1993-145 - Laserfiche WebLink

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Insurance Policy, bankrupt, insolvent or in receivership, the County shall observe the following covenants: A. The County shall furnish the following to the Series 1993 Bond Insurer: (1) as soon as practicable after the filing thereof, a copy of any financial statement of the County and a copy of any audit and annual report of the County; (2) a copy of any notice to be given to the Registered Owners of Series 1993 Bonds, including, without limitation, notice of any redemption of or defeasance of the Series 1993 Bonds, and any certificate rendered pursuant hereto relating to the security for the Series 1993 Bonds; and (3) such additional information the Series 1993 Bond Insurer may reasonably request. B. The County shall notify the Series 1993 Bond Insurer of any failure of the County to provide any of the items enumerated in paragraphs (1) or (2) of subsection A of this Section. C. The County will permit the Series 1993 Bond Insurer to discuss the affairs, finances and accounts of the County or any information the Series 1993 Bond Insurer may reasonably request regarding the security for the Series 1993 Bonds with appropriate officers of the County. The County will permit the Series 1993 Bond Insurer to have access to the Recreational Facilities and to have access to and to make copies of all books and records relating to the Series 1993 Bonds at any reasonable time. D. The Series 1993 Bond Insurer shall have the right to direct an accounting of the Pledged Funds and other funds and revenues pledged as security for the Series 1993 Bonds, at the County's expense, and the County's failure to comply with such direction within thirty (30) days after receipt of written notice of the direction from the Series 1993 Bond Insurer shall be deemed a default hereunder; provided, however, that if compliance cannot occur within such period, then such period will be extended if compliance is begun within such period and diligently pursued, but only if such extension would not materially adversely affect the interests of any Registered Owner of any of the Series 1993 Bonds. E. Notwithstanding any other provision of this Resolution, the County shall immediately notify the Series 1993 Bond Insurer if at any time there are insufficient moneys to make any payments of principal and/or interest as required and immediately upon the occurrence of any event of default hereunder. F. Any provision - of -hereof expressly recognizing or granting rights in or to the Series 1993 Bond Insurer may not be amended in any manner which affects the rights of the Series 1993 Bond Insurer without the prior written consent of the Series 1993 Bond Insurer. G. Unless otherwise provided in this Section, the Series 1993 Bond Insurer's consent shall be required whenever consent of the holders of the Series 1993 Bonds is required for any of the following purposes: (i) execution and delivery of any amendment, supplement or change to or modification of this 27