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notice by registered or certified mail from the Paying Agent of the nonpayment of such amount by the County. The term"nonpayment" in respect ofa Bond includes any payment of principal or interest made to an owner of a Bond which has been recovered from such owner pursuant to the United States Bankruptcy Code by a trustee in bankruptcy in accordance with a final nonappealable order of a court having competent jurisdiction. The Reserve Policy is non-cancellable and the premium will be fully paid at the time of delivery of the Series 2001 Bonds. The Reserve Policy covers failure to pay principal of the Series 2001 Bonds on their respective stated maturity dates, or dates on which the same shall have been called for mandatory sinking fiord redemption, and not on any other date on which the same shall have been accelerated, and covers the failure to pay an installment of interest on the stated date for its payment. The Reserve Policy shall terminate on the scheduled final maturity of the Series 2001 Bonds. Generally,in connection with its issuance ofa Reserve Policy,Financial Guaranty requires,among other things,(i)that, so long as it has not failed to comply with its payment obligations under the Reserve Policy, it be granted the power to exercise any remedies available at law or under the authorizing document other than(A)accelerationofthe Series 2001 Bonds or(B)remedies which would adversely affect holders in the event that the issuer fails to reimburse Financial Guaranty for any draws on the Reserve Policy;and (ii)that any amendment or supplement to or other modificationofthe principal legal documents be subject to Financial Guaranty's consent. The specific rights,if any,granted to Financial Guaranty in connection with its issuance ofthe Reserve Policy are set forth in the description of the principal legal documents appearing elsewhere in this Official Statement. Reference should be made as well as to such description for a discussion of the circumstances, if any, under which the County is required to provide additional or substitute credit enhancement,and related matters. This Official Statement contains a section regarding the ratings assigned to the Bonds and reference should be made to such section for a discussion of such ratings and the basis for their assignment to the Series 2001 Bonds. Reference should be made to the description of the County for a discussion of the ratings,if any,assigned to such entity's outstanding parity debt that is not secured by credit enhancement. The Reserve Policy is not covered by the Property/Casualty Insurance Security Fund specified in Article 76 of the New York Insurance Law or by the Florida Insurance Guaranty Association(Florida Insurance Code §§ 631.50 et. seq.). Information concerning Financial Guaranty is set forth below under the caption"MUNICIPAL BOND INSURANCE." The form of Reserve Fund Policy is set forth in Appendix D"SPECIMEN MUNICIPAL BOND INSURANCE AND RESERVE FUND POLICIES." 19