Ord 2008-010 - Laserfiche WebLink

Home Browse Search

(d) Applicability of Article. Notwithstanding anything to the contrary set forth in this Ordinance, the provisions of this Article shall control so long as the Bonds are insured by the Insurer and the Insurer is not in default under the Insurance Policy . (e) Consent of Insurer; Notices. (i) The Insurer shall be deemed to be the sole Owner of the Bonds insured by it for the purpose of exercising any voting right or privilege or giving any consent or direction or taking any other action that the holders of the Bonds insured by it are entitled to take pursuant to this Ordinance. (ii) No waiver, modification, amendment or supplement to this Ordinance may become effective except upon obtaining the prior written consent of the Insurer. (iii) The prior written consent of the Insurer shall be a condition precedent to the deposit of any credit instrument provided in lieu of a cash deposit into the Reserve Fund. (iv) Copies of any modification or amendment to this Ordinance shall be provided to Standard & Poor's Ratings Services and Moody's Investors Service, Inc. at least 3 days prior to the effective date thereof. (v) The Insurer shall be provided with all reports, notices and correspondence to be delivered under the terms of this Ordinance. (vi) The notice address of the Insurer is: Financial Security Assurance Inc., 350 Park Avenue, New York, New York 10022-6022, Attention: Managing Director -- Surveillance; Re: Policy No. ,Telephone: (212) 826-0100; Telecopier: (212) 339- 3529. In each case in which notice or other communication refers to an Event of Default, then a copy of such notice or other communication shall also be sent to the attention of General Counsel and shall be marked to indicate "URGENT MATERIAL ENCLOSED." (f) Payment Pursuant to Insurance Policy. (i) Amounts paid by the Insurer under the Insurance Policy shall not be deemed paid for purposes of this Ordinance and shall remain Outstanding and continue to be due and owing until paid by the City in accordance with this Ordinance. The Insurer shall, to the extent it makes any payment of principal of or interest on the Bonds, become subrogated to the rights of the recipients of such payments in accordance with the terms of the Insurance Policy. This Ordinance shall not be discharged unless all amounts due or to become due thereunder have been paid in full or duly provided for. SANMARCOS/lYW W SRev2008: Ordinance 44