7/11/1995 - Laserfiche WebLink

Home Browse Search

RESOLUTION 95-83 (a) At least one (1) day prior to all Interest Payment Dates the Paying Agent will determine whether there will be sufficient funds in the funds and accounts to pay the principal of or interest on the Bonds on such Interest Payment Date. If the Paying Agent determines that there will be insufficient funds in such funds or accounts, the Paying Agent shall so notify AMBAC Indemnity. such notice shall specify the amount of -the anticipated deficiency, the Bonds to which such deficiency is applicable and whether such Bonds will be deficient as to principal or interest, or, both. If the Paying Agent has not so notified AMBAC Indemnity. at least one -(1) day prior to an Interest Payment Date, AMBAC Indemnity will make payments of principal or inte;Ot. due -on the Bonds on or before the first (1st) day:- next 'following the date on which AMBAC Indemnity shall have. -received notice of nonpayment from the Paying Agent. (b) The Paying Agent shall., -after giving notice to AMBAC Indemnity as provided in (a) above, make available to AMBAC Indemnity and, at AMBAC Indemnity's direction, to the United States Trust Company of New York, as insurance trustee for AMBAC Indemnity or any successor insurance trustee (the "Insurance Trustee"), the registration books *of the Issuer maintained by the Paying Agent and all records relating to the funds and accounts maintained under the Resolution. (c) The Paying Agent shall provide AMBAC Indemnity and the Insurance Trustee with a list of registered owners of Bonds entitled to receive principal or interest payments from AMBAC Indemnity under the terms of the Municipal Bond Insurance Policy, and shall. make arrangements with the Insurance Trustee (i) to mail checks or drafts to the registered owners of Bonds entitled to receive full or partial interest payments from AMBAC Indemnity and (ii) to pay principal upon Bonds surrendered.to the Insurance Trustee by the registered owners of Bonds entitled to receive full or partial -principal payments from AMBAC Indemnity. (d) The Paying Agent shall, at the time it provides notice to 'AMBAC Indemnity pursuant- to (a) above, notify registered owners of Bonds entitled to receive the payment of principal or interest thereon from AMBAC Indemnity (i) as to - the fact of such entitlement, (ii) that AMBAC Indemnity 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 Insurance Trustee, in form satisfactory to the Insurance Trustee, of an appropriate assignment of the registered owners right to payment, (iii) that should they be entitled to receive full payment of principal from AMBAC Indemnity, they must surrender their Bonds (along with an appropriate instrument of assignment in form satisfactory to the Insurance Trustee to permit ownership of such Bonds to be registered in the name of AMBAC Indemnity) for payment to the Insurance Trustee, and not the Paying Agent, and (iv) that should they be entitled to receive partial payment of principal from AMBAC Indemnity, they must surrender their Bonds for payment thereon first to the Paying Agent, who shall note on such 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 Insurance Trustee to the Insurance Trustee, which will then pay the unpaid portion of the principal. JULY 119 199551 boaK 95 F-b;,F 690 PF1