1991-079 - Laserfiche WebLink

Home Browse Search

be entitled to control and direct the enforcement of all rights and remedies granted to the holders of Series 1985 Bonds or Series 1991 Bonds or the Paying Agent for the benefit of the holders of Series 1985 Bonds or Series 1991 Bonds under the Master Bond Resolution. "SECTION 20. PROCEDURE FOR PAYMENT OF INSURED BONDS PURSUANT TO THE MUNICIPAL BOND INSURANCE POLICY. While the Municipal Bond Insurance Policy is in effect and any Bonds insured thereunder (herein, the "Insured Bonds") remain outstanding, the County and the Bond Registrar and the Paying Agent for any Insured Bonds agree to comply with the following provisions: "A. At least one (1) day prior to all interest payment dates for Insured Bonds, the Paying Agent will determine whether there will be sufficient available funds in the Funds and Accounts maintained by the County or the Paying Agent under the Master Bond Resolution to pay the principal of or interest on the Insured Bonds on such interest payment date. If the Paying Agent determines that there will be insufficient funds in such Funds or Accounts, the Paying Agent shall so notify AMBAC Indemnity and the Bond Registrar. Such notice shall specify the amount of the anticipated deficiency, the Insured Bonds to which such deficiency is applicable and whether such Insured Bonds will be deficient as to principal or interest, or both. If the Paying Agent has not so notified AMBAC Indemnity at least one (1) day prior to an interest payment date, AMBAC Indemnity will make payments of principal or interest due on the Insured Bonds on or before the first (1st) day next following the date on which AMBAC Indemnity shall have received notice of nonpayment from the Paying Agent. "B. The Bond Registrar and the Paying Agent shall, after notice has been given to AMBAC Indemnity as provided in A above, make available to AMBAC Indemnity and, at AMBAC Indemnity's direction, to the United States Trust Company of New York, as insurance trustee for AMBAC Indemnity or any successor insurance trustee (the "Insurance Trustee"), the registration books of the County maintained by the Bond Registrar and all records relating to the Funds and Accounts maintained under the Master Bond Resolution. "C. The Bond Registrar shall provide AMBAC Indemnity and the Insurance Trustee with a list of registered owners of Bonds entitled to receive principal or interest payments from AMBAC Indemnity under the terms of the Municipal Bond Insurance Policy, and shall make arrangements with the Insurance Trustee (i) to mail checks or drafts to the registered owners of Bonds entitled to receive full or partial interest payments from AMBAC Indemnity and (ii) to pay principal upon Insured Bonds surrendered to the Insurance Trustee by the registered owners of Bonds entitled to receive full or partial principal payments from AMBAC Indemnity. "D. The Paying Agent shall, at the time it provides notice to AMBAC Indemnity pursuant to A above, notify registered owners of Bonds entitled to - 12 -