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exchange by the Issuer of a monthly interest payment based on a floating rate for a monthly interest payment based on a fixed rate established by negotiation between the pmiies to the agreement. Such exchange of interest rates shall be based on a notional principal amount alld principal repayment schedule; there is no exchange of principal nor the obligation to pay principal and such agreement shall not constitute debt under this Resolution for purposes of Section 6.02 hereof. "Issuer" shall mean the City of Cassel be ny, Florida. "Maximum Annual Debt Service" shall mean the largest aggregate amount of the Almual Debt Service becoming due in any Fiscal Yem" in which Bonds are Outstallding, excluding all Fiscal Yeal"s which shall have ended prior to the Fiscal Year in which the Maximum Annual Debt Service shall at any time be computed. "Maximum Interest Rate" shall mean, with respect to any particular Variable Rate Bonds, a numerical rate of interest, which shall be set fOlih in the Supplemental Resolution of the Issuer delineating the details of such Bonds, that shall be the maximum rate of interest such Bonds may at any particular time bear. "Mayor" shall mean the Mayor of the City and such other person as may be duly authorized to act on his or her behalf. "Moody's" shall mean Moody's Investors Service, Inc., alld allY assigns and successors thereto. "Outstanding" refers to all Bonds as of allY particular date which shall have been authenticated and delivered except, (I) any Bond in lieu of which other Bond or Bonds have been issued under agreement to replace lost, mutilated or destroyed Bonds, (2) allY Bond surrendered by the Holder thereof in exchange for other Bond or Bonds under Sections 2.08 and 2.10 hereof, (3) Bonds deemed to have been paid pursuant to Section 9.01 hereof and (4) Bonds cancelled after purchase in the open market or because of payment at or redemption prior to maturity. "Paying Agent" shall mean for each Series of Bonds allY paying agent for such Series of Bonds appointed by or pursuant to this Resolution and its successor or assigns, and any other Person which may at any time be substituted in its place purSUallt to this Resolution. The Clerk shall serve as Paying Agent for the Series 2003 Note. "Payment Account" shall mean the separate account in the Debt Service Fund established pursuant to Section 4.04 hereof. "Person" shall mean an individual, a corporation, a partnership, an association, ajoint stock company, a trust, any unincorporated organization, governmental entity or other legal entity. 8