Laserfiche WebLink
delivery of any supplemental ordinance or any amendment, supplement or change to or <br />modification of the Authorizing Ordinance, (ii) removal of the City Treasurer as Paying Agent <br />and selection and appointment of any other officer as successor paying agent; and (iii) initiation <br />or approval of any action not described in (i) or (ii) above which requires Bondholder consent. <br /> <br />C. Consent of Ambac Assurance in the Event of Insolvency. <br /> <br /> Any reorganization or liquidation plan with respect to the City must be acceptable to <br />Ambac Assurance. In the event of any reorganization or liquidation, Ambac Assurance shall <br />have the right to vote on behalf of all bondholders who hold Ambac Assurance-insured bonds <br />absent a default by Ambac Assurance under the applicable Municipal Bond Insurance Policy <br />insuring such Bonds. <br /> <br />D. Consent of Ambac Assurance Upon Default. <br /> <br /> Anything in the Authorizing Ordinance to the contrary notwithstanding, upon the <br />occurrence and continuance of an event of default as defined herein, Ambac Assurance shall be <br />entitled to control and direct the enforcement of all rights and remedies granted to the <br />Bondholders for the benefit of the Bondholders under the Authorizing Ordinance. <br /> <br />Section 5. Notices/Information to be Given to Ambac Assurance <br /> <br />A. Notices to be sent to the attention of the Surveillance Department of Ambac. Assurance: <br /> <br /> 1. While the Municipal Bond InsuranCe Policy is in effect, the City shall furnish to <br />Ambac Assurance: <br /> <br /> (a) as soon as practicable after the filing thereof, a copy of any financial <br />statement of the City and a copyof any audit and annual' report ofthe City at no cost to Ambac; <br /> <br />(b) such additional information it may reasonably request. <br /> <br /> 2. A copy of any notice to be given to the registered owners of the Bonds, including, <br />without limitation, notice of any redemption of or defeasance of Bonds, and any certificate <br />rendered pursuant to the Authorizing Ordinance relating to the security for theBonds, at no cost <br />to Ambac. <br /> <br /> 3. To the extent that the City has entered into a continuing disclosure agreement with <br />respect to the Bonds, Ambac Assurance shall be included as a party to be notified. <br /> <br /> <br />