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• <br /> registered owners that in the event that any registered owner's payment is so recovered, such <br /> registered owner will be entitled to payment from AMBAC Indemnity to the extent of such <br /> recovery if sufficient funds are not otherwise available, and the Bond Registrar shall furnish to <br /> AMBAC Indemnity its records evidencing the payments of principal of and interest on the Bonds <br /> which have been made by the Bond Registrar and subsequently recovered from registered owners <br /> and the dates on which such payments were made. <br /> (f) in addition to those rights granted AMBAC Indemnity under this ordinance, <br /> AMBAC Indemnity shall, to the extent it makes payment of principal of or interest on Bonds, <br /> become subrogated to the rights of the recipients of such payments in accordance with the terms <br /> of the Municipal Bond Insurance Policy, and to evidence such subrogation (i) in the case of <br /> subrogation as to claims for past due interest, the Bond Registrar shall note AMBAC Indemnity's <br /> rights as subrogee on the registration books of the City maintained by the Bond Registrar upon <br /> receipt from AMBAC Indemnity of proof of the payment of interest thereon to the registered <br /> owners of the Bonds, and (ii) in the case of subrogation as to claims for past due principal, the <br /> Bond Registrar shall note AMBAC Indemnity's rights as subrogee on the registration books of the <br /> City maintained by the Bond Registrar upon surrender of the Bonds by the registered owners <br /> thereof together with proof of the payment of principal thereof. <br /> SECTION 21. General Authorization. The Mayor, the Finance Director, and the Clerk of <br /> the City and each of the other appropriate officers, agents and representatives of the City are each <br /> hereby authorized and directed to take such steps, to do such other acts and things, and to <br /> execute such letters, certificates, agreements, papers, financing statements, assignments or <br /> instruments as in their judgment may be necessary, appropriate or desirable in order to carry out <br /> the terms and provisions of, and complete the transactions contemplated by, this ordinance. <br /> SECTION 22. Prior Acts. All acts taken pursuant to the authority of this ordinance but <br /> prior to its effective date are hereby ratified and confirmed. <br /> -25- 001136M DOC 94/01/19 <br />