Laserfiche WebLink
"A. The County shall furnish the following to AMBAC: <br />(1) as soon as practicable after the filing <br />thereof, a copy of any financial statement of the County <br />and a copy of any audit and annual report of the County; <br />(2) a copy of any notice to be given to the <br />Registered Owners of the Series 1985 Bonds and the <br />Series 1991 Bonds, including, without limitation, notice <br />of any redemption of or defeasance of Series 1985 Bonds <br />or Series 1991 Bonds, and any certificate rendered <br />pursuant to the Master Bond Resolution relating to the <br />security for the Series 1985 Bonds and the Series 1991 <br />Bonds; and <br />(3) such additional information AMBAC may <br />reasonably request. <br />"B. The County shall notify AMBAC of any failure of the County to provide <br />any of the items enumerated in paragraphs (1) or (2) of subsection A of this <br />Section. <br />"C. The County will permit AMBAC to discuss the affairs, finances and <br />accounts of the County or any information AMBAC may reasonably request regarding <br />the security for the Series 1985 Bonds and the Series 1991 Bonds with appropriate <br />officers of the County. The County will permit AMBAC to have access to the <br />Project and to have access to and to make copies of all books and records <br />relating to the Series 1985 Bonds and the Series 1991 Bonds at any reasonable <br />time. <br />"D. AMBAC shall have the right to direct an accounting of the Pledged <br />1?unds and other funds and revenues pledged as security for the Series 1985 Bonds <br />and the Series 1991 Bonds, at the County's expense, and the County's failure to <br />comply with such direction within thirty (30) days after receipt of written <br />notice of the direction from AMBAC shall be deemed a default hereunder; provided, <br />however, that if compliance cannot occur within such period, then such period <br />will be extended if compliance is begun within such period and diligently <br />pursued, but only if such extension would not materially adversely affect the <br />interests of any Registered Owner of any of the Series 1985 Bonds or the Series <br />11991 Bonds. <br />"E. Notwithstanding any other provision of this Resolution, the County <br />shall immediately notify AMBAC if at any time there are insufficient moneys to <br />make any payments of principal and/or interest as required and immediately upon <br />the occurrence of any event of default hereunder. <br />- 10 - <br />