Ord 1993-038 - Laserfiche WebLink

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rJPÞ/i (b) Subject to subsection (c) of this Section, upon compliance with subsection (a) of this Section, the Bonds for which prOV1S1.0n is so made shall no longer be regarded as outstanding and unpaid, and the Paying Agent/Registrar, upon receipt of a letter of instructions from the city requesting the same, shall discharge and release the lien of this Ordinance and execute and deliver to the City such releases or other instruments as shall be requisite to release the lien hereof. (c) Before the discharge and release of the lien of this Ordinance pursuant to this Section, provision shall have been made by the city with the Paying Agent/Registrar for: (i) the establishment of a separate escrow account fund wi th the Paying Agent/Registrar for the deposit pursuant to subsection (a) (i) of this Section; (ii) the payment to the Owners at the date of maturity, of the ful1 amount to which the Owners would be entitled by way of principal, premium, if any, and interest to the date of such maturity or prior redemption; (iii) the investment of such moneys by the Paying Agent/ Registrar in direct obligations of the United States of America, including obligations the principal of and interest on which are unconditionally guaranteed b1 the united States of America, which may be in book entry form, maturing and/or bearing interest payable at such times and in such amounts as will be sufficient to provide for the scheduled payments of such bonds; (iv) the sending of written notice by first class United States mail, postage prepaid, to the Owner of each Bond then outstanding within 30 days following the date of such deposit that such moneys are so available for such payment; and (v) the payment ,to the City, periodically or following final payment of the principal of, premium, if any, and interest on the Bonds, of any moneys, interest earnings, profits or capital gains over and above the amounts necessary for such purposes. Section 21.01. Guaranty Insurance. The provisions of this Article XXI shall apply and I;'emain in force and effect so 10ng, but only so long, as the payment of the Bonds is insured by a policy of guaranty insurance (the "Policy") issued by Municipal Bond Insurance Investors Assurance Corporation ("MBIA") and are solely for the benefit of MBIA. For the purposes of this Article XXI, the term MBIA shall include MBIA and any successor thereto.