2009/04/15 Council Agenda Packet

3 Section 18. Bond Insurance; Surety Bond. In the event that the Approved Bid for the Bonds specifies that one or more maturities for the Bonds shall be insured, the City hereby authorizes and directs the Registrar to hold the Bond Insurance Policy if so directed by the Insurer. Section 19. Undertaking to Provide Ongoing Disclosure.The Chief Financial Officer is hereby authorized to enter into a written undertaking for the benefit of the owners of the Bonds as required by Section (b)(5) of the Rule (the "Continuing Disclosure Agreement"). The City is not and has not been in default in the performance of its obligations of any prior undertaking for ongoing disclosure with respect to its bond obligations. Section 20. Amendments. (a) The Council from time to time and at any time may pass an ordinance or ordinances supplemental hereof, which ordinance or ordinances thereafter shall become a part of this ordinance, for any one or more or all of the following purposes: (1) To add to the covenants and agreements of the City in this ordinance, other covenants and agreements thereafter to be observed, which shall not adversely affect the interests of the holders of any Parity Bonds, or to surrender any right or power herein reserved. (2) To make such provisions for the purpose of curing any ambiguities or of curing, correcting or supplementing any defective provision contained in this ordinance or any ordinance authorizing future Parity Bonds in regard to matters or questions arising under such ordinances as the Council may deem necessary or desirable and not inconsistent with such ordinances and which shall not adversely affect, in any material respect, the interest of the holders of Parity Bonds. 1C -64- P:120287 CMNA20287_880 03/25/09