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7B, Northwestern College Conduit Debt Interest Rate Mode Change
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7B, Northwestern College Conduit Debt Interest Rate Mode Change
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10/24/2024 10:40:11 AM
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9/9/2011 3:56:39 PM
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Reg City Council Meeting - Sept 12, 2011
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ta.� purposes, the Bonds wiIl be treated as,; if they are refunded ari tlie Conversi:on. Date. The <br />reissuance of the Bonds will not affeet the City's ability �o issue up ta $I O.;UOQ,000-of bank-qnalified <br />debt in.this catendar year. <br />Tn order to efFect the interest rate xrcode conversi� and in#e�rate the �erms: of. ihe letter of <br />credit vvifh th� Tnast iridenture and Loan Agreeme�it executed at the tirne the Bonds:were-originally <br />issueci, a First Amendrnenx to Trf.isi Indenture and a"First Amenc�nent to Loan .Agreemenf liaye been <br />r�rra�ted and are on fle vvith fihe City; Ti� addztian,, a new fom� of the Bonds that iricoiparates the new <br />varia��e anterest rat� and ad�itio�al. certificates and forms re�a�ed. to the interest rate mode conversican. <br />and the.reissuance of the IIonds Iiave been prepared. <br />Other than;the changas:to the Bonds xnen�ianed ahoye, #he Bonds wil.t remain in plac:e antl <br />all the covenan�s af the doo�men#s. execuied in conjwncfian.�vitli tiie Bands vviil rernain in places T1ie <br />Bonds are conddit revenue liartds seeured soIely by the revenues :d�ived from the Loan Agreement <br />executed by tha Barrower. and fiom other security prorrided by the. Borrower (ineluding t�e letter of <br />credit). The Bonds.do not coiisfiitute a g�nerai or moral abliga#ian of t�e City and are not secured by <br />or payable. frorn any property or assets of the City (other than the interes#s of the City in the Loan. <br />Agreement) and wi1T not b.e secured by any tax�rtg power of.ttie City. The reissuance af the Bands <br />wi11 not, a.fffect tl�e Cify's ability to issue bank-�ualifxad c�ebt:3n this calendar year:nor will it have any <br />adverse impact on thc credit rating of �e City, everi in the ev�nt t�af the �orrower encounters <br />financisl difficulties rnrith respect to the fanili#ies financed with the groceeds of the Bands. <br />Plsase con�act me if you: Y�ave':.anY ques�ions rega7rdixiig: t�e i�iterest rate made change or the <br />x�issuanoe of #he Bonds. I will be.attending t�e City CounciL mee#u�g.x�e�cf w�eek in case there are an� <br />quastions. In addition, Dot�g Schzoeder, the Chief F�t�anoial Officer of Norihwestem College, will <br />also atkend the City Council meetin� if there axe any questions regarc�ing:tl� Projec#. <br />KENNEDY & GRAVEN, CHARTERED <br />, <br />3ulie �ddington <br />
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