21-3230 - Bond Issuance - Series 2021

Home Browse Search

"Bond Resolution" means Resolution 20-3157 adopted by the City on April 27, 2020. "Bond Registrar" means the City via the City Clerk, who shall maintain the registration books of the City and be responsible for the transfer and exchange of the Series 2021 Bond, and who shall also be the paying agent for the Series 2021 Bond. "Business Day" means any day other than a Saturday, Sunday or day on which banking institutions within the State of Florida are authorized or required by law to remain closed. "City" means the City of Casselberry, Florida, a municipal corporation of the State of Florida, or any successor thereto. "City Clerk" means the City Clerk or Assistant or Deputy City Clerk of the City, or such other person as may be duly authorized by the City Commission of the City to act on his or her behalf. "Code" means the Internal Revenue Code of 1986, as amended "Default Rate" means the Interest Rate on the 2021 Bond, plus 2.00%. "Event of Taxability" means the occurrence after the date hereof of a final decree or judgment of any Federal court or a final action of the Internal Revenue Service determining that interest paid or payable on all or a portion of any Series 2021 Bond is or was includable in the gross income of a Purchaser for Federal income tax purposes; provided, that no such decree, judgment, or action will be considered final for this purpose, however, unless the City has been given written notice and, if it is so desired and is legally allowed, has been afforded the opportunity at the City's own expense to contest the same, either directly or in the name of any Purchaser, and until the conclusion of any appellate review, if sought. An Event of Taxability does not include and is not triggered by a change in law by Congress that causes the interest to be includable under Purchaser's gross income. For all purposes of this definition, the effective date of any Event of Taxability will be the first date as of which interest is deemed includable in the gross income of the registered owner of the Series 2021 Bond. "Finance Director" means the Finance Director of the City or his or her designee. "Interest Rate" means a per annum rate equal to 2.01 %. Notwithstanding the foregoing, however, after, and during the continuance of, an Event of Default, "Interest Rate" shall mean the Default Rate. "Owner," "Bondholder" or "Purchaser" means the Person or Persons in whose name or names the Series 2021 Bond shall be registered on the books of the City kept for that purpose in accordance with the provisions of this Series 2021 Resolution. The initial Purchaser shall be JPMorgan Chase Bank, N.A. "Person" means natural persons, firms, trusts, estates, associations, corporations, partnerships and public bodies.