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7/11/1995
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7/11/1995
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7/23/2015 12:05:11 PM
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Meetings
Meeting Type
Regular Meeting
Document Type
Minutes
Meeting Date
07/11/1995
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95 634 <br />RESOLUTION 95-83 <br />Anything in herein or in the Resolution to the contrary <br />notwithstanding, upon the occurrence and continuance of an <br />event of default as defined therein, AMBAC Indemnity shall be <br />entitled to control and direct the enforcement of all rights <br />and remedies granted to the Bondholders under the Resolution. <br />(C) Notices To Be Given To AMBAC Indemnit <br />While the Municipal Bond Insurance Policy is in effect, <br />the Issuer shall furnish to AMBAC Indemnity: <br />(i) as soon as practicable after the filing thereof, a <br />copy of any financial statement of the Issuer and a copy of <br />any audit and annual report of the Issuer; <br />(ii) a copy of any notice to be given to the registered <br />owners of the Bonds, including, without limitation, notice of <br />any redemption of or defeasance of Bonds, and any certificate <br />rendered pursuant hereto or to the Resolution relating to the <br />security for the Bonds; and <br />(iii) such additional information it may reasonably <br />request. <br />The Issuer shall notify AMBAC Indemnity of any failure of <br />the Issuer to provide relevant notices, certificates, etc. <br />The Issuer will permit AMBAC Indemnity to discuss the <br />affairs, finances and accounts of the Issuer or any <br />information AMBAC Indemnity may reasonably request regarding <br />the security for the Bonds with -appropriate officers of the <br />Issuer. The Issuer will permit'AMBAC Indemnity to have access <br />to the Project and have access to and to make copies of all <br />books and records relating to the Bonds at any reasonable <br />time. <br />AMBAC Indemnity shall have the right to direct an <br />accounting at the Issuer's expense and the Issuer's failure to <br />comply with such direction within thirty (30)= days after <br />receipt of written notice of the direction from AMBAC <br />Indemnity shall be deemed a default hereunder and under the <br />Resolution; provided, however, that if compliance cannot occur <br />within such period, then such period will be extended so long <br />as compliance is begun within such period and diligently <br />pursued, but only if such extension would not materially <br />adversely affect the interests of any registered owner of the <br />Bonds. <br />Notwithstanding any other provision hereof or of the <br />Resolution, the Issuer shall immediately notify AMBAC <br />Indemnity if at any time there are insufficient moneys to make <br />any payments of principal and/or interest as required and <br />immediately upon the occurrence o€- any event of default <br />hereunder. <br />(D) Payment Procedure Pursuant to Municipal Bond <br />Insurance Policy. <br />As long as the Municipal Bond Insurance Policy shall be <br />in full force and effect, the Issuer and Paying Agent agree to <br />comply with the following provisions: <br />JULY 119 1995 <br />50 <br />
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