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SA-3 - RESO TAX ALLOCATION BOND
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07/17/2018
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SA-3 - RESO TAX ALLOCATION BOND
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Last modified
7/12/2018 5:35:37 PM
Creation date
7/12/2018 5:27:26 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Item #
SA-3
Date
7/17/2018
Destruction Year
2023
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2018 Bond Insurer: <br />Telephone: <br />Telecopier: <br />In each case in which notice or other communication <br />refers to an Event of Default, then a copy of such <br />notice or other communication shall also be sent to <br />the attention of the Deputy General Counsel - Public <br />Finance and shall be marked to indicate "URGENT <br />MATERIAL ENCLOSED." <br />Section 12.15 2018 Bond Insurance Policy Payment and Reimbursement Provisions. <br />[SAMPLE PROVISIONS] <br />The following provisions shall govern in the event of a conflict with any contrary <br />provision of the Indenture. <br />If, on the third Business Day prior to the related scheduled interest payment date or <br />principal payment date ("Payment Date") there is not on deposit with the Trustee, after making <br />all transfers and deposits required under the Indenture, moneys sufficient to pay the principal of <br />and interest on the Insured Series 2018 Bonds due on such Payment Date, the Trustee shall give <br />notice to the 2018 Bond Insurer and to its designated agent (if any) (the "Insurer's Fiscal Agent") <br />by telephone or telecopy of the amount of such deficiency by 12:00 noon, New York City time, <br />on such Business Day. If, on the second Business Day prior to the related Payment Date, there <br />continues to be a deficiency in the amount available to pay the principal of and interest on the <br />Insured Series 2018 Bonds due on such Payment Date, the Trustee shall make a claim under the <br />2018 Bond Insurance Policy and give notice to the 2018 Bond Insurer and the Insurer's Fiscal <br />Agent (if any) by telephone of the amount of such deficiency, and the allocation of such <br />deficiency between the amount required to pay interest on the Insured Series 2018 Bonds and the <br />amount required to pay principal of the Insured Series 2018 Bonds, confirmed in writing to the <br />2018 Bond Insurer and the Insurer's Fiscal Agent by 12:00 noon, New York City time, on such <br />second Business Day by filling in the form of Notice of Claim and Certificate delivered with the <br />2018 Bond Insurance Policy. <br />The Trustee shall designate any portion of payment of principal on Insured Series 2018 <br />Bonds paid by the 2018 Bond Insurer, whether by virtue of mandatory sinking fiend redemption, <br />maturity or other advancement of maturity, on its books as a reduction in the principal amount of <br />Insured Series 2018 Bonds registered to the then current Owner, whether DTC or its nominee or <br />otherwise, and shall issue a replacement Bond to the 2018 Bond Insurer, registered in the name <br />of , in a principal amount equal to the amount of principal so paid (without <br />regard to authorized denominations); provided that the Trustee's failure to so designate any <br />payment or issue any replacement Insured Series 2018 Bond shall have no effect on the amount <br />of principal or interest payable by the Agency on any Insured Series 2018 Bond or the <br />subrogation rights of the 2018 Bond Insurer. <br />4150-2542-5420.3 59 <br />40990-25 <br />SA -3-77 <br />
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