Ordinance No. 19551 - Laserfiche WebLink

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the Series 1988 Credit Agreement and the Series 1988 Note are paid in full. 12.2. De osits to Bond Fund; Re istered-Bond Pa ments under the Bvnd Insurance Polic So long as the Series 1988 Municipal Bond Insurance Policy shall be in full force and effect, the City and the Trustee hereby agree to comply with the provisions of this Section 12.2. For purposes of this Section 12.2 only, the term "Business Day" shall mean any day other than a Saturday, Sunday, or a day on which Bankers Trust Company, the Insurance Trustee for the Series 1988 Municipal Bond Insurance Policy, is authorized by law to remain closed. 12 , 2.1. I f , on the fifth day ~ or i f the fifth day i s not a Business Day, then an the Business Day next preceding the fifth day} prior to a Series 1988 Bond payment date the Trustee determines that there will be insufficient funds in the funds and accounts available to pay the principal of or interest on the Bands on such payment date, the Trustee shall immediately notify BIG. Such notice shall be by telephone, promptly confirmed in writing and shall specify the amount of the anticipated deficiency, the Bonds to which such deficiency will be applicable and whether payment due on such Bonds will be deficient as to principal or interest, or both. 12.2.2. The Trustee shall, after giving native to BIG as provided in subsection 12,2.1, above, make available to BIG and Bankers Trust Company as insurance trustee for BIG the "Insurance Trustee"}, the registration books of the City maintained by the Trustee, and all records relating to the funds and accounts established under this ordinance. 12.2,3. The Trustee shall provide BIG and the Insurance Trustee with a list of the names and addresses of registered Bondowners entitled to receive principal or interest payments from BIG under the terms of the Municipal Bond Insurance Policy, and shall make arrangements with the Insurance Trustee ~a} to mail checks or drafts to the registered Bondowners entitled to receive full or partial interest payments from BIG, and fib} to pay principal due an the Bands once such Bonds are surrendered to the Insurance Trustee by the registered Bondowners entitled tv receive full or partial principal payments from BIG. 12.2.4, The Trustee shall, at the time it provides notice to BIG pursuant to 12.2,2 above, notify registered Bondowners entitled to receive principal and interest payments from BIG ~a} as to the fact of such entitlement, fib} that BIG will remit all or a portion of the interest payments next coming due, ~c} that if entitled to receive full payment of principal from BIG such registered owners must tender their Bonds together with a form of transfer of title thereto} for payment to the Insurance Trustee and not to the Trustee, and ~d} that if Page 67 - Grdinance