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8359-93 Revenue Bonds Refund Outstanding Sewage Segregation
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8359-93 Revenue Bonds Refund Outstanding Sewage Segregation
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Last modified
10/10/2012 8:42:59 AM
Creation date
10/10/2012 8:42:54 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
3/8/1993
Ord-Res Number
8359-93
Bill Number
19-93
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Insurer, to the Fiscal Agent, which will then pay <br /> the unpaid portion of principal to the bondholder <br /> subject to the terms of the Bond Insurance Policy. <br /> (ii) In the event that the Registrar has notice <br /> that any payment of principal of or interest on a 1993 <br /> Bond has been recovered from a bondholder pursuant to the <br /> United States Bankruptcy Code by a trustee in bankruptcy <br /> in accordance with the final, nonappealable order of a <br /> court having competent jurisdiction, the Registrar shall, <br /> at the time it provides notice to the Bond Insurer, <br /> notify all bondholders that in the event that any <br /> bondholder's payment is so recovered, such bondholder <br /> will be entitled to payment from the Bond Insurer to the <br /> extent of such recovery, and the Registrar shall furnish <br /> to the Bond Insurer its records evidencing the payments <br /> of principal of and interest on the 1993 Bonds which have <br /> been made by the Registrar and subsequently recovered <br /> from bondholders, and the dates on which such payments <br /> were made. <br /> (iii) The Bond Insurer shall, to the extent it <br /> makes payment of principal of or interest on the 1993 <br /> Bonds, become subrogated to the rights of the recipients <br /> of such payments in accordance with the terms of the Bond <br /> Insurance Policy and, to evidence such subrogation, (1) <br /> in the case of subrogation as to claims for past due <br /> interest, the Registrar shall note the Bond Insurer's <br /> rights as subrogee on the registration books maintained <br /> by the Registrar upon receipt from the Bond Insurer of <br /> proof of the payment of interest thereon to the <br /> bondholders of such 1993 Bonds and (2) in the case of <br /> subrogation as to claims for past due principal, the <br /> Registrar shall note the Bond Insurer's rights as <br /> subrogee on the registration books for the 1993 Bonds <br /> maintained by the Registrar upon receipt of proof of the <br /> payment of principal thereof to the holders of such 1993 <br /> Bonds. Notwithstanding anything in this Ordinance or the <br /> 1993 Bonds to the contrary, the Registrar shall make <br /> payment of such past due interest and past due principal <br /> directly to the Bond Insurer to the extent that the Bond <br /> Insurer is a subrogee with respect thereto. <br /> (h) Paying Agent Provisions. Notwithstanding any <br /> other provision of this Ordinance, no removal or <br /> resignation of the Paying Agent shall take effect until <br /> a successor has been appointed and has accepted the <br /> duties of Paying Agent. The Bond Insurer shall be <br /> furnished with written notice of the resignation or <br /> removal of the Paying Agent and the appointment of any <br /> successor thereto. <br /> (i) Interested Parties. To the extent that this <br /> Ordinance confers upon or gives or grants to the Bond <br /> Insurer any right, remedy or claim under or by reason of <br /> this Ordinance, the Bond Insurer is hereby explicitly <br /> recognized as being a third-party beneficiary hereunder <br /> and may enforce any such right, remedy or claim <br /> conferred, given or granted hereunder. <br /> Nothing in this Ordinance expressed or implied is <br /> intended or shall be construed to confer upon, or to give <br /> or grant to, any person or entity, other than the City, <br /> the Bond Insurer, the Registrar and Paying Agent and the <br /> registered owners of the 1993 Bonds, any right, remedy or <br />
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