Ord 2002-054 - Laserfiche WebLink

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(b) Applicability of Article. Notwithstanding anything to the contrary set forth in this Ordinance, the proyisions 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 . (c) Consent of Insurer; Notices. (i) The Insurer shall be deemed to be the sole holder of the Bonds insured by it for the purpose of exercising any yoting right or priyilege 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 of the Ordinance. (ii) No waiyer, modification, amendment or supplement to the Ordinance may become effective except upon obtaining the prior written consent of the Insurer. Copies of any such modification or amendment shall be sent to Standard & Poor's Credit Market Services and Moody's Inyestors Service, Inc. at least 10 days prior to the effective date thereof. (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 with respect to the Bonds. Notwithstanding anything to the contrary herein, amounts on deposit in the Reserve Fund (excepting only amounts in excess of the amount required to be on deposit therein with respect to Parity Revenue Obligations) shall be applied solely to the payment of debt service on Parity Revenue Obligations. (iv)The Insurer shall be provided with all reports, notices and correspondence to be del ivered under the terms of the Ordinance. (v) The notice address of the Insurer is: Financial Security Assurance Inc., 350 Park A venue, New York, New York 10022-6022, Attention: Managing Director -- Surveillance; Re: Policy No._, Telephone: (212) 826-0100; Telecopier: (212) 339-3556. 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." (d) Payment Pursuant to Insurance Policy. (i) Amounts paid by the Insurer under the Insurance Policy shall not be deemed paid for purposes of the Ordinance and shall remain Outstanding and continue to be due and owing llntil paid by the City in accordance with the Ordinance. The Ordinance shall not be discharged unless all amounts due or to become due thereunder have been paid in full or duly provided for. (ii) 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 R:\San Marcos\EUS Rfdg02\DocsIOrdlllance\Final.wpd 33