Ordinance No. 19551 - Laserfiche WebLink

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12, SERIES 19$8 BGND INSURANCE 12.1, BIG to be Deemed Bondowner; Ri hts of BIG; Pa ments b SIG in Advance of Scheduled Maturit Dates; Notices. 12.1.1, Notwithstanding any provisions of this Ordinance to the contrary, BIG shall at all times be deemed the exclusive owner of all Series 1988 Bonds far all purposes except for the purpose of payment of the principal of and premium, if any, and interest on the Series 1988 Bonds prior to the payment by BIG of the principal of and interest on the Bonds. BIG shall have the exclusive right to direct any action ar remedy to be undertaken by the Trustee, by the Series 1988 Bondowners or by any other party pursuant to this ordinance, and no acceleration shall be permitted, and no Event of Default shall be waived, without SIG's consent. The Trustee, in determining whether any amendments or supplements to this Grdinance may be made without the consent of Series 1985 Bondowners shall consider the effect on the rights of the Series 1988 Bondowners as if the Series 1988 Municipal Bond Insurance Policy were not in effect. 12,1,2, So long as the Series 1988 Bonds are outstanding, na variable rate Bonds may be issued without the prior written consent of SIG. .12.1,3. Ta the extent that BIG makes payment of the principal of or interest on the Series 1988 Bonds, it shall became the owner of such Bonds, appurtenant coupons or right to payment of principal of or interest on such Bands and shall be fully subrogated to all of the registered owners' rights thereunder, including the registered owners' rights to payment thereof. To evidence such subrogation ~a} in the case of subrogation as to claims for past due interest, the Trustee shall note BIG's rights as subrogee on the registration books of the City maintained by the Trustee upon receipt of proof from BIG as. to payment of interest thereon to the registered owners of the Series 1988 Bonds, and fib} in the case of subrogation as to claims for past due principal, the Trustee shall note SIG's rights as subrogee on the registration books of the City maintained by the Trustee upon surrender of the Series 1988 Bonds by the registered owners thereof to the Insurance Trustee. 12,1.4. In the event that the principal of and/or interest on the Series 1988 Bonds shall be paid by BIG pursuant to the terms of the Series 1988 Municipal Bond Insurance Policy, ~a} such Series 1988 Bonds shall continue to be Outstanding under this Ordinance, fib} the assignment and pledge of the Net Revenues and all covenants, agreements and other obligations of the City to the registered owners shall continue to exist, and BIG shall be fully subrogated to all of the rights of such registered Page 65 - ordinance