Laserfiche WebLink
EXHIBIT K <br />CERTIFICATE OF BOND INSURER <br />In connection with the issuance of > in aggregate principal amount of (the <br />"Issuer") > (the 'Bonds"), AMBAC Indemnity Corporation ("AMBAC") is issuing a municipal <br />bond insurance policy (the "Insurance Policy") guaranteeing the payment of principal and <br />interest when due on the Bonds, all as more fully set out in the Insurance Policy. <br />On behalf of AMBAC, the undersigned hereby certifies that: <br />(i) the Insurance Policy is an unconditional and recourse obligation of <br />AMBAC (enforceable by or on behalf of the holders of the Bonds) to pay the scheduled <br />payments of interest and principal on the Bonds in the event of a Nonpayment as defined in <br />the Insurance Policy; <br />(i) the insurance-romium of $ was <br />determined in arm's length negotiations in accordance with our standard procedures, is <br />required to be paid as a condition to the issuance of the Insurance Policy and represents a <br />reasonable charge for the transfer of credit risk; <br />(i) no portion of such premium represents a payment for any direct or <br />indirect services other than the transfer of credit risk, including costs of underwriting or <br />remarketing the Bonds or the cost of insurance for casualty of Bond financed property; <br />(i) we are not co -obligors on the Bonds and do not reasonably expect that <br />we will be called upon to make any payment under the Insurance Policy; <br />(i) the Issuer is not entitled to a refund for the Insurance Policy in the event <br />that the Bonds are retired prior to their stated maturity; <br />(i) - we would not have issued the Insurance Policy in the absence of a debt <br />service reserve fund of the size and type established by the documents pursuant to which <br />the Bonds are being issued, and it is normal and customary to require a debt service <br />reserve fund of such a size and type in similar transactions; and <br />(i) we do not reasonably expect that the project will not be completed or <br />that the Issuer will not satisfy the temporary period requirements of Treasury Regulation <br />Section 1.148-2(e)(2). <br />IN WITNESS WHEREOF, AMBAC Indemnity Corporation has caused this <br />certificate to be executed in its name on this day of 19 by one of its officers duly <br />authorized as of such date. <br />AMBAC INDEMNITY CORPORATION <br />By: <br />Vice President and Assistant <br />General Counsel <br />