Common use of Variable Rate Bonds Clause in Contracts

Variable Rate Bonds. If any of the Outstanding Bonds or Bonds of the Series then to be issued constitute Variable Rate Bonds, then the interest rate used in the above-described computations shall be the greater of (i) the interest rate on any additional Bonds issued as Variable Rate Bonds for the first period of calculation of such interest and (ii) the weighted average interest rate at which HRTAC could reasonably expect to have borrowed on the date of issuance of such Bonds by issuing such Bonds with a fixed rate or rates of interest. HRTAC’s reasonable expectation shall be established by an Officer’s Certificate and a letter of a knowledgeable professional, including HRTAC’s financial advisor, confirming the interest rate expectation as reasonable.