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1993-102
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Last modified
6/15/2020 12:17:57 PM
Creation date
6/15/2020 12:16:24 PM
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Resolutions
Resolution Number
1993-102
Approved Date
06/08/1993
Subject
Preliminary Official Statement Recreational Revenue Refunding Bonds $10,000,000
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(3) such additional information the Series 1993 <br />Bond Insurer may reasonably request. <br />B. The County shall notify the Series 1993 Bond Insurer of any failure of <br />the County to provide any of the items enumerated in paragraphs (1) or (2) of <br />subsection A of this Section. <br />C. The County will permit the Series 1993 Bond Insurer to discuss the <br />affairs, finances and accounts of the County or any information the Series 1993 <br />Bond Insurer may reasonably request regarding the security for the Series 1993 <br />Bonds with appropriate officers of the County. The County will permit the Series <br />1993 Bond Insurer to have access to the Recreational Facilities and to have <br />access to and to make copies of all books and records relating to the Series 1993 <br />Bonds at any reasonable time. <br />D. The Series 1993 Bond Insurer shall have the right to direct an <br />accounting of the Pledged Funds and other funds and revenues pledged as security <br />for the Series 1993 Bonds, at the County's expense, and the County's failure to <br />comply with such direction within thirty (30) days after receipt of written <br />notice of the direction from the Series 1993 Bond Insurer shall be deemed a <br />default hereunder; provided, however, that if compliance cannot occur within such <br />period, then such period will be extended if compliance is begun within such <br />period and diligently pursued, but only if such extension would not materially <br />adversely affect the interests of any Registered Owner of any of the Series 1993 <br />Bonds, <br />E. Notwithstanding any other provision of this Resolution, the County <br />shall immediately notify the Series 1993 Bond Insurer if at any time there are <br />insufficient moneys to make any payments of principal and/or interest as required <br />and immediately upon the occurrence of any event of default hereunder. <br />F. Any provision of hereof expressly recognizing or granting rights in or <br />to the Series 1993 Bond Insurer may not be amended in any manner which affects <br />the rights of the Series 1993 Bond Insurer without the prior written consent of <br />the Series 1993 Bond Insurer. <br />G. Unless otherwise provided in this Section, the Series 1993 Bond <br />Insurer's consent shall be required whenever consent of the holders of the Series <br />1993 Bonds is required for any of the following purposes: (i) execution and <br />delivery of any amendment, supplement or change to or modification of this <br />Resolution; (ii) removal of the Paying Agent and selection and appointment of any <br />successor paying agent; and (iii) initiation or approval of any action not <br />described in (i) or (ii) above which requires consent of holders of the Series <br />1993 Bonds. <br />SECTION 22. CONCERNING THE PAYING AGENT FOR THE SERIES 1993 BONDS. The <br />County covenants and agrees that while any of the Series 1993 Bonds are <br />outstanding and all such bonds have not been defeased in accordance herewith, the <br />Series 1993 Bond Insurance Policy is in effect, and the Series 1993 Bond Insurer <br />is not in default under the Series 1993 Bond Insurance Policy, bankrupt, <br />insolvent or in receivership, the following covenants shall be observed: <br />A. The Paying Agent may be removed at any time, at the request of the <br />Series 1993 Bond Insurer, for any breach of the duties set forth in this <br />Resolution. <br />27 <br />
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