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"Direct Subsidy Bonds" shall mean any Taxable Bonds issued by the Issuer hereunder <br /> for which either (1) the Issuer receives direct subsidy payments or any other interest subsidy or <br /> similar payments made by the Federal Government in an amount equal to a percentage of the <br /> interest paid on such Bond or Bonds, or (2) the holder of such Bond or Bonds receives a tax <br /> credit in an amount equal to a percentage of or in lieu of the interest paid on such Bond or <br /> Bonds. <br /> "Federal Securities" shall mean (1) cash, and/or (2) non-callable direct obligations of the <br /> United States of America. <br /> "Finance Director" shall mean the Finance Director of the Issuer, or such other person as <br /> may be duly authorized by the City Manager of the Issuer to act on his or her behalf. <br /> "Fiscal Year" shall mean the period commencing on October 1 of each year and <br /> continuing through the next succeeding September 30, or such other period as may be <br /> prescribed by law. <br /> "Initial Project" shall mean the temporary relocation, designing, permitting, <br /> construction, reconstruction, acquisition and/or equipping of certain additions, extensions and <br /> improvements to a new City Hall. Such Initial Project shall include without limitation all <br /> property rights, appurtenances, easements, franchises and equipment relating thereto and <br /> deemed necessary or convenient for the construction, designing, permitting, reconstruction, <br /> acquisition and equipping thereof, in accordance with certain plans on file or to be on file with <br /> the Clerk, with such changes, deletions, additions or modifications to the enumerated <br /> improvements, equipment and facilities, or such other improvements as approved by the City <br /> Council of the Issuer in a Supplemental Resolution in accordance with the Act. <br /> "Insurance Policy" or "Insurance Policies" shall mean any policy of bond insurance, <br /> letter of credit, guarantee, or other similar form of credit enhancement issued by an Insurer and <br /> insuring or guaranteeing the payment when due of all or any portion of the principal of and <br /> interest on any Series of Bonds. All references in this Resolution to the Insurance Policy or <br /> Insurance Policies shall be of no force and effect(i) if there is a default in the performance of any <br /> obligations thereunder by the applicable Insurer, or (ii) at such time as there are no Bonds <br /> Outstanding with respect to which an Insurer has issued an Insurance Policy or Insurance <br /> Policies. <br /> "Insurer" shall mean any issuer or issuers of any Insurance Policy or any successor <br /> corporation that assumes the obligations of the issuer of such Insurance Policy. All references <br /> in this Resolution to the Insurer and/or an Insurance Policy shall be of no force and effect to a <br /> particular Series of Bonds if such Bonds are not insured, and/or at such time as there are no <br /> Bonds Outstanding with respect to which an Insurer has issued an Insurance Policy. <br /> "Interest Account" shall mean the separate account in the Debt Service Fund established <br /> pursuant to Section 4.04 hereof. <br /> "Interest Date" shall be April 1 and October 1 of each year. <br /> "Issuer" shall mean the City of Zephyrhills, Florida, a municipal corporation of the State <br /> of Florida. <br /> "Maximum Annual Debt Service" shall mean the largest amount of Annual Debt <br /> Service for any Bond Year in which Bonds shall be Outstanding, excluding all Bond Years <br /> which shall have ended prior to the Bond Year in which Maximum Annual Debt Service shall <br /> be computed. <br /> "Maximum Interest Rate" shall mean, with respect to any particular Variable Rate <br /> Bonds, the maximum rate of interest such Bonds may at any time bear in the future in <br /> accordance with the terms of the Supplemental Resolution of the Issuer delineating the details <br /> of such Bonds. <br /> 3 <br />