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2010-10 AMENDING CERTAIN PRIOR ORDINANCES OF THE CITY PROVIDING FOR A LINE OF CREDIT WITH NATIONAL CITY BANK
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2010-10 AMENDING CERTAIN PRIOR ORDINANCES OF THE CITY PROVIDING FOR A LINE OF CREDIT WITH NATIONAL CITY BANK
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8/27/2015 4:06:02 PM
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8/27/2015 4:06:02 PM
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Resolution/Ordinance
Res Ord Num
2010-10
Res Ord Title
AMENDING CERTAIN PRIOR ORDINANCES OF THE CITY PROVIDING FOR A LINE OF CREDIT WITH NATIONAL CITY BANK
Department
Finance
Approved Date
3/1/2010
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EXHIBIT A <br /> "Interest Rate" means the interest rate borne by the Amended and Restated Note. <br /> The Interest Rate is subject to change from time to time based on changes in an index which <br /> is the fluctuating rate per annum which is designated or published from time to time by the <br /> Bank as being its "One Month Libor Rate" (the "Index"), it being acknowledged that the <br /> Index is not necessarily (a) the lowest rate of interest or the only "LIBOR" denominated <br /> interest rate then available from the Bank on fluctuating rate loans or (b) calculated in the <br /> same manner as any other "LIBOR" denominated interest rate offered by the Bank. It is <br /> further acknowledged that the Index is not necessarily calculated in the same manner as any <br /> other "LIBOR" denominated interest rate offered by any other bank or published by any <br /> publication. The City understands that the Bank may make loans based on other rates as <br /> well. The interest rate to be applied to the unpaid principal balance on the Amended and <br /> Restated Note will be at a rate of 1.00 percentage points (1.00%) over the Index. NOTICE: <br /> Under no circumstances shall the interest rate on the Amended and Restated Note be more <br /> than 15.00%. <br /> "Prior Notes" mean that certain Taxable General Obligation Line of Credit Note of <br /> the City dated October 6, 2006 in the principal amount of$4,500,000, that certain Amended <br /> and Restated Taxable General Obligation Line of Credit Note of the City dated August 16, <br /> 2006 in the principal amount of $6,000,000, that certain Amended and Restated Taxable <br /> General Obligation Line of Credit Note of the City dated April 27, 2009 in the principal <br /> amount of $4,500,000 and that certain Amended and Restated Taxable General Obligation <br /> Line of Credit Note of the City dated May 4, 2009 in the principal amount of$4,750,000. <br /> 5 <br />
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