Ord 2006-017 - Laserfiche WebLink

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I I I (i) The Insurer shall receive notice of the resignation or removal of the Paying Agent/Registrar and the appointment of a successor thereto. (j) The Insurer shall receive copies of all notices required to be delivered to Bondholders and, on an annual basis, copies of the City's audited financial statements and Annual Budget. NOTICES: Any notice that is required to be given to a holder ofthe Bond or to the Paying Agent/Registrar pursuant to the Ordinance shall also be provided to the Insurer. All notices required to be given to the Insurer under the Ordinance shall be in writing and shall be sent by registered or certified mail addressed to MBIA Insurance Corporation, 113 King Street, Armonk, New York 10504 Attention: Surveillance. (k) The City agrees to reimburse the Insurer immediately and unconditionally upon demand, to the extent permitted by law and subject to annual appropriation, for all reasonable expenses, including attorneys' fees and expenses, incurred by the Insurer in connection with (i) the enforcement by the Insurer of the City's obligations, or the preservation or defense of any rights of the Insurer, under this Ordinance and any other document executed in connection with the Issuance of the Bonds, and (ii) any consent, amendment, waiver or other action with respect to the Ordinance or any related document, whether or not granted or approved, together with interest on all such expenses from and including the date incurred to the date of payment at Citibank's Prime Rate plus 3% or the maximum interest rate permitted by law, whichever is less. In addition, the Insurer reserves the right to charge a fee in connection with its review of any such consent, amendment or waiver, whether or not granted or approved. (1) The City agrees not to use the Insurer's name in any public document including, without limitation, a press release or presentation, announcement or forum without the Insurer's prior consent; provided however, such prohibition on the use of the Insurer's name shall not relate to the use ofthe Insurer's standard approved form of disclosure in public documents issued in connection with the current Bonds to be issued in accordance with the terms ofthe Commitment; and provided further such prohibition shall not apply to the use of the Insurer's name in order to comply with public notice, public meeting or public reporting requirements. (m) The City shall not enter into any agreement nor shall it consent to or participate in any arrangement pursuant to which Bonds are tendered or purchased for any purpose other than the redemption and cancellation or legal defeasance of such Bonds without the prior written consent of MBIA. SANMARCOS/WWWSRev2006-2: Ordinance 46