Ordinance 2690-03 - Laserfiche WebLink

Section 21. Bond Insurance; R eserve S urety Bond. T he Finance Director i s hereby further authorized and directed to solicit proposals from municipal bond insurance companies for the issuance of a Bond Insurance Policy and a surety bond to fund the Reserve Account Requirement for the Bonds. The decision of whether or not to purchase bond insurance for the Bonds shall be made in accordance with the criteria set forth in Section 17 of this ordinance. If the Bonds will be sold with a Bond Insurance Policy, in the event that the Finance Director receives multiple proposals, the Finance Director shall select the proposal having the lowest cost and resulting in an overall lower interest cost with respect to the Bonds. If the Bonds will be sold with a Bond Insurance Policy, the Finance Director shall execute a commitment received from the Insurer selected by the Finance Director. The Council further authorizes and directs all proper officers, agents, attorneys and employees of the City to cooperate with the Insurer in preparing such additional agreements, certificates, and other documentation on behalf of the City as shall be necessary or advisable in providing for the Bond Insurance Policy and a surety bond to fund the Reserve Account Requirement for the Bonds. Section 22. Undertaking to Provide Ongoing Disclosure. (a) Contract/Undertaking. This section constitutes the City's written undertaking for the benefit of the owners of the Bonds as required by Section(b)(5) of the Rule. (b) Financial Statements/Operating Data. The City agrees to provide or cause to be provided to each NRMSIR and to the SID, if any, in each case as designated by the Commission in accordance with the Rule, the following annual financial information and operating data for the prior fiscal year (commencing in 2004 for the fiscal year ended December 31, 2003): -55- P:\CMW\CMW5NP 04/22/03