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2001-072
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2001-072
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Last modified
2/7/2017 12:06:43 PM
Creation date
9/30/2015 5:11:33 PM
Metadata
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Resolutions
Resolution Number
2001-072
Approved Date
08/07/2001
Resolution Type
Bonds
Entity Name
Dodgertown
Subject
Revenue Bonds Spring Training Facility Series 2011
Spring Training Facility
Area
Dodgertown
Archived Roll/Disk#
2745
Supplemental fields
SmeadsoftID
2584
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t <br /> Financial Guaranty Insurance <br /> Company <br /> 8. If the subject transaction includes the issuance of refunding bonds, the following additional <br /> conditions shall be met: <br /> (a) The Escrow Agreement (the "Escrow Agreement") providing for the refunding of the <br /> bonds to be refunded with the proceeds of the Bonds (the "Prior Bonds") shall permit <br /> the deposit solely of cash, direct non-callable obligations of the United States of <br /> America and securities fully and unconditionally guaranteed as to the timely payment <br /> of principal and interest by the United States of America, to which direct obligation or <br /> guarantee the full faith and credit of the United States of America has been pledged, <br /> Refcorp interest strips, CATS, TIGRS, STRPS, or defeased municipal bonds rated <br /> AAA by S&P or Aaa by Moody's (or any combination thereof) ("Direct Obligations") <br /> and shall permit substitution of Direct Obligations for other Direct Obligations solely <br /> upon the receipt by the escrow agent of(i) a new verification of the sufficiency of the <br /> escrowed securities (assuming such substitution has been made) to provide for the <br /> payment of the Prior Bonds in accordance with the terms of the escrow agreement and <br /> (ii) an opinion of bond counsel to the effect that such substitution shall not affect the <br /> tax-exempt status of interest on the Prior Bonds or the Bonds. Modification of the <br /> Escrow Agreement shall not be permitted unless the holders of all of the Prior Bonds <br /> consent to such modification. <br /> (b) At least five business days prior to the proposed date for delivery of the Policy, <br /> Financial Guaranty shall receive for its review and approval (i) the verification by <br /> independent certified public accountants satisfactory to Financial Guaranty of the <br /> accuracy of the mathematical computation of the adequacy of the escrow established to <br /> provide for the payment of the Prior Bonds in accordance with the terms and <br /> provisions of the Escrow Agreement, (ii) as applicable, copies of the subscription <br /> forms for the purchase and issue of U.S. Treasury Securities - State and Local <br /> Government Series which have been stamped as received by the Federal Reserve Bank <br /> or copies of the confirmations of purchase of open market Direct Obligations, and (iii) <br /> the form of an opinion of bond counsel addressed to Financial Guaranty (or a reliance <br /> letter relating thereto) to the effect that, upon the making of the required deposit to the <br /> escrow,the legal defeasance of the Prior Bonds shall have occurred. An executed copy <br /> of such opinion shall be forwarded to Financial Guaranty, together with the <br /> documentation requested by Condition 5 hereof. <br /> (c) The Escrow Agreement may provide that cash received by the escrow agent not <br /> required for purchase of the initial investments that are referenced in the verification <br /> report may be invested, in accordance with an opinion of bond counsel as described in <br /> Condition (a)(ii) above, by the escrow agent, but only in noncallable Direct <br /> Obligations that mature in an amount at least equal to the purchase price of such Direct <br /> Obligations prior to the next scheduled interest payment date for the Prior Bonds. The <br /> escrow agent shall be responsible for determining compliance with this requirement. <br /> (d) A forward supply contract relating to the provision of such investments which is <br /> acceptable to Financial Guaranty may be entered into at closing if(i)the terms thereof <br /> are consistent with the foregoing requirements, (ii) the Escrow Agreement provides <br /> that in the event of any discrepancy or difference between the terms of the forward <br /> supply contract and the Escrow Agreement, the terms of the Escrow Agreement shall <br /> be controlling, and(iii)the verification report shall expressly state that the adequacy of <br /> the escrow to accomplish the refunding project relies solely on the initial escrowed <br /> investments and the maturing principal thereof and interest income thereon and does <br /> not assume performance under or compliance with the forward supply contract. <br /> Page 3 of 4 <br />
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