1993-145 - Laserfiche WebLink

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A determines that there will be insufficient funds in such funds or accounts, the Paying Agent shall so notify the Series 1993 Bond Insurer and the Bond Registrar. Such notice shall specify the amount of the anticipated deficiency, the Series 1993 Insured Bonds to which such deficiency is applicable and whether such Series 1993 Insured Bonds will be deficient as to principal or interest, or both. If the Paying Agent has not so notified the Series 1993 Bond Insurer at least one (1) day prior to an interest payment date, the Series 1993 Bond Insurer will make payments of principal or interest due on the Series 1993 Insured Bonds on or before the first (1st) day next following the date on which the Series 1993 Bond Insurer shall have received notice of nonpayment from the Paying Agent. B. The Bond Registrar and the Paying Agent shall, after notice has been given to the Series 1993 Bond Insurer as provided in A above, make available to the Series 1993 Bond Insurer and, at the Series 1993 Bond Insurer's direction, to the United States Trust Company of New York, as insurance trustee for the Series 1993 Bond Insurer or any successor insurance trustee (the "Series 1993 Insurance Trustee"), the registration books of the County maintained by the Bond Registrar and all records relating to the funds and accounts maintained under this Resolution. C. The Bond Registrar shall provide the Series 1993 Bond Insurer and the Series 1993 Insurance Trustee with a list of registered owners of Series 1993 Bonds entitled to receive principal or interest payments from the Series 1993 Bond Insurer under the terms of the Series 1993 Bond Insurance Policy, and shall make arrangements with the Series 1993 Insurance Trustee (i) to mail checks or drafts to the registered owners of Bonds entitled to receive full or partial interest payments from the Series 1993 Bond Insurer and (ii) to pay principal upon Series 1993 Insured Bonds surrendered to the Series 1993 Insurance Trustee by the registered owners of Series 1993 Bonds entitled to receive full or partial principal payments from the Series 1993 Bond Insurer. D. The Paying Agent shall, at the time it provides notice to the Series 1993 Bond Insurer pursuant to A above, notify registered owners of Series 1993 Bonds entitled to receive the payment of principal or interest thereon from the Series 1993 Bond Insurer (i) as to the fact of such entitlement, (ii) that the Series 1993 Bond Insurer will remit to them all or a part of the interest payments next coming due upon proof of Bondholder entitlement to interest payments and delivery to the Series 1993 Insurance Trustee, in form satisfactory to the Series 1993 Insurance Trustee, of an appropriate assignment of the registered owner's right to payment, (iii) that should they be entitled to receive full payment of principal from the Series 1993 Bond Insurer, they must surrender their Series 1993 Bonds (along with an appropriate instrument of assignment in form satisfactory to the Series 1993 Insurance Trustee to permit ownership of such Series 1993 Bonds to be registered in the name of the Series 1993 Bond Insurer) for payment to the Series 1993 Insurance Trustee, and not the Paying Agent, and (iv) that should they be entitled to receive partial payment of principal from the Series 1993 Bond Insurer, they must surrender their Series 1993 Bonds for payment thereon -first to the Paying Agent, who shall note on such Series 1993 Bonds the portion of the principal paid by the Paying Agent and then, along with an appropriate instrument of assignment in form satisfactory to the Series 1993 Insurance Trustee, to the Series 1993 Insurance Trustee, which will then pay the unpaid portion of principal. The Bond Registrar shall take such action as shall be appropriate to enable such notice to be given to Bondholders. E. If the Paying Agent has notice that any payment of principal of or interest on an Insured Bond which has become Due for Payment (as that phrase is 29