Ord 2007-036 - 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 Crty 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 Bonds absent a default by Ambac Assurance under the applicable Financial Guaranty Insurance Policy insuring such Bonds 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 m effect, the Crty shall furnish to Ambac Assurance, upon request, the following (a) a copy of any financial statement, audit and/or annual report of the Crty and (b) such additional information rt 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 Bonds, including, without limitation, notice of any redemption of or defeasance of Bonds, 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 Crty 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 OFFICE: A. The Crty shall notify Ambac Assurance of any failure of the Crty to provide relevant notices, certificates, etc B Notwithstanding any other provision of the Ordinance, the Crty 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 liven to Ambac Assurance: The Crty will permit Ambac Assurance to discuss the affairs, finances and accounts ofthe City or any information Ambac Assurance may reasonably request regarding the security for the Bonds with appropriate officers of the City The Crty 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 San Marcos GO 2007 Ordinance 32