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150 <br /> TUESDAY, JUNE 8, 1999 <br />vote on behalf of all bondholders who hold Ambac Assurance-insured bonds absent a default by Ambac <br />Assurance under the applicable Municipal Bond Insurance Policy 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 occurrence and <br />continuance of an event of default as defined herein, Ambac Assurance shall be entitled to control and <br />direct the enforcement of all rights and remedies granted to the Bondholders for the benefit of the <br />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 statement of the <br />City and a copy of any audit and annual report of the 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 the Bonds, at no cost to <br />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 />B. Notices to be sent to the attention of the General Counsel Office of Ambac Assurance: <br /> <br /> 1. The City shall notify Ambac Assurance of any failure of the City to provide <br />relevant notices, certificates, etc. <br /> <br /> 2. Notwithstanding any other provision of the Authorizing Ordinance, the City shall <br />immediately notify Ambac Assurance if at any time there are insufficient moneys to make any <br />payments of principal and/or interest as required and immediately upon the occurrence of any event <br />of default hereunder. <br /> <br />C. Other Information to be given to Ambac Assurance: <br /> <br /> 1. The City will permit Ambac Assurance to discuss the affairs, finances and accounts <br />of the City or any information Ambac Assurance may reasonably request regarding the security for <br />the Bonds with appropriate officers of the City. The City will permit Ambac Assurance to have <br />access to and to make copies of all books and records relating to the Bonds at any reasonable time. <br /> <br /> 2. Ambac Assurance shall have the right to direct an accounting at the City's expense, <br />and the City's failure to comply with such direction within thirty (30) days after receipt of written <br />notice of the direction from Ambac Assurance shall be deemed a default hereunder; provided, <br />however, that if compliance cannot occur within such period, then such period will be extended so <br /> <br /> <br />