1993-080 - Laserfiche WebLink

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B. No resignation or removal of the Paying Agent and/or the Bond Registrar shall become effective until a successor has been appointed and has accepted the duties of Paying Agent and/or the Bond Registrar. The Series 1993 _ Bond Insurer shall be furnished with written notice of the resignation or removal of the Paying Agent and/or the Bond Registrar and the appointment of any successor thereto. Any successor Paying Agent must have combined capital, surplus and undivided profits of at least $50 Hillion, unless the Series 1993 Bond Insurer shall otherwise approve. _ P. This Resolution shall not be amended without the prior written consent of the Series 1993 Bond Insurer. G. The Series 1993 Bond Insurer shall be notified promptly of any draw on the Reserve Account and of any deficiency due to market fluctuations in the amount, if any, on deposit in the Reserve Account. H. In determining whether an event of default has occurred no effect shall be given to payments made by the Series 1993 Bond Insurer. No remedial action shall be taken without the consent of the Series 1993 Bond Insurer and the Series 1993 Bond Insurer, acting alone, shall have the right to direct remedies upon default. I. Remedies shall be cumulative with respect to the Paying Agent, the Bondholders and the Series 1993 Bond Insurer. In case any remedies pursued under the Resolution are discontinued or abandoned, the Paying Agent, the Bondholders and the Series 1993 Bond Insurer shall be restored to their former positions. J. The prior written consent of the Series 1993 Bond Insurer shall be required for any waiver of a default. K. The County shall provide the following information to the Series 1993 Bond Insurer: (i) A copy of each of the annually audited financial reports of the County; (ii) A copy of the County's upcoming year's budget; (iii) Upon the issuance of additional debt, whether or not it is on a parity with the Bonds, a copy of the official statement or other disclosure document, if any, circulated in connection with such issuance; and (iv) On an annual basis, the following information: (a) Number of system users as of the end of each Fiscal Year; (b) Withdrawal of any System users comprising 4% or more of the System's sales (measured in terms of revenue dollars) since the last reporting date; and (c) Any significant plant expansion or retirements planned or in progress. 35