Ord 2007-037 - Laserfiche WebLink

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B A copy of any notice to be given to the registered owners of the Bonds, including, without limitation, notice of any redemption of or defeasance of Bond s, and any certificate rendered pursuant to the Ordinance relating to the security for the Bonds, at no cost to Ambac C To the extent that the City has entered into a continuing disclosure agreement with respect to the Bonds, Ambac Assurance shall be included as party to be notified Notices to be sent to the attention of the GENERAL COUNSEL A. The City shall notify Ambac Assurance of any failure of the City to provide relevant notices, certificates, etc B Notwithstanding any other provision of the 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. 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 Bonds 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 Bonds at any reasonable time Ambac Assurance shall have the right to direct an accounting at the City's expense, and the City's failure to comply with such direction within thirty (30) days after receipt of written notice of the direction from Ambac Assurance shall be deemed a default under the Ordinance, provided, however, that if compliance cannot occur within such period, then such period will be extended so long as compliance is begun within such period and diligently pursued, but only if such extension would not materially adversely affect the interests of any registered owner of the Bonds DEFEASANCE Notwithstanding anything in the Ordinance to the contrary, in the event that the principal and/or interest due on the Bonds shall be paid by Ambac Assurance Corporation pursuant to the Financial Guaranty Insurance Policy, the Bonds shall remain outstanding for all purposes, not be defeased or otherwise satisfied and not be considered paid by the City, and all covenants, agreements and other obligations of the City to the registered owners shall continue to exist and shall run to the benefit of Ambac Assurance, and Ambac Assurance shall be subrogated to the rights of such registered owners SANMARCOS/WWWSRev200P Ordinance 44