Ord 2008-037 - Laserfiche WebLink

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outstanding until the applicable Original Payment Date, using the interest rate applicable to the Prepaid Installment under this Ordinance. (ii) The Owner of the Certificate will then subtract from each monthly interest amount determined in (i), above, the amount of interest which would accrue for that Prepaid Installment if it were reinvested from the date of prepayment or redemption through the Original Payment Date, using the Treasury Rate. (iii) If (i) minus (ii) for the Prepaid Installment is greater than zero, the Owner of Certificate will discount the monthly differences to the date of prepayment by the Treasury Rate. The Owner of the Certificate will then add together all of the discounted monthly differences for the Prepaid Installment. The following definitions will apply to the calculation of the Prepayment Fee: (i) "Original Payment Dates" mean the dates on which the prepaid principal would have been paid if there had been no prepayment. If any of the principal would have been paid later than the end of the fixed rate interest period in effect at the time of prepayment, then the Original Payment Date for that amount will be the last day of the interest period. (ii) "Prepaid Installment" means the amount of the prepaid principal which would have been paid on a single Original Payment Date. (iii) "Taxable Equivalent Rate" means the interest rate per annum derived from the following formula: interest rate on the Certificate, divided by the difference of (I minus the Maximum Corporate Income Tax Rate). The "Maximum Corporate Income Tax Rate" is the highest marginal federal income tax rate charged to U.S. corporations in effect at the time of the prepayment calculation. The "Maximum Corporate Income Tax Rate" is currently 35% (or 0.35 in numerical terms). (iv) "Treasury Rate" means the yield on the Treasury Constant Maturity Series with maturity equal to the Original Payment Date of the Prepaid Installment which are principal payments (calculated as of the date of prepayment in accordance with accepted financial practice and rounded to the nearest quarter-year), as reported in Federal Reserve Statistical Release H.15, Selected Interest Rates of the Board of Governors of the Federal Reserve System, or any successor publication. If no maturity exactly corresponding to such Original Payment Date appears in Release H.15, the Treasury Rate will be determined by linear interpolation between the yields reported in Release H.15. If for any reason Release H.15 is no longer published, the Owner of the Certificate shall select a comparable publication to determine the Treasury Rate. Notice of such prepayment or prepayments shall be sent by United States mail, first class postage prepaid, not less than 3 days before the date fixed for prepayment, to the registered owner of the Certificate to be prepaid in whole or in part. Notice having been so given, the Certificate or San Marcos CTRCO 2008A: Ordinance 19