1985-036 - Laserfiche WebLink

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I` ] J •• in the denomination of $1,000 each or integral multiples thereof and shall bear interest at the rate of 10.00% per annum (subject to adjustment as provided below), payable on January 1, 1986, and Oil January 1 of each year thereafter until maturity. Amortization installments are hereby established for the Bonds, and such Bonds, as will be selected by lot, shall be deemed to be due on January 1 in the years and amounts as follows: YEARS AMOUNTS 1987 $516,500 1988 516,500 1989 516,500 1990 516,500 1991 516,500 1992 516,500 1993 516,500 1994 516,5j0 1995 516,500 1996 516,500 If any of the Bonds are held by Florida National Bank, Jacksonville, Florida (hereinafter called "Bank"), as the Registered Owner thereof, and changes occur in federal law or in the laws of the State of Florida that result in an increase in the tax liability of the Bank by virtue of it being the Registered Owner of any Bond, the interest rate per annum borne by the Bonds held by the Bank shall be increased to a rate per annum which shall result in the net amount of interest received by the Bank, after payment of such increased taxes, to equal the amount the Bank would have received had no such increase in tax been payable; provided, however, that the maximum interest rate per annum the Bonds may bear shall not exceed the maximum legal interest rate per annum applicable to the Bonds on the date of their sale. As a condition precedent to the foregoing interest rate adjustment on the Bonds, the Bank shall send to the County by certified mail, return receipt requested, (a) a statement of the effective date of such increased tax liability, (b) an opi- nion of counsel to the Bank summarizing the law change related to such increased tax liability, and advising the Bank of its increase in tax liability as a result of the law change and it being the Registered Owner of a Bond or Bonds, and (c) a calculation of the -5-