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1996-042
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1996-042
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Last modified
10/19/2015 3:53:36 PM
Creation date
10/15/2015 2:28:16 PM
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Resolutions
Resolution Number
1996-042
Approved Date
03/19/1996
Resolution Type
Sale of water and sewer revenue bonds
Subject
Bonb Purchase Contract
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EXHIBIT A <br />Financial Guaranty Insurance Company <br />115 Broadway <br />New York, New York 10006 <br />(212) 312-3000 <br />(800) 352-0001 <br />Municipal Bond Debt Service <br />Reserve rand Policy <br />Issuer: <br />Policy Number: <br />Control Number: <br />Bonds: Premium: <br />I ) Bonds issued (under) (in <br />accordance with) [ ) Maximum Amount: <br />Resolution, as amended and, <br />supplemented adopted Termination Date: <br />Paying Agent: <br />Financial Guaranty Insurance Company ("Financial Guaranty"), a New <br />York stock insurance company, in consideration of the payment of the <br />premium and subject to the terms of this Policy, hereby <br />unconditionally and irrevocably agrees to pay the paying agent named <br />above or its successor, as paying agent for the Bonds (the "Paying <br />Agent"), for the benefit of Bondholders, that portion (not: to exceed <br />the Maximum Amount set forth above) of the amount required to pay <br />principal and interest (but not any prepayment premium) on the Bonds <br />which shall become Due for Payment but shall be unpaid by reason of <br />Nonpayment by the Issuer. No payment shall be due hereunder for any <br />event of Nonpayment that occurs after the Termination Date set forth <br />above. <br />Financial Guaranty will make such payment to the Paying Agent on the <br />date such principal or interest becomes Due for Payment or on the <br />Business Day next following the day on which Financial Guaranty shall. <br />have received Notice of Nonpayment, whichever is later. Upon such <br />disbursement, Financial Guaranty shall become entitled to <br />reimbursement therefor (together with interest thereon) all as <br />provided in the Debt Service Reserve Fund Policy Agreement between the <br />.Issuer and Financial Guaranty dated as of the Effective Date of this <br />Policy. The Maximum Amount shall be automatically reinstated when and <br />to the extent that the Issuer repays amounts disbursed hereunder, but <br />shall not be reinstated to the extent of amounts received by Financial <br />Guaranty constituting interest on amounts disbursed to the Paying <br />Agent pursuant to this Policy. Financial Guaranty shall provide <br />Notice to the Paying Agent of any reinstatement of any portion of th(r <br />Maximum Amount within one Business Lay of such reinstatement. <br />Form 90m <br />Page 1 of 2 <br />
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