Examples of Series 2021 Bonds in a sentence
As additional interest on the Series 2021 Bonds, the City shall pay to the Owners of any Outstanding Series 2021 Bonds, from the commencement date of any Event of Taxability to the maturity or prior redemption date of such Series 2021 Bonds, if the Event of Taxability is deemed retroactive to the Issuance Date, an amount equal to the Taxable Rate.
Upon the occurrence of an Event of Default with respect to Series 2021 Bonds, the interest rate on the Series 2021 Bonds shall adjust to the PNC Base Rate, plus 3%, provided that (i) such rate shall be no higher than 10%, and (ii) such rate may only be charged during such time that an Event of Default has occurred and is continuing.
Notwithstanding the foregoing, the City will not be required to comply with any of the federal tax covenants set forth above if the City has received an opinion of nationally recognized bond counsel or tax counsel that such noncompliance will not adversely affect the excludability of interest on the Series 2021 Bonds from gross income for federal income tax purposes.
While any of the Series 2021 Bonds remain Outstanding, the City covenants to cause the Board to maintain at least one long term unenhanced credit rating for either the Galveston Wharves or the Senior Lien Parity Obligations with either Moody’s or S&P.
The City covenants to file or cause to be filed with the Secretary of the Treasury an information statement concerning the Series 2021 Bonds in accordance with section 149(e) of the Code.