Laserfiche WebLink
Financial 0wranty In.urmur <br />Conyuay <br />THE MUNICIPAL BOND DEBT SERVICE RESERVE FUND POLICY SHALL BE <br />ISSUED IF THE FOLLOWING CONDITIONS ARE SATISFIED: <br />1. The documents to be executed and delivered in connection <br />with the issuance and sale of the Series 1996 Bonds <br />shall not contain any untrue or misleading statement of <br />a material fact and shall not fail to state a material <br />fact necessary in order to make the information <br />contained therein not misleading. <br />2. No event shall occur which would permit any purchaser of <br />the Series 1996 Bonds, otherwise required, not to be <br />required to purchase the Bonds on the date scheduled for <br />the issuance and delivery thereof. <br />3. There shall be no material change in or affecting the <br />Series 1996 Bonds (including, without limitation, the <br />security for the Series 1996 Bonds) or the financing <br />documents or the official statement (or any similar <br />disclosure documents) to be executed and delivered in <br />connection with the issuance and sale of the Bonds from <br />the descriptions or forms thereof approved by Financial <br />Guaranty. <br />4. The Series 1996 Bonds shall contain no reference to <br />Financial Guaranty, the Reserve Policy or the reserve <br />fund insurance evidenced thereby except as may be <br />approved by Financial Guaranty. <br />5. Financial Guaranty shall be provided with: <br />(a) Executed copies of all financing documents, the <br />official statement (or any similar disclosure <br />document), and all Series 1996 Bond documentation <br />evidencing the Issuer's ability and intent to <br />comply with the Internal Revenue Code of 1986, as <br />amended (if in the opinion of bond counsel <br />(described below, as amended) on-going compliance <br />would be necessary to maintain the exemption from <br />federal income taxation of interest on the Bonds), <br />which shall be in form and substance acceptable to <br />Financial Guaranty, and the various legal opinions <br />delivered in connection with the issuance and sale <br />of the Bonds, including, without limitation, the <br />unqualified approving opinion of bond counsel <br />rendered by a law firm acceptable to Financial <br />Guaranty, which opinion shall include a statement <br />to the effect that the interest on the Bonds is <br />excludable from gross income for federal income tax <br />purposes under the Internal Revenue Code of 1986, <br />as amended. <br />Pane 2 .)f 5 <br />