Ord 2004-073 - Laserfiche WebLink

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.. I I I .., ( 1) Cash (msured at all times by the Federal DeposIt Insurance CorporatIOn); (11) Direct obligatIOns of the Umted States of Amenca; or (m) Semor debt obligations of other Government Sponsored Agencies approved by Ambac. Section 14.07. Payment Procedures Under The Policy. As long as the insurance policy shall be in full force and effect, the City and the Paying Agent/Registrar agree to comply with the following provisions: (a) On all Interest Payment Dates the Paying Agent/Registrar will determine whether there will be sufficient funds in the Funds and Accounts to pay the principal of or interest on the Certificates on such Interest Payment Date. If the Paying Agent/Registrar determines that there will be insufficient funds in such Funds or Accounts, Paying Agent/Registrar shall so notify Ambac Assurance. Such notice shall specify the amount of the deficiency, the Certificates to which such deficiency is applicable and whether such Certificates will be deficient as to principal or interest, or both. If Paying Agent/Registrar has not so notified Ambac Assurance, Ambac Assurance will make payments of principal or interest due on the Certificates on or before the first (1 st) business day next following the date on which Ambac Assurance shall have received notice of nonpayment from Paying Agent/Registrar. (b) The Paying Agent/Registrar shall, after giving notice to Ambac Assurance as provided in (a) above, make available to Ambac Assurance and, at Ambac Assurance's direction, to The Bank of New York, as insurance trustee for Ambac Assurance or any successor insurance trustee (the "Insurance Trustee"), the registration books of the City maintained by Paying Agent/Registrar, and all records relating to the Funds and Accounts maintained under this Ordinance. (c) The Paying Agent/Registrar, shall provide Ambac Assurance and the Insurance Trustee with a list of registered owners of Certificates entitled to receive principal or interest payments from Ambac Assurance under the terms of the Financial Guaranty Insurance Policy, and shall make arrangements with the Insurance Trustee (i) to mail checks or drafts to the registered owners of Certificates entitled to receive full or partial interest payments from Ambac Assurance and (ii) to pay principal upon Certificates surrendered to the Insurance Trustee by the registered owners of Certificates entitled to receive full or partial principal payments from Ambac Assurance. (d) The Paying Agent/Registrar, shall, at the time it provides notice to Ambac Assurance pursuant to (a) above, notify registered owners of Certificates entitled to receive the payment of principal or interest thereon from Ambac Assurance (I) as to the fact of such entitlement, (ii) that Ambac Assurance will remit to them all or a part of the interest payments next coming due upon proof of Holder entitlement to IIlterest payments and delivery to the Insurance Trustee, in form satisfactory to the Insurance Trustee, of an appropriate assignment of the registered owner's right to payment, (iii) that should they be entitled to receive full payment of principal from Ambac Assurance, they must surrender their Certificates (along with an appropriate instrument of assignment in form satisfactory to the Insurance Trustee to permit ownership of such Certificates to be registered in the name of Ambac Assurance) for payment to the Insurance Trustee, and not Paying Agent/Registrar, and (iv) that should they be entitled to receive partial payment of principal from Ambac Assurance, they must surrender their Certificates for payment thereon first to PaYlllg R.ISan MarcoslCO 041DocslOrdinancelCO Ord Final.wpd 34