Ord 2007-035 - Laserfiche WebLink

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C. Consent of Ambac Assurance in the Event of Insolvency. Any reorganization or liquidation plan with respect to the City must be acceptable to Ambac Assurance. In the event of any reorganization or liquidation, Ambac Assurance shall-have the right to vote on behalf of all holders who hold Ambac Assurance-insured Certificates absent a default by Ambac Assurance under the applicable Financial Guaranty Insurance Policy insuring such Certificates. NOTICES/INFORMATION TO BE GIVEN TO AMBAC ASSURANCE Notices to be sent to the attention of the SURVEILLANCE DEPARTMENT: A. While the Financial Guaranty Insurance Policy is in effect, the City shall furnish to Ambac Assurance, upon request, the following (a) a copy of any financial statement, audit and/or annual report of the City and (b) such additional information it may reasonably request. Upon request, such information shall be delivered at the City's expense to the attention of the Surveillance Department, unless otherwise indicated. B. A copy of any notice to be given to the registered owners of the Certificates, including, without limitation, notice of any redemption of or defeasance of Certificates, and any certificate- rendered pursuant to the Ordinance relating to the security for the Certificates, at no cost to Ambac C To the extent that the City has entered into a continuing disclosure agreement with respect to the Certificates, Ambac Assurance shall be included as party to be notified. Notices to be sent to the attention of the GENERAL COUNSEL OFFICE: 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 Certificates 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 Certificates at any reasonable tune. 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 wntten notice of the direction from Ambac Assurance shall be deemed a default underthe Ordinance; provided, however, that if compliance cannot San Marcos C'IRCO 20078: Ordinance