Ord 2007-036 - Laserfiche WebLink

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m compliance with the Rule, taking into account any amendments or interpretations of the Rule to the date of such amendment, as well as such changed circumstances, and (2) either (a) the Owners of a majority m aggregate principal amount (or any greater amount required by any other provision of this Ordinance that authorizes such an amendment) of the Outstanding Bonds consent to such amendment or (b) a person that is unaffiliated with the Crty (such as nationally recognized bond counsel) determines that such amendment will not materially impair the interests of the Owners and beneficial owners of the Bonds The Crty may also repeal or amend the provisions of this Article if the SEC amends or repeals the applicable provisions of the Rule or any court of final~urisdiction enters judgment that such provisions of the Rule are invalid, but m either case only if and to the extent that the provisions of this sentence would not prevent an underwriter from lawfully purchasing or selling Bonds m the primary offering of the Bonds If the Crty so amends the provisions of this Article, rt shall include with any amended financial information or operating data next provided m accordance with Section 12 02 an explanation, m narrative form, of the reasons for the amendment and of the impact of any change m the type of financial information or operating data so provided. ARTICLE XIII MUNICIPAL BOND INSURANCE Section 13 O1 Provisions Relatm~ to Bond Insurance l~efimtinns "Ambac Assurance" shall mean Ambac Assurance Corporation, a Wisconsui-dorruciled stock insurance company "Financial Guaranty Insurance Policy" shall mean the financial guaranty insurance policy issued by Ambac Assurance insuring the payment when due of the principal of and interest on the Obligations as provided therein. A. Consent of Ambac Assurance. Any provision of the Ordinance expressly recognizing or granting rights m or to Ambac Assurance may not be amended m any manner which affects the rights of Ambac Assurance under the Ordinance without the pnor written consent of Ambac Assurance Ambac Assurance reserves the right to charge the Crty a reasonable fee for any consent or amendment to the Ordinance while the Financial Guaranty Insurance Policy is outstanding. B. Consent of Ambac Assurance in lieu of Holder Consent. Ambac Assurance's consent shall be required in lieu of holder consent, when required, for the following purposes (i) execution and delivery of any amendment, supplement or change to or modification of the Ordinance, (ii) removal of the Paying Agent and selection and appointment of any successor paying agent and (iii) initiation or approval of any action not described m (i) or (ii) above which requires holder consent. San Marcos GO 2007 Ordinance 3 1