturity by the Borrower at any time, and is also subject to mandatory redemption upon certain events of damage to or condemnation of the Project, or upon the unenforceability of the -. 5 -