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by the British Bankers' Association as the information vendor for the purpose of <br /> displaying British Bankers' Association Interest Settlement Rates for U.S. Dollar <br /> deposits). 'i <br /> "Note" means the not to exceed $500,000 Taxable General Obligation Note(Olde <br /> Towne Redevelopment Project), Series 2005A, authorized to be issued by this Ordinance. <br /> "Note Register" means the books of the City kept by the Note Registrar to evi- <br /> dence the registration and transfer of the Note. <br /> "Note Registrar"means the Bank and successors or assigns. <br /> "Ordinance" means this Ordinance, numbered as set forth on the title page hereof, <br /> and passed by the Council on the 19th day of September 2005. <br /> "PayingAgent"means the Bank and successors or assigns. <br /> "Project" means the project as described and defined as such in the preambles to <br /> this Ordinance. <br /> "Project Fund" means the Project Fund as established and defined in Section 12 <br /> of this Ordinance. <br />' "Taxable"means, with respect to the Note, the status of interest paid and received <br /> thereon as includible in the gross income of the owners thereof under the Code for federal <br /> income tax purposes. <br /> "Variable Rate" means during the Draw Period, 30-day LIBOR plus 225 basis <br /> points and for the one-hundred and twenty (120) months after the Draw Period up to the <br /> maturity of the Note, the Bank's then present "cost of funds" plus 225 basis points, which <br /> will be disclosed by the Bank and approved by the Treasurer and Manager of the City; <br /> provided, however, that said latter interest rate shall not exceed 15%. <br /> -4- <br />