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No. 1094 amending resolution no. 1065 which amended resolution no. 1054 regarding the issuance of tax increment revenue refunding bonds
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No. 1094 amending resolution no. 1065 which amended resolution no. 1054 regarding the issuance of tax increment revenue refunding bonds
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Bonds will be deficient as to principal <br />or interest, or both. If the Paying <br />i Agent has not so notified AMBAC Indemnity <br />I at least one (1) day prior to an interest <br />payment date, AMBAC Indemnity will make <br />payments of principal or interest due on <br />the Bonds on or before the first (1st) <br />day next following the date on which <br />AMBAC Indemnity shall have received <br />notice of nonpayment from the Paying <br />Agent. <br />(2) The Paying Agent shall, after giving <br />notice to AMBAC Indemnity as provided in <br />(1) above, make available to AMBAC <br />Indemnity and, at AMBAC Indemnity's <br />direction, to the United States Trust <br />company of New York, as insurance trustee <br />for AMBAC Indemnity or any successor <br />insurance trustee (the "Insurance <br />Trustee "), the registration books <br />relating to the Bonds maintained by the <br />Paying Agent and all records relating to <br />the Funds and Accounts maintained under <br />this Resolution. <br />(3) The Paying Agent shall provide AMBAC <br />Indemnity and the Insurance Trustee with <br />a list of registered owners of Bonds <br />entitled to receive principal or interest <br />payments from AMBAC Indemnity under the <br />terms of the Municipal Bond Insurance <br />Policy, and shall make arrangements with <br />the Insurance Trustee (i) to mail checks <br />or drafts to the registered owners of <br />Bonds entitled to receive full or partial <br />interest payments from AMBAC Indemnity <br />and (ii) to pay principal upon Bonds <br />surrendered to the Insurance Trustee by <br />the registered owners of Bonds entitled <br />to receive full or partial principal <br />payments from AMBAC Indemnity. <br />(4) The Paying Agent shall, at the time it <br />provides notice to AMBAC Indemnity <br />pursuant to (1) above, notify registered <br />owners of Bonds entitled to receive the <br />payment of principal or interest thereon <br />from AMBAC Indemnity (i) as to the fact <br />of such entitlement, (ii) that AMBAC <br />Indemnity will remit to them all or a <br />part of the interest payments next coming <br />due upon proof of Bondholder entitlement <br />-8- <br />
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