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No. 1920 amending resolution No. 1904 which authorized the issuance of redevelopment district special taxing district bonds, series 2002
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No. 1920 amending resolution No. 1904 which authorized the issuance of redevelopment district special taxing district bonds, series 2002
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g. All money in each of the accounts in the Allocation Fund <br />shall be held in trust for the benefit of the holders of the Bonds and shall be <br />applied, used and withdrawn only for the purposes authorized in this Section 4. <br />The proceeds of the Allocation Fund shall be deposited with a legally qualified <br />depository or depositories for funds of the City as now provided by law and shall <br />be segregated and kept separate and apart from all other funds of the City and <br />may be invested as permitted by law. Interest earned in each account or fund <br />established under this Resolution shall be credited thereto. <br />Section 2. The Resolution is further hereby amended to add the following as <br />Section 22 thereof: <br />Section 22. <br />Resolution: <br />(a) The following definitions shall apply throughout this <br />"Ambac Assurance" shall mean Ambac Assurance <br />Corporation, a Wisconsin domiciled stock insurance company. <br />IL "Financial Guaranty Insurance Policy" shall mean the <br />financial guaranty insurance policy issued by Ambac Assurance insuring <br />the payment when due of the principal and interest on the Bonds as <br />provided therein. <br />"Surety Bond" shall mean the surety bond issued by Ambac <br />Assurance guaranteeing certain payments into the Reserve Account with <br />respect to the Obligations as provided therein and subject to the limitations <br />set forth therein. <br />(b) Consent of Ambac Assurance. Any provision of this <br />Resolution expressly recognizing or granting rights in or to Ambac Assurance <br />may not be amended in any manner which affects the rights of Ambac Assurance <br />hereunder without the prior written consent of Ambac Assurance. <br />(c) Consent of Ambac Assurance in Addition to Holder <br />Consent. Unless otherwise provided in this Section, Ambac Assurance's consent <br />shall be required in addition to Holder consent, when required, for the following <br />purposes: (i) execution and delivery of any supplemental Resolution; (ii) removal <br />of the Paying Agent or selection and appointment of any successor paying agent; <br />and (iii) initiation or approval of any action not described in (i) or (ii) above <br />which requires Holder consent. <br />SBIMANI 137132v1 - 6 - <br />
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