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<br /> . <br /> 1:2'1 A L.- <br /> Section 14.03. Source of Funds for Redemption. <br /> <br /> The source of funds for payment of the principal of and <br /> interest on the bonds called for redemption" and to be redeemed in <br /> advance of maturity pursuant to this Ordinance shall be from the <br /> funds placed in escrow wi th the Escrow Agent, pursuant to the Escrow <br /> Agreement approved in Section 9.02 of this Ordinance. <br /> ARTICLE XV <br /> GUARANTY INSURANCE <br /> Section 15.01. Guaranty Insurance. <br /> <br /> The provisions of this Article XXI shal1 apply and remain in <br /> force and effect so long, but only so 10ng, as the payment of the <br /> Bonds is insured by a policy of guaranty insurance (the "Policy") <br /> issued by Municipal Bond Insurance Investors Assurance Corporation <br /> ("MBIA") and are solely for the benefit of MBIA. For the purposes <br /> of this Article XXI, the term MBIA shall include MBIA and any <br /> successor thereto. <br /> Section 15.02. Notices to MBIA. <br /> required be given the City .. <br /> Notices to by or any other person <br /> or entity pursuant to this Ordinance or to the Escrow Agreement or <br /> the Paying Agent/Registrar Agreement approved hereby shal1 also be <br /> given to MBIA¡ provided, howeve r, that failure of any notice to MBIA <br /> with respect to the redemption of Bonds or Refunded Bonds shall have <br /> no effect upon the validity of any such notice otherwise given by or <br /> on behalf of the City or any other person or entity. AIl notices <br /> required to be given to MBIA shall be in writing and shall be sent <br /> by United States registered or certified mail, postage prepaid, <br /> addressed to Municipa I Bond Investors Assurance Corporation, 113 <br /> King Street, Armonk, New York 10504, Attention: Surveillance. <br /> . <br /> Section 15.03. Amendments: Remedies for Default. <br /> (a) No amendment of this Ordinance requiring the consent of <br /> Holders of the Bonds shall be effective unless and until MBIA also <br /> shall have given its consent to such amendment. The provisions of <br /> this Ordinance with respect to the time and manner of giving consent <br /> to any such amendment and the duration and other effects of any such <br /> consent shall apply to any such consent given by MBIA. <br /> (b) The City shal1 send or cause to be sent to Standard & <br /> Poor's Corporation by first class United States mail, postage <br /> prepaid, a copy of each amendment to this Qrdinance to which MBIA <br /> shall have given consent pursuant to subsection (a) above. <br /> 4579f <br /> -34- <br />