O-1994-1973 - Laserfiche WebLink

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e e Trustee, which will then pay the unpaid portion of principal, The Insurance Trustee shall disburse to registered owners of Bonds, or the Paying Agent/Registrar, the payment due less any amount held by the Paying Agent/Registrar for payment of principal of or interest on Bonds and legally available therefor. (e) In the event that the Paying Agent/Registrar has notice that any payment of principal of or interest on a Bond which has become due for payment and which is made to a registered owner by or on behalf of the City has been deemed a preferential transfer and theretofore recovered from its registered owner pursuant to the United States Bankruptcy Code by a trustee in bankruptcy in accordance with the final, nonappealable order of a court having competent jurisdiction, the Paying Agent/Registrar shall, at the time AMBAC Indemnity is notified pursuant to (a) above, notify all registered owners that in the event that any registered owner's payment is so recovered, such registered owner will be entitled to payment from AMBAC Indemnity to the extent of such recovery if sufficient funds are not otherwise available, and the Paying Agent/Registrar shall furnish to AMBAC Indemnity its records evidencing the payments of principal of and interest on the Bonds which have been made by the Paying Agent/Registrar and subsequently recovered from registered owners and the dates on which such payments were made, (f) In addition to those rights granted AMBAC Indemnity under this Ordinance, AMBAC Indemnity shall, upon remittance and transfer of Bonds or appropriate instruments of assignment, become the owner thereof, and to evidence such ownership (i) in the case of claims for past due interest, the Paying Agent/Registrar shall note AMBAC Indemnity right's as owner on the Registration Books upon receipt from AMBAC Indemnity of proof of the payment of interest thereon to the registered owners of the Bonds and (il) in the case of claims for past due principal, the Paying Agent/Registrar shall note AMBAC Indemnity's rights as owner on the Registration Books upon surrender of the Bonds by the registered owners thereof together with proof of the payment of principal thereof. SECTION 22, NOTICES TO BE GIVEN TO AMBAC INDEMNITY. While the Municipal Bond Guamnty Insurance Policy is in effect, the City shall furnish to AMBAC Indemnity: (a) as soon as practicable after the filing thereof, a copy of any financial statement of the City and a copy of any audit and annual report of the City: (b) a copy of any notice to be given to the registered owners of the Bonds, including, without limitation, notice of any redemption of or defeasance of Bonds, and any certificate rendered pursuant to this Ordinance relating to the security for the Bonds; and (c) such additional infonnation it may reasonably request. The City will pennit AMBAC Indemnity to discuss the affairs, finances, and accounts of the City or any infor- mation AMBAC Indemnity may reasonably request regarding the security for the Bonds with appropriate officers of the City, The City will pennit AMBAC Indemnity to have access to and to make copies of all books and records relating to the Bonds at any reasonable time, Notwithstanding any other provision of this Ordinance the Paying Agent/Registrar shall immediately notify AMBAC Indemnity if at any time there is insufficient money to make any payments of principal and/or interest as required hereunder. SECTION 23, MISCELLANEOUS. (a) Titles Not Restrictive, The titles assigned to the various sections of this Ordinance are for convenience only and shall not be considered restrictive of the subject matter of any section or of any part of this Ordinance. (b) Inconsistent Provisions, All ordinances, orders, and resolutions, or parts thereof, which are in conflict or inconsistent with any provision of this Ordinance are hereby repealed and declared to be inapplicable, and the provisions of this Ordinance shall be and remain controlling as to the matters prescribed herein, 17