HomeMy WebLinkAboutSubmittal-Larry SpringU
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1. The total amount that the City will be able to draw under the bridge loan is now $15,000,000.
1 2. The security for the bridge loan should include as "Pledged Funds" all of the same security as for the proposed
parking garage bonds, including funds resulting from the City's covenant to budget and appropriate.
Meaning: (Convention Development Taxes, Parking Revenues, Parking Surcharge, all monies including
Non -Ad Valorem Revenues resulting from the covenant to budget and appropriate, and earnings on the
investments in the Funds and Accounts created and pledged to secure the bonds (except the Rebate
Fund),
3. Redemption notice should be given at least 15 calendar days before the proposed redemption date (instead of
30 days before).
4. Interest on the bridge loan should be calculated upon an actual 365 day basis (instead of a 360 day basis).
5. No draw shall be requested after January 1, 2011 (instead of June 1, 2011).
6. There will be no resale of the bridge loan note; Merrill Lynch will hold such note throughout the entire loan
period of up to one year or earlier redemption/repayment.
7. Other than interest on the loan, there are no fees or expenses of Merrill Lynch for the bridge loan.
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SUBMITTED" IN"TO THE PUBLIC RECORD FOR
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