Laserfiche WebLink
t <br /> Financial Guaranty Insurance <br /> Company <br /> 3. There shall be no material change in or affecting the Bonds (including, without limitation, the <br /> security for the Bonds) or the financing documents or the official statement (or any similar <br /> disclosure documents) to be executed and delivered in connection with the issuance and sale <br /> of the Bonds from the descriptions or forms thereof approved by Financial Guaranty. <br /> 4. The Bonds shall contain no reference to Financial Guaranty,the Policy or the municipal bond <br /> insurance evidenced thereby except as may be approved by Financial Guaranty. <br /> 5. Financial Guaranty shall be provided with the following: <br /> (a) (i) Executed copies of all financing documents, the official statement (or any similar <br /> disclosure document), and all Bond documentation evidencing the Issuer's ability and <br /> intent to comply with the Internal Revenue Code of 1986, as amended (if in the <br /> opinion of bond counsel (described below) ongoing compliance would be necessary to <br /> maintain the exemption from federal income taxation of interest on the Bonds), which <br /> shall be in form and substance acceptable to Financial Guaranty; (ii) the various legal <br /> opinions delivered in connection with the issuance and sale of the Bonds, including, <br /> without limitation, the unqualified approving opinion of bond counsel rendered by a <br /> law firm acceptable to Financial Guaranty and addressed to (or with a reliance letter <br /> addressed to) Financial Guaranty, which opinion shall include a statement to the effect <br /> that the interest on the Bonds is excludable from gross income of the holders thereof <br /> for federal income tax purposes under the Internal Revenue Code of 1986, as amended <br /> (if the Bonds are issued as tax-exempt obligations); and (iii) opinion(s) of counsel, <br /> addressed to and in form and substance satisfactory to Financial Guaranty, as to the <br /> due authorization,validity and enforceability of all financing and bond documentation. <br /> Copies of all drafts of such documents and legal opinions (blacklined as appropriate) <br /> prepared subsequent to the date of this Commitment shall be furnished to Financial <br /> Guaranty. Final drafts of such documents shall be provided to Financial Guaranty at <br /> least five (5) business days prior to the issuance of the Policy unless Financial <br /> Guaranty shall approve a shorter period and such documents shall be satisfactory to <br /> Financial Guaranty in all respects. <br /> (b) Evidence of wire transfer in federal funds in an amount equal to the insurance <br /> premium, unless alternative arrangements for the payment of the premium acceptable <br /> to Financial Guaranty have been made prior to the delivery date of the Bonds. <br /> (c) On or prior to the date of delivery of the Policy, Financial Guaranty shall receive a <br /> letter from bond counsel stating that all requirements of the exhibit attached hereto <br /> entitled "Legal Documentation Requirements" have been satisfied and incorporated <br /> into the appropriate bond documents. <br /> 6. All drafts of the preliminary official statement, official statement or any other disclosure <br /> documents and the form of the Bonds should be directed to the attention of <br /> Claudette A. Littlejohn (212-312-3374) at Financial Guaranty for approval. All other <br /> documentation and any inquiries concerning this Commitment should be directed to <br /> Joseph Ponisi (212-312-3054),the Financial Guaranty analyst assigned to this transaction. <br /> 7. All authorizing documents shall be subject to Financial Guaranty's review and approval and <br /> shall incorporate all of the terms and conditions set forth in exhibit attached hereto entitled <br /> "Legal Documentation Requirements," all of which provisions may, at bond counsel's <br /> election, be incorporated into one article of, or as an exhibit to, the appropriate authorizing <br /> documents, or may be incorporated into the appropriate specific sections of the appropriate <br /> authorizing documents. <br /> Page 2 of 4 <br />