Common use of Variable Rate Bonds Clause in Contracts

Variable Rate Bonds. (A) If District #6 issues a series of Variable Rate Bonds, District #6 shall deliver to the City a proforma schedule of fixed rate debt service certified as reasonable by the financial advisors to both District #6 and the City. (B) Within fifteen days after the last day of each calendar quarter during any period in which Variable Rate Bonds are outstanding, District #6 shall deliver an interest rate report to the City specifying the rate or rates at which interest accrued on each series of Variable Rate Bonds during the immediate prior calendar quarter. If interest on any series of Variable Rate Bonds accrued at more than one interest rate during the quarter, the report shall specify the period during which interest accrued at each rate.

Variable Rate Bonds. (A) If District #6 issues a series of Variable Rate Bonds, District #6 shall deliver to the City a proforma schedule of fixed rate debt service certified as reasonable accurate by the financial advisors to both District #6 and the City. (B) Within fifteen days after the last day of each calendar quarter during any period in which Variable Rate Bonds are outstanding, District #6 shall deliver an interest rate report to the City specifying the rate or rates at which interest accrued on each series of Variable Rate Bonds during the immediate prior calendar quarter. If interest on any series of Variable Rate Bonds accrued at more than one interest rate during the quarter, the report shall specify the period during which interest accrued at each rate.