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business on the Record Date, which is the last Business Day of the month next preceding each <br /> interest payment date. All payments of principal of and interest on this Note shall be in any coin <br /> or currency of the United States of America which at the time of payment is legal tender for the <br /> payment of public and private debts. In addition, principal and interest may be paid by such <br /> other method, acceptable to the Paying Agent/Registrar, requested by, and at the risk and expense <br /> of, the Registered Owner. The foregoing notwithstanding, so long as Wells Fargo Municipal <br /> Capital Strategies, LLC, is the registered owner of 100% in aggregate principal amount of the <br /> Note then outstanding, payment of principal and interest on the Note shall be made thereto by <br /> wire transfer, at no expense to Wells Fargo Municipal Capital Strategies, LLC, without <br /> presentment or surrender. Notwithstanding the foregoing, during any period in which ownership <br /> of the Note is determined only by a book entry at a securities depository for the Note, payments <br /> made to the securities depository, or its nominee, shall be made in accordance with arrangements <br /> between the Authority and the securities depository. <br /> Upon the occurrence and continuance of an Event of Default (as defined below), interest <br /> on the Note shall accrue at the Default Rate (as defined below) until such Event of Default has <br /> been cured. <br /> "Default Rate" has the meaning set forth in the Note Purchase Agreement (as defined in <br /> the Resolution). <br /> "Event of Default" has the meaning set forth in the Note Purchase Agreement (as defined <br /> in the Resolution). <br /> In the event of a Determination of Taxability (as defined below), the interest rate on the <br /> Note shall increase to the Taxable Rate (as defined below). <br /> "Determination of Taxability" has the meaning set forth in the Note Purchase Agreement <br /> (as defined in the Resolution). <br /> "Taxable Rate" has the meaning set forth in the Note Purchase Agreement (as defined in <br /> the Resolution). <br /> This Note is issued in the aggregate principal amount of $46,000,000 pursuant to a <br /> resolution adopted by the governing body of the Authority (the "Resolution"), (i) FOR <br /> CONSTRUCTING, ACQUIRING, IMPROVING AND/OR EXPANDING THE PROJECT <br /> INCLUDING BUT NOT LIMITED TO THE PHASE 1B IMPROVEMENTS WATER SUPPLY <br /> PROJECT AND (ii)PAYING THE COSTS OF ISSUANCE OF THE NOTE. <br /> On November 1, 2024, or any Business Day thereafter, the Note may be redeemed prior <br /> to its Stated Maturity, at the option of the Authority, in whole or in part in an Authorized <br /> Denomination (and if within a Stated Maturity selected at random and by lot by the Paying <br /> Agent/Registrar) at the redemption price of par, together with accrued interest to the date of <br /> redemption, and upon thirty (30) days prior written notice being given by United States mail, <br /> first-class postage prepaid, to Holders of the Note to be redeemed, and subject to the terms and <br /> provisions relating thereto contained in the Resolution. If this Note is subject to redemption prior <br /> B-2 <br /> ARWA\BAN\2023:Authorizing Resolution <br />