Ord 2002-054 - Laserfiche WebLink

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(f) Defeasance. To accomplish defeasance of the Bonds, the City shall cause to be delivered to the Insurer (i) a report of an independent firm of nationally recognized certified public accountants or such other accountant as shall be acceptable to the Insurer ("Accountant") verifying the sufficiency of the escrow established to pay the Bonds in full on the maturity or redemption date ("Verification"), (ii) an escrow deposit agreement, in form and substance acceptable to the Insurer (which acceptance shall not be unreasonably withheld), (iii) an opinion of nationally recognized bond counsel to the effect that the Bonds are no longer "Outstanding" under the Ordinance and (iv) if there is a Paying Agent for the Bonds, a certificate or other evidence acceptable in form and substance to the Insurer (which acceptance shall not be unreasonably withheld) of discharge of the Paying Agent with respect to the Bonds; each Verification and defeasance opinion shall be acceptable in form and substance to the Insurer (which acceptance shall not be unreasonably withheld), and addressed to the City, the Paying Agent and the Insurer. The Insurer shall be provided with final drafts of such documents not less than five business days prior to the funding of the escrow. (g) Information to be Provided to Insurer. The Insurer shall be provided with the following information: (i) Annual audited financial statements within 150 days after the end of the City's fiscal year and the City's annual budget within 30 days after the approval thereof, together with such other information, data or reports as the Insurer shall reasonable request from time to time; (ii) Notice of any draw upon the Reserve Fund within two Business Days after knowledge thereof other than (A) withdrawals of amounts in excess of the Required Reserve and (B) withdrawals in connection with a refunding of Bonds; (iii) Notice of any default known to the Paying Agent/Registrar within five Business Days after knowledge thereof; (iv) Prior notice of the advance refunding or redemption of any of the Bonds, including the principal amount, maturities and CUSIP numbers thereof; (v) Notice of the resignation or removal of the Paying Agent/Bond Registrar and the appointment of, and acceptance of duties by, any successor thereto; (vi) Notice of the commencement of any proceeding by or against the City commenced under the United States Bankruptcy Code or any other applicable bankruptcy, insolvency, receivership, rehabilitation or similar law (an "Insolvency Proceeding"); (vii) Notice of the making of any claim in connection with any Insolvency Proceeding seeking the avoidance as a preferential transfer of any payment of principal of, or interest on, the Bonds; (viii) A full original transcript of all proceedings relating to the execution of any amendment or supplement to the Ordinance; and R:\San Marcos\EUS Rfdg.02\Docs\Ordinance\FinaL wpd 36