Agenda 06/08/1999 - Laserfiche WebLink

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registered owner pursuant to the United States Bankruptcy Cod.e by a trustee in bankruptcy in accordance with the final, non-appealable order of a court having competent jurisdiction, the Paying Agent, if any, shall, at the time Ambac Assurance 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 Assurance to the extent of such recovery if sttfficient funds are not otherwise available, and the Paying Agent, if any, shall furnish to Ambac Assurance its records evidencing the payments of principal of and interest on the Bonds which have been made by the' Paying Agent, if any, and subsequently recovered from registered owners and the dates on which such payments were made. F. In addition to those rights granted Ambac Assurance under the Authorizing Ordinance, Ambac Assurance shall, to the extent it makes payment of principal of or interest on Bonds, become subrogated to the rights of the recipients of such payments in accordance with the terms of the Municipal Bond Insurance Policy, and to evidence such subrogation (i) in the case of subrogation as to claims for past due interest, the Paying Agent, if any, shall note Ambac Assurance's rights as subrogee on the registration books of the City maintained by the Paying Agent, if any, upon receipt from Ambac Assurance of proof of the payment of interest thereon to the registered owners of the Bonds, and (ii) in the case of subrogation as to claims for past due principal, the Paying Agent, if any, shall note Ambac Assurance's rights as subrogee on the registration books of the City maintained by the Paying Agent, if any, upon surrender of the Bonds by the registered owners thereof together with proof of the payment of principal thereof. Section 8. Interested Parties To the extent that the Authorizing Ordinance confers upon or gives or grants to Ambac any right, remedy or claim under or by reason of the Authorizing Ordinance, Ambac is hereby explicitly recognized as being a third-party beneficiary hereunder and may enforce any such right remedy or claim conferred, given or granted hereunder. Section 9. Affirmation of Authorizing Ordinance and Authorization of Additional Acts The Authorizing Ordinance is hereby ratified and confirmed and remains in full force and effect, except as such Authorizing Ordinance is amended and supplemented hereby. All acts of the officers, employees, agents and representatives of the City in conformity with the purposes and intent of the Authorizing Ordinance and in furtherance of the issuance and sale of the Bonds, the redemption, defeasance and refunding of the Series 1997 Bond and the Series 1998 Note (each as defined in the Authorizing Ordinance), including direct payment to Patrick Henry National Bank as holder of the Series 1997 Bond and the Series 1998 Note from the l~roceeds of the Bonds, and the purchase of the Municipal Bond Insurance Policy_and payment of the. premium thereof from the proceeds of the Bonds are hereby approved and ratified. The officers, employees, agents and representatives of the Clty are hereby authorized and directed to execute, deliver and file all other agreements, instruments, certificates and documents and to take all such further action as they may consider necessary or desirable in connection with the purchase of the Municipal Bond Insurance Policy and in connection with the redemption, defeasance and 6