Ordinance 2607-02 - Laserfiche WebLink

have exclusive control and sole right of withdrawal. The Bond Registrar shall receive any amount paid under the Policy in trust on behalf of Bondholders and shall deposit any such amount in the Policy Payments Account and distribute such amount only for purposes of making the payments for which a claim was made. Such amounts shall be disbursed by the Bond Registrar to Bondholders in the same manner as principal and interest payments are to be made with respect to the Bonds under the sections hereof regarding payment of Bonds. It shall not be necessary for such payments to be made by checks or wire transfers separate from the check or wire transfer used to pay debt service with other funds available to make such payments. (v) Funds held in the Policy Payments Account shall not be invested by the Bond Registrar and may not be applied to satisfy any costs, expenses or liabilities of the Bond Registrar. (vi) Any funds remaining in the Policy Payments Account following a Bond payment date shall promptly be remitted to the Insurer. (7) The Insurer shall be provided with all reports, notices and correspondence to be delivered under the terms of this ordinance. (8) The notice address of the Insurer is: Financial Security Assurance Inc., 350 Park Avenue, New York, New York 10022-6022, Attention: Managing Director— Surveillance -- Re: Policy No. . Telephone: (212) 826-0100; Telecopier: (212) 339- 3529. In each case in which notice or other communication refers to an Event of Default or with respect to which failure on the part of the Insurer to respond shall be deemed to constitute consent or acceptance, then a copy of such notice or other communication shall also be sent to the attention of General Counsel and shall be marked to indicate "URGENT MATERIAL ENCLOSED." -46- P\CMW\CMW5BE 02/05/21