Ord 2004-073 - Laserfiche WebLink

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.. I I I .. Section 14.04 Notices to Ambac Assurance. (a) (i) While the Financial Guaranty Insurance Policy is in effect, the City shall furnish to Ambac Assurance, Attention: Surveillance Department, upon request, the following: (A) a copy of any financial statement, audit and/or annual report of the City. (B) such additional information it may reasonably request. (ii) Upon request, such information shall be delivered at the Cty's expense to the attention of the Surveillance Department, unless otherwise indicated. (iii) A copy of any notice to be given to the registered owners of the Certificates, including, without limitation, notice of any redemption of or defeasance of Certificates, and any certificate rendered pursuant to this Ordinance relating to the security for the Certificates, at no cost to Ambac. To the extent that the Obligor has entered into a continuing disclosure agreement with respect to the Certificates, Ambac Assurance shall be included as party to be notified. (b) While the Financial Guaranty Insurance Policy is in effect, the City shall furnish to Ambac Assurance, Attention: General Counsel Office, upon request, the following: (i) The City shall notify Ambac Assurance of any failure of the City to provide relevant notices, certificates, etc (ii) Notwithstanding any other provision of this Ordinance, the City shall immediately notify Ambac Assurance if at any time there are insufficient moneys to make any payments of principal and/or interest as required and immediately upon the occurrence of any event of default hereunder. Section 14.05. Other Information to Be Given To Ambac Assurance. The City will permit Ambac Assurance to discuss the affairs, finances and accounts of the City or any information Ambac Assurance may reasonably request regarding the security for the Certificates with appropriate officers of the City. The City will permit Ambac Assurance to have access to and to make copies of all books and records relating to the Certificates at any reasonable time. Section 14 06. Defeasance, (a) Notwithstanding anything herein to the contrary, in the event that the principal and/or interest due on the Certificates shall be paid by Ambac Assurance Corporation pursuant to the Financial Guaranty Insurance Policy, the Certificates shall remain Outstanding for all purposes, not be defeased or otherwise satisfied and not be considered paid by the Obligor, and the assignment and pledge of the Trust Estate and all covenants, agreements and other obligations of the Obligor to the registered owners shall contlllue to exist and shall run to the benefit of Ambac Assurance, and Ambac Assurance shall be subrogated to the rights of such registered owners. (b) Ambac Assurance will allow the followmg obligations to be used as Permitted Investments for defeasance purposes m refundmg escrow accounts: R.ISan MarcoslCO 041DocslOrdinancelCO Ord Final.wpd 33