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9951-09 Authorizing the aquisitions, constructions and installation of certain improvements and extensions
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9951-09 Authorizing the aquisitions, constructions and installation of certain improvements and extensions
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Last modified
12/3/2009 11:51:05 AM
Creation date
8/20/2009 12:22:25 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
8/10/2009
Ord-Res Number
9951-09
Bill Number
56-09
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financial assistance. The Participant agrees to provide the Finance Authority with a copy <br />of the SAA audit within 9 months of the audit period. <br />(o) Inform the Finance Authority of any findings and recommendations <br />pertaining to the SRF program contained in an A-133 audit in which SRF Federal <br />financial assistance was less than $500,000. <br />(p) Initiate within 6 months of the audit period corrective actions for those audit <br />reports with findings and recommendations that impact the SRF financial assistance. <br />(q) Notwithstanding anything in the Authorizing Instrument related to the Bonds <br />(or in any authorizing instrument related to any other outstanding bonds payable from the <br />revenues of the Treatment Works which are on a parity with the Bonds) to the contrary, <br />in the event any Credit Provider that has provided a Credit Instrument fails to be rated on <br />along term basis at least "A-/A3" by Standard & Poor's Ratings Services, a Division of <br />the McGraw-Hill Companies, and Moody's Investors Service, Inc., and their successors <br />(such Credit Instrument, a "Disqualified Instrument"), within 12 months of such failure <br />(or pursuant to such other schedule as may be approved by the Finance Authority), the <br />Participant shall cause cash (or a replacement Credit Instrument from a Credit Provider <br />that is rated on a long term basis at least "AA-/Aa3" by Standard & Poor's Ratings <br />Services, a Division of the McGraw-Hill Companies, and Moody's Investors Service, <br />Inc., and their successors)(or some combination thereof) in an aggregate amount equal to <br />the stated credit available under the Disqualified Instrument(s) to be deposited in the <br />related reserve account(s) in lieu of such Disqualified Instrument(s). No Disqualified <br />Instrument shall be included as part of the reserve balance which satisfies any such <br />reserve requirement under any such authorizing instrument. Nothing in this subsection <br />shall waive or modify additional requirements contained in any such authorizing <br />instrument (including the Authorizing Instrument related to the Bonds); the provisions of <br />this subsection and any such authorizing instrument (including the Authorizing <br />Instrument related to the Bonds) shall both be required to be met. Unless and until notice <br />shall be given by the Finance Authority to the Participant, a surety policy issued by <br />MBIA Insurance Corporation or Financial Guaranty Insurance Company that has been <br />reinsured by National Public Finance Guarantee Corporation (formerly know as MBIA <br />Insurance Corp. of Illinois) shall not be treated as a Disqualified Instrument. <br />(r) Comply with all federal requirements applicable to the Loan when funded <br />with the 2009 Recovery Grant (including those imposed by the American Recovery and <br />Reinvestment Act and related SRF Policy Guidelines) which the Participant understands <br />includes, among other, requirements that all ofthe iron, steel, and manufactured goods <br />used in the Project be produced in the United States unless the Participant has requested, <br />and the Finance Authority has obtained, a waiver from the Agency pertaining to the <br />Project. <br />(s) (i) comply with Title 40 CFR Part 34 (New Restrictions on Lobbying) and the <br />Byrd Anti-Lobbying Amendment ("Lobbying Restrictions"); (ii) provide certifications <br />B-18 <br />BDDBOI 5738468v1 <br />
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