Ord 1993-038 - Laserfiche WebLink

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I 'j (; 7;.1: Section 21. 02. Notices to MBIA. Notices required to be given by the City or any other person or entity pursuant to this Ordinance or to the Escrow Agreement or the Paying Agent/Registrar Agreement approved hereby shall also be given to MBIA; provided, however, that failure of any notice to MBIA with respect to the redemption of Bonds or Refunded Bonds shall have no effect upon the validity of any such notice otherwise given by or on behalf of the City or any other person or entity. All notices required to be given to MBIA shall be in writing and shall be sent by united States registered or certified mail, postage prepaid, addressed to Municipal Bond Investors Assurance Corporation, 113 King street, Armonk, New York 10504, Attention: Surveillance. Section 21.03. Amendments: Remedies for Default. (a) No amendment of this Ordinance requiring the consent of Holders of the Bonds shall be effective unless and until MBIA also shall have given its consent to such amendment. The provisions of this Ordinance with respect to the time and manner of giving consent to any such amendment and the duration and other effects of any such consent shall apply to any such consent given by MBIA. (b) The City shall send or cause to be sent to Standard & Poor's Corporation by first class United States mail, postage prepaid, a copy of each amendment to this Ordinance to which MBIA shal1 have given consent pursuant to subsection (a) above. (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 shal1 have the right to pursue any remedy for default provided or contemplated by this Ordinance with or without the consent or joinder of any Ho Ider or Holders of the Bonds. Section 21.04. Defeasance of 'Bonds. Investments to be made wi th respect to the discharge of Bonds by payment or deposit as provided in this Ordinance shall 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 shal1 be limited further to those investments as from time to time may be permitted for such purposes by applicable law. Section 21.05. 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