03-1460 Infrastructure Bonds - Laserfiche WebLink

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"Pledged Funds" shall mean (I) Infrastructure Sales Surtax Revenues and (2) until applied in accordance with the provisions ofthis Resolution, all moneys, including investments thereof, in the accounts alld sub accounts established hereunder, except (A) amounts in the Rebate Fund and (B) moneys set aside in a particulal' account of the Reserve Account if such moneys shall be pledged solely for the payment of the Series of Bonds for which it was established in accordance with the provisions hereof. "Prepayment Penalty" shall mean all amount equal to the result of multiplying the prepayment principal balance (a) of this Note as of the date the prepayment occurs, times the difference between the "yield-to-maturity" of the U.S. Treasury Note or Bond (b) in effect at the time of origination of this Note having a maturity equal or comparable to the original term of this Note as reported in the Wall Street Journal and concurred by the Purchaser alld the "yield-to-maturity" of the U. S . Treasury Note or Bond on tlle date of prepayment (c) having a maturity equal or comparable to the remaining period to final maturity of the Note as repOlied in the Wall Street Journal and conculTed by the Purchaser, times the result of dividing the number of days to maturity of the Note (d) by 360. Mathematically the prepayment penalty equation Call be demonstrated as follows: a * ((b-c) * (d/360» = Prepayment Penalty No prepayment penalty shall be due or owing hereunder if, on the date of such prepayment, the yield to maturity of the U.S. Treasury Note or Bond having a maturity equal or comparable to the remaining period to final maturity of the Note or Bond in effect at the time of this Note having a maturity equal or comparable to the original term of this Note as reported in the Wall Street Journal and concurred by the Purchaser. "Prerefunded Obligations" shall mean any bonds or other obligations of allY state of the United States of America or of any agency, instrumentality or local governmental unit of any such state (I) which are (A) not callable prior to maturity or (B) as to which irrevocable instructions have been given to the fiduciary for such bonds or other obligations by the obligor to give due notice of redemption and to call such bonds for redemption on tIle date or dates specified in such instructions, (2) which are fully secured as to principal, redemption premium, if any, and interest by a fund held by a fiduciary consisting only of cash or federal Securities, secured in the manner set forth in Section 9.0] hereof, which fund may be applied only to the payment of such principal of, redemption premium, if any, and interest on such bonds or other obligations on the maturity date or dates thereof or the specified redemption date or dates pursuant to such irrevocable instructions, as the case may be, (3) as to which the principal of alld interest on the Federal Securities, which have been deposited in such fund along with any cash on deposit in such fund are sufficient to pay principal of, redemption premium, if any, alld interest on the bonds or other obligations on the maturity date or dates thereof or on the redemption date or dates specified in the irrevocable instructions referred to in clause (I) above and are not available to satisfy allY other claims, including those against the fiduciary holding the same, and (4) which are rated in the highest rating category (without regard to gradations, such as "p1us" or "minus" of such categories) of two of the Rating Agencies. 9