Ordinance 2557-01 - Laserfiche WebLink

give notice to the City and the Bank by telephone or Electronic Means, specifying the principal amount of tendered Bonds as to which the Remarketing Agent has not remarketed. Not later than 1:00 p.m., New York City time, on the Purchase Date or the Mandatory Purchase Date, the Remarketing Agent shall give notice to the Registrar by telephone (promptly confirmed in writing or by Electronic Means) of the names, addresses and taxpayer identification numbers of the purchasers, the denominations of Bonds to be delivered to each purchaser and, if available, payment instructions for regularly scheduled interest payments, or of any changes in any such information previously communicated. (2) Sources of Payments. The Remarketing Agent shall direct to be paid on the Purchase Date all amounts representing proceeds of the remarketing of such Bonds, such payments to be made in the manner and at the time specified in subsection 4.03(a) above. If such amounts are not sufficient to pay the Purchase Price, the Registrar shall immediately notify the City and the Bank or the issuer of the Credit Facility of any deficiency (but no later than 9:30 a.m.,New York time). Pursuant to the Credit Facility, the Registrar shall for the account of the Bank, on the Purchase Date, purchase such tendered Bonds by drawing under the Letter of Credit or Alternate Credit Facility for such purchase. If money is received by the Registrar as remarketing proceeds or from the Bank, any such amounts shall be deposited by the Registrar in the Remarketing Subaccount of the Purchase Account to be used solely for the payment of the Purchase Price of tendered Bonds and shall not be commingled with other funds held by the Registrar. All Bonds so purchased for the account of the Bank (from the proceeds of drawing under a Credit Facility) shall be registered in the name of the Bank on the Purchase Date, shall be Bank Bonds (as further described in Section 4.04 hereof), shall be held in trust by the Registrar on behalf of the Bank, and shall not be released from such trust unless the Registrar shall have -38- P\CMW\CMW4ZL 11/20/01