My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
1995-083
CBCC
>
Resolutions
>
1990'S
>
1995
>
1995-083
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
8/22/2018 12:16:53 PM
Creation date
8/22/2018 12:10:55 PM
Metadata
Fields
Template:
Resolutions
Resolution Number
1995-083
Approved Date
07/11/1995
Resolution Type
General Obligation Bonds
Entity Name
Indian River County
Subject
$15,000,000 Bond sale
Document Relationships
1995-063
(Agenda)
Path:
\Resolutions\1990'S\1995
1995-075
(Agenda)
Path:
\Resolutions\1990'S\1995
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
52
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
payments and delivery to the Insurance Trustee, in form <br />satisfactory to the Insurance Trustee, of an appropriate <br />assignment of the registered owner's right to payment, (iii) <br />that should they be entitled to receive full payment of <br />principal from AMBAC Indemnity, they must surrender their <br />Bonds (along with an appropriate instrument of assignment in <br />form satisfactory to the Insurance Trustee to permit ownership <br />of such Bonds to be registered in the name of AMBAC Indemnity) <br />for payment to the Insurance Trustee, and not the Paying <br />Agent, and (iv) that should they be entitled to receive <br />partial payment of principal from AMBAC Indemnity, they must <br />surrender their Bonds for payment thereon first to the Paying <br />Agent, who shall note on such Bonds the portion of the <br />principal paid by the Paying Agent, and then, along with an <br />appropriate instrument of assignment in form satisfactory to <br />the Insurance Trustee to the Insurance Trustee, which will <br />then pay the unpaid portion of the principal. <br />(e) In the event that the Paying Agent has notice that <br />any payment of principal of or interest on a Bond which has <br />become Due for Payment and which is made to a Bondholder by or <br />on behalf of the Issuer has been deemed a preferential <br />transfer and theretofore recovered from its registered owner <br />pursuant to the United States Bankruptcy Code by a trustee in <br />bankruptcy in accordance with the final, nonappealable order <br />of a court having competent jurisdiction, the Paying Agent <br />shall, at the time AMBAC Indemnity is notified pursuant to (a) <br />above, notify all registered owners that in the event that any <br />registered owner's payment is not recovered such registered <br />owner will be entitled to payment from AMBAC Indemnity to the <br />extent of such recovery if sufficient funds are not otherwise <br />available, and the Paying Agent shall furnish to AMBAC <br />Indemnity its records evidencing the payment of principal of <br />and interest on the Bonds which have been made by the Paying <br />Agent and subsequently recovered from registered owners and <br />the dates on which such payments were made. <br />(f) In addition to those rights granted AMBAC Indemnity <br />under the Resolution, AMBAC Indemnity shall, to the extent it <br />makes payment of principal of or interest on Bonds, become <br />subrogated to the rights of the recipients of such payments in <br />accordance with the terms of the Municipal Bond Insurance <br />Policy, and to evidence such subrogation (i) in the case of <br />subrogation as to claims for past due interest, the Paying <br />Agent shall note AMBAC Indemnity's rights as subrogee on the <br />registration books of the Issuer maintained by the Paying <br />Agent upon receipt from AMBAC Indemnity of proof of the <br />payment of interest thereon to the registered owners of the <br />Bonds, and (ii) in the case of subrogation as to claims for <br />past due principal, the Paying Agent shall note AMBAC <br />Indemnity's rights as subrogee on the registration books of <br />the Issuer maintained by the Paying Agent upon surrender of <br />8 <br />
The URL can be used to link to this page
Your browser does not support the video tag.