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<br /> r3'~A y <br /> Section 20.03. Source of Funds for Redemption. <br /> The source of funds for payment of the principal of and <br /> interest on the Refunded Bonds called for redemption and to be <br /> redeemed in advance of maturity pursuant to this Ordinance shal1 be <br /> from the funds placed in escrow with the Escrow Agent, pursuant to <br /> the Escrow Agreement approved in Section 12.02 of this Ordinance. <br /> ARTICLE XXI <br /> GUARANTY INSURANCE <br /> Section 21.01. Guaranty Insurance. <br /> The provisions of this Article XXI shall apply and remain in <br /> force and effect so long, but only so long, 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 21. 02. Notices to MBIA. <br /> Notices required to be given by the City 0 r" any other person <br /> or entity pursuant to this Ordinance or to the Escrow Agreement or <br /> the Paying Agent/Registrar Agreement approved hereby shall 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. All 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 Municipal Bond Investors Assurance Corporation, 113 <br /> King Street, Armonk, New York 10504, Attention: Surveillance. <br /> , <br /> Section 21.03. 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 shall 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 Ordinance to which MBIA <br /> shall have given consent pursuant to subsection (a) above. <br /> 4588£ <br /> -47- <br />