Ordinance 2607-02 - Laserfiche WebLink

(b) Payments Under the Policy and Rights of the Insurer. (1) The Insurer shall be deemed to be the sole holder of the Bonds insured by it for the purpose of exercising any voting right or privilege or giving any consent or direction or taking any other action that the holders of the Bonds insured by it are entitled to take pursuant to this ordinance under Washington law. The maturity of Bonds insured by the Insurer shall not be accelerated. (2) This ordinance may not be amended without the prior written consent of the Insurer. Copies of any modification or amendment to this ordinance shall be sent to Standard& Poor's Ratings Services, a Division of The McGraw-Hill Companies, Inc. and Moody's Investors Service at least 10 days prior to the effective date thereof. (3) Amounts paid by the Insurer under the Policy shall not be deemed paid for purposes of this ordinance and shall remain outstanding and continue to be due and owing until paid by the City in accordance with this ordinance. (4) The Insurer shall, to the extent it makes any payment of principal of or interest on the Bonds, become subrogated to the rights of the recipients of such payments in accordance with the terms of the Policy. (5) This ordinance shall not be discharged unless all amounts due or to become due to the Insurer have been paid in full or duly provided for. (6) Claims upon the Policy and payments by and to the Insurer: (i) If, on the business day prior to the related scheduled interest payment date or principal payment date ("Payment Date") there is not on deposit with the Bond Registrar, after making all transfers and deposits required under this ordinance, moneys sufficient to pay the principal of and interest on the Bonds due on such Payment Date, the Bond -44- P\CMW\CMW5BE 02/05/21