Ord 1993-037 - Laserfiche WebLink

Home Browse Search

1r;.~AM (c) The written consent of MBIA shall be a condition precedent to the undertaking by any Holder or Holders of the Bonds of any remedy for default contemplated by this Ordinance, which consent shall not be withheld unreasonably. MBIA sha 11 have ^ the right to pursue any remedy for default provided or contemplated by this Ordinance with or without the consent or joinder of any Holder or Holders of the Bonds. Section 15.04. Defeasance of Bonds. Investments to be made wi th respect to the discharge of Bonds by payment or deposit as provided in this Ordinance shal1 be limited to those investments permitted by the Commitment to Issue a Financial Guaranty Insurance Policy issued by MBIA prior to and in connection with the issuance of the Bonds and as may be permitted by MBIA in the future, and such investments shall be limi ted further to those investments as from time to time may be permitted for such purposes by applicable law. Section 15.05. Payments under the Policy. (a) In the event that, on the second Business Day, and again on the Business Day, prior to the payment date on the Bonds, the Paying Agent has not received sufficient moneys to pay all principal of and interest on the Bonds due on thé second following or following, as the case may be, Business. Day, the Paying Agent shall immediately notify MBIA or its designee on the same Business Day by telephone or telegraph, confirmed in writing by registered or certified mail, of the amount of the deficiency. (b) If the deficiency is made up in whole or in part prior to or on the payment date, the Paying Agent shall so notify MBIA or its designee. (c) In addition, if the Paying Agent has notice that any Bondholder has been required to disgorge payments of principal or interest on the Bond to a trustee in Bankruptcy or creditors or others pursuant to a final judgment by a court of competent jurisdiction that such payment constitutes a voidable preference to such Bondholder within the meaning of any applicable bankruptcy laws, then the Paying Agent shall notify MEIA or its designee of such fact by telephone or telegraphic notice, confirmed in writing by registered or certified mail. (d) The Paying Agent is hereby irrevocably designated, appointed, directed and authorized to act as attorney-in-fact for Holders of the Bonds as follows: (i) If and to the extent there is a deficiency in amounts required to pay interest on the Bonds, the Paying Agent shall (a) execute and deliver to Citibank, N.A., or its 4579f -35-