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Financial Guanuuv himminrr <br />Cnmpam <br />EXHIBIT C <br />(Disclosure Language For Official Statement) <br />Bond Insurance <br />Concurrently with the issuance of the Bonds, Financial <br />Guaranty Insurance Company ("Financial Guaranty") will issue <br />its Municipal Bond New Issue Insurance Policy for the Bonds <br />(the "Policy"). The Policy unconditionally guarantees the <br />payment of that portion of the principal of and interest on <br />the Bonds which has become due for payment, but shall be <br />unpaid by reason of nonpayment by the Indian River County, <br />Florida. Financial Guaranty will make such payments to <br />State Street Bank and Trust Company, N.A., or its successor <br />as its agent (the "Fiscal Agent"), on the later of the date <br />on which such principal and interest is due or on the <br />business day next following the day on which Financial <br />Guaranty shall have received telephonic or telegraphic <br />notice, subsequently confirmed in writing, or written notice <br />by registered or certified mail, from an owner of Bonds or <br />the Paying Agent of the nonpayment of such amount by the <br />Indian River County, Florida. The Fiscal Agent will <br />disburse such amount due on any Bond to its owner upon <br />receipt by the Fiscal Agent of evidence satisfactory to the <br />Fiscal Agent of the owner's right to receive payment of the <br />principal and interest due for payment and evidence, <br />including any appropriate instruments of assignment, that <br />all of such owner's rights to payment of such principal and <br />interest shall be vested in Financial Guaranty. The term <br />"nonpayment" in respect of a Bond includes any payment of <br />principal or interest made to an owner of a Bond which has <br />been recovered from such owner pursuant to the United States <br />Bankruptcy Code by a trustee in bankruptcy in accordance <br />with a final, nonappealable order of a court having <br />competent jurisdiction. <br />The Policy is non -cancellable and the premium will be fully <br />paid at the time of delivery of the Bonds. The Policy <br />covers failure to pay principal of the Bonds on their <br />respective stated maturity dates or dates on which the same <br />shall have been duly called for mandatory sinking fund <br />redemption, and not on any other date on which the Bonds may <br />have been otherwise called for redemption, accelerated or <br />advanced in maturity, and covers the failure to pay an <br />installment of interest on the stated date for its payment. <br />Generally, in connection with its insurance of an issue of <br />municipal securities, Financial Guaranty requires, among <br />other things, (i) that it be granted the power to exercise <br />any rights granted to the holders of such securities upon <br />the occurrence of an event of default, without the consent <br />of such holders, and that such holders may not exercise such <br />