1995-083 - Laserfiche WebLink

Home Browse Search

S. AMBAC shall be provided with: (a) Executed copies of all financing documents, the official statement (or any similar disclosure document) and the various legal opinions delivered in connection with the instance and sale of the Bonds. including, without limitation. the unqualifned approving opinion of bond counsel rendered by a law firm acceptable to AMBAC. The form of Bond Counsel's approving opinion shall also indicate. if applicable, that the Bonds are exempt from federal income taxation, that the issuer must comply with certain covenants under and pursuant to the new tax law and that the issuer has.the legal power to comply with- mch covenants. Such opinion of bond counsel shall be addressed to AMBAC or, in lieu thereof. a letter shall be provided to AMBAC to the effect that AMBAC may rely on such opinion as if it were addressed to AMBAC. (b) A letter from bond counsel or counsel to the purchaser or otherwise from another person acceptable to AMBAC to the effect that the financing documents, the official statement (or any similar disclosure document) and the various legal opinions executed and delivered in connection with the issuance and sale of the Bads are substantially in the forms theretofore submitted to AMBAC for review, with only such amendments, modifications or deletions as approved by AMBAC. (c) A certified or cashier's dock for or evidence of wire transfer of an amour equal to the insurance premium at the time of the issuance and delivery of the Bonds. If the amount of premium exceeds $100.000.00, payment must be made by federal hinds wire transfer. 6. Unless expressly waived in whole or in part by AMBAC, the financing documents and the OrticW Statement shall contain (a) the terms and provisions provided in the AMBAC hmkmnky STANDARD PACKAGE transmitted herewith and (b) any additional oral or written provisions or conttne is submitted by AMBAC. 7. AMBAC shall receive a copy of any insurance policy, surety bond, guaranty or indemnification or any other policy. contract or agreement which provides for payment of all or any portion of the debt. the costs of reconstruction, the loss of business income or in any way secures, ensures or enhances the income stream anticipated to pay the bonds. S. Any provisions or requirements of the Purchase Contract or Bond Purchase Agreement referencing AMBAC must be sent to the attention of Janine Feudi not less flan five (S) business days prior to closing. If such provisions or requirements are not received within dot time, compliance may not be possible. �(� Authorized Wiicer