Official Statement Airport Commission City and County of San ...
Official Statement Airport Commission City and County of San ...
Official Statement Airport Commission City and County of San ...
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Upon receipt from the Trustee <strong>of</strong> the immediately available funds from a Credit Facility which are<br />
transferred to the Paying Agent pursuant to the 1991 Master Resolution, the Paying Agent shall deposit such money<br />
in the Series 2010A Credit Facility Purchase Account for application to the Purchase Price <strong>of</strong> such 2010A Bonds to<br />
the extent that the moneys on deposit in the Series 2010A Remarketing Proceeds Account shall not be sufficient.<br />
Any amounts deposited in the Series 2010A Credit Facility Purchase Account for 2010A Bonds <strong>and</strong> not needed with<br />
respect to any Purchase Date or M<strong>and</strong>atory Purchase Date for the payment <strong>of</strong> the Purchase Price for any such 2010A<br />
Bonds shall be immediately returned to the Credit Provider<br />
Issuance <strong>of</strong> Variable Rate Bonds<br />
The Supplemental Resolutions authorize the issuance <strong>of</strong> one or more Series <strong>of</strong> Variable Rate<br />
Bonds under the 1991 Master Resolution, in the aggregate principal amounts specified in the applicable Series Sale<br />
Resolutions. Variable Rate Bonds are authorized to be issued in the Auction Mode, Commercial Paper Mode, Daily<br />
Mode, Fixed Rate Mode, Weekly Mode or Term Rate Mode (all as defined in the 1991 Master Resolution). This<br />
<strong>Official</strong> <strong>Statement</strong> only contains information concerning the 2010A Bonds while in a Weekly Mode. Holders <strong>and</strong><br />
Potential Owners <strong>of</strong> the 2010A Bonds should not rely on this <strong>Official</strong> <strong>Statement</strong> for information concerning a change <strong>of</strong><br />
the 2010A Bonds to any Mode other than the Weekly Mode, but should look solely to the <strong>of</strong>fering documents to be used<br />
in connection with any such Mode change for a description <strong>of</strong> any other Mode.<br />
For a description <strong>of</strong> the procedures for the determination <strong>of</strong> the interest rate, the procedures for a change in<br />
Mode, the redemption provisions, the m<strong>and</strong>atory tender provisions <strong>and</strong> the optional tender provisions for any Series <strong>of</strong><br />
2010A Bonds in the Weekly Mode, see “DESCRIPTION OF THE 2010A BONDS – Weekly Mode Provisions” “ –<br />
Redemption Provisions” <strong>and</strong> “ – Purchase Upon Dem<strong>and</strong> <strong>of</strong> Owners; M<strong>and</strong>atory Tender for Purchase” in this<br />
<strong>Official</strong> <strong>Statement</strong>.<br />
Mode Change<br />
Subject to the provisions <strong>of</strong> the 1991 Master Resolution, the <strong>Commission</strong> may change the 2010A<br />
Bonds from the Weekly Mode to another Mode.<br />
Changes from Weekly Mode<br />
Subject to the provisions <strong>of</strong> the 1991 Master Resolution, the <strong>Commission</strong> may change the 2010A<br />
Bonds from the Weekly Mode to another Mode (except for the Fixed Rate Mode or the Auction Mode which are<br />
described under the caption “–Change to Fixed Rate Mode” <strong>and</strong> “–Change to Auction Mode”), as follows.<br />
No later than the 45th day (or such shorter time as may be agreed to by the <strong>Commission</strong>, the<br />
Trustee, the Paying Agent <strong>and</strong> the Remarketing Agent) preceding the proposed Mode Change Date, the <strong>Commission</strong><br />
will give written notice to the Notice Parties <strong>of</strong> its intention to effect a change in the Mode from the Mode then<br />
prevailing (the “Current Mode”) to another Mode (the “New Mode”) specified in such written notice as provided in<br />
the 1991 Master Resolution, <strong>and</strong>, if the change is to a Term Rate Mode, the length <strong>of</strong> the initial Interest Period as set<br />
by the <strong>Commission</strong> <strong>and</strong> whether or not the 2010A Bonds to be changed to the Term Rate Mode will be secured by a<br />
Credit Facility (if it will be secured, then the initial Interest Period for the 2010A Bonds selected by the <strong>Commission</strong><br />
cannot extend beyond the Expiration Tender Date). Notice <strong>of</strong> the proposed change in Mode is required to be given<br />
to the Owners as described under “DESCRIPTION OF THE 2010A BONDS–Optional <strong>and</strong> M<strong>and</strong>atory Tenders for<br />
Purchase –M<strong>and</strong>atory Purchase on Mode Change Date” in this Remarketing Memor<strong>and</strong>um.<br />
Prior to the effectiveness <strong>of</strong> any Mode change, the following conditions are required to be<br />
satisfied: (i) the Mode Change Date is required to be a Business Day; <strong>and</strong> (ii) delivery <strong>of</strong> the following to the<br />
Trustee, the Paying Agent <strong>and</strong> the Remarketing Agent, on or prior to the Mode Change Date: (a) in the case <strong>of</strong> a<br />
change to a Term Rate Mode, a Favorable Opinion <strong>of</strong> Bond Counsel dated the Mode Change Date <strong>and</strong> addressed to<br />
the Trustee, the Paying Agent <strong>and</strong> the Remarketing Agent; (b) a Rating Confirmation Notice; <strong>and</strong> (c) a Credit<br />
Facility <strong>and</strong>/or a Liquidity Facility providing, collectively, for the payment <strong>of</strong> principal <strong>of</strong>, premium, if any, interest<br />
on, <strong>and</strong> Purchase Price <strong>of</strong> the 2010A Bonds with a principal component equal to the principal amount <strong>of</strong> the 2010A<br />
Bonds being changed, with an interest component in the case <strong>of</strong> such Credit Facility <strong>and</strong>/or Liquidity Facility equal<br />
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