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<br /> I~"A~ <br /> paragraph of the Policy, which principal and interest shall be <br /> deemed past due and not to have been paid), with interest <br /> thereon as provided in this Ordinance and the Bond, but only <br /> from the sources and in the manner provided herein for the <br /> payment of principal of and interest on the Bonds to Holders, <br /> and will otherwise treat MBIA as the owner of such rights to <br /> the amount of such principal and interest. <br /> (g) In connection with the issuance of Additional Parity <br /> Bonds, the Issuer shall deliver to MBIA a copy of the disclosure <br /> document, if any, circulated wi th respect to such Additional Parity <br /> Bonds. <br /> (h) Copies of any amendments made to the documents executed <br /> in connection with the issuance of the Bonds which are consented to <br /> by MBIA shall be sent to Standard & Poor's Corporation. <br /> (i) MBIA shall receive notice of the resignation or removal <br /> of the Paying Agent/Registrar and the appointment of a successor <br /> thereto. <br /> (j) MBIA shall receive copies of all notices required to be <br /> delivered to Bondholders and, on an annual basis, copies of the <br /> Issuer's audited financial statements and Annual Budget. <br /> .. <br /> ARTICLE XVI <br /> PUBLIC MEETING; EMERGENCY DECLARATION <br /> Section 16.01. Public Meetinq. <br /> <br /> It is officially found, determined, and declared that the <br /> meeting at which this Ordinance has been adopted was open to the <br /> public and public notice of the time, place and subject matter of <br /> the public business to be considered 'and acted upon at said meeting, <br /> including this Ordinance, was given, all as required by the <br /> applicable provisions of Article 6252-17, Vernon's Annotated Civil <br /> Statutes, as amended. <br /> Section 16.02. Emerqency Declaration. <br /> <br /> The public importance of this measure and the fact that it is <br /> to the best interest of the City to provide for the refunding of the <br /> Refunded Obligations, thereby reducing the debt service requirements <br /> on the debt represented thereby at the earliest possible date, for <br /> the immediate preservation of the public peace, health and safety, <br /> constitutes and creates an emergency and an urgent public necessity <br /> requiring that the Charter rules requiring ordinances to be read on <br /> three several days and that no ordinance shall become effective <br /> until the expiration of ten (10) days fol1owing the date of its <br /> 4579f <br /> -37- <br />