Ordinance 1982-770 - Laserfiche WebLink

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The max i urn net effective interest rate authorized for the Series 1982 Bo d is twenty-four per centum (24.00%) per annum. The Bond shall bea interest, computed on the basis of a year of 365 days and paid for the actual number of days elapsed, at the fol+owing rates: For the Years Following Delivery Limitations on Rate of Inte of the Bond Interest Rate . ( a ) 75% of the pri e Rate years 1 to 1 0 , provides that of The First N tional inclusive in no event Bank of Denver such shall such in- interest rate o be fixed terest rate be on September 2 , 1982 and less than 11% to be adjusted thereafter on nor more than the first day f each month. 14% per annum. (a) 75% of the pr e Rate years 1 1 to 20, provides that of The First N tional inclusive in no event Bank of Denver such shall such in- interest rate o be fixed terest rate be on September 2 , 1992 and less than 11% to be adjusted thereafter on nor more than the first day f each month. 24% per annum. Upon a etermination of Taxability, as defined in Article VIII of t e Loan Agreement, whereby the interest accruing on the Bond becom s includable in the gross income of the Bond- holder, then the p incipal balance of the Bond shall bear interest at a tate 2% abov the Prime Ra.te of The First National Bank of Denver per annum, uch rate to bE~ determined as of the date of the Determination of axability and to be adjusted thereafter on the first day of each month, provided that in no event shall such interest rate be m re than 24% p~!r annum. The 1982 Bond . c:md the interest thereon shall be payable at the Fir t National Bank of Louisville, 833 Main Street, Louisville, Colora 0, 80027, or at such other place as the Lender may designate in iting. The is subject tc:> optional prepayment by the City (on the request 0 the Borrowers), in whole or in part, on any interest payment ate upon paym4ent of the principal amount to be prepaid plus accru d interest, without prepayment premium. . - - 6 - --"---._-----------.-