Ordinance 1988-94 - Laserfiche WebLink

• matters. The City agrees to cooperate with the purchaser to deliver or cause to be delivered, within seven business days from the date of the sale of the Bonds and in sufficient time to accompany any confirmation that requests payment from any customer of the purchaser for the Bonds, copies of a final official statement in sufficient quantity to comply with paragraph (b)(4) of Rule 15c2-12 and the rules of the Municipal Securities Rule-making Board. SECTION 20. Assessed Value and Existing Bonded Debt The actual value of the taxable property within the City as ascertained by the last preceding assessment for City purposes is $5,114,276,015. The principal amount of the outstanding nonvoted general obligation indebtedness of the City including lease purchase obligations and general obligation bonds is $38,145,000 as of December 31, 1993. The issuance of the Bonds in the principal amount of $5,700,000 will not cause the City to exceed any statutory or constitutional debt limits. SECTION 21. Payment Procedure Pursuant to Municipal Bond Insurance Policy. As long as the Municipal Bond Insurance Policy shall be in full force and effect, the City and the Bond Registrar agree to comply with the following provisions: (a) At least one (1) day prior to all Interest Payment Dates the City or the Bond Registrar will determine whether there will be insufficient funds in the Debt Service Fund to pay the principal of or interest on the Bonds on such interest payment date. If the City or the Bond Registrar determines that there will be insufficient funds in such Account, the City or Bond Registrar shall so notify AMBAC Indemnity. Such notice shall specify the amount of the anticipated deficiency, the Bonds to which such deficiency is applicable and whether such Bonds will be deficient as to principal or interest, or both. If the City or the Bond Registrar has not so notified AMBAC Indemnity at least one (1) day prior to an Interest Payment Date, AMBAC Indemnity will make payments of principal or interest due on the Bonds on or before the first (1st) day next following the date on which AMBAC Indemnity shall have received notice of nonpayment from the City or the Bond Registrar. (b) The City or the Bond Registrar shall, after giving notice to AMBAC Indemnity as provided in (a) above, make available to AMBAC Indemnity and, at AMBAC Indemnity's -22- DOTOBLDOC 94/01/19