03-1461 Gas Tax Bonds - Laserfiche WebLink

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"Federal Securities" shall mean direct obligations of the United States of America and obligations the principal of and interest on which are unconditionally guaranteed by the United States of America, none of which permit redemption prior to maturity at the option of the obligor. Federal Securities shall include any certificates or any other evidences of an ownership interest in the aforementioned obligations or in specified portions thereof(which may consist of specified portions of the interest thereon). "Fiscal Year" shall mean the period commencing on October I of each year and continuing through the next succeeding September 30, or such other period as may be prescribed by law. "Fitch" shall mean Fitch, Inc., and any assigns or successors thereto. "Insurer" shall mean, with respect to any Series of Bonds, such Person, if any, as shall be insuring or guaranteeing the payment of principal of and interest on such Series of Bonds, when due. "Interest Account" shall mean the separate account in the Debt Service Fund established pursuant to Section 4.04 hereof. "Interest Date" or "interest payment date" shall be such date or dates for the payment of interest on a Series of Bonds as shall be provided hereby or by Supplemental Resolution. The "Interest Date" for the Series 2003 Note shall be April I and October I, of each year, commencing April 1,2004. "Interest Rate Cap" means an agreement granting the Issuer the right to receive from the provider a payment that equals the amount by which a floating interest rate index exceeds a stated interest level (the agreed upon cap level) during a specific period of time. Any Interest Rate Cap shall also specifY the notional principal amount and principal payment schedule upon which the potential payments <ire to be made. "Interest Rate Exchange Agreement" or "Interest Rate Swap" means an agreement between the Issuer and another party specifYing the exchange of future payments based on an interest rate or rates specified at the time of execution and delivery of the agreement. More particularly, the 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 parties to the agreement. Such exchange of interest rates shall be based on a notional principal amount and 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 5.02 hereof. "Issuer" shall mean the City of Casselberry, Florida. 7