Ordinance 2870-05 - Laserfiche WebLink

the issuance of a Bond Insurance Policy and a surety bond to fund all or any portion of the Reserve 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 15 of this ordinance. If the Bonds will be sold with a Bond Insurance Policy, in the event that the Chief Financial Officer receives multiple proposals, the Chief Financial Officer 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 Chief Financial Officer shall execute a commitment received from the Insurer selected by the Chief Financial Officer. 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/or a surety bond to fund all or a portion of the Reserve Requirement for the Bonds. Section 18. 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 2006 for the fiscal year ended December 31, 2005): (1) annual financial statements showing ending fund balances for the System prepared in accordance with generally accepted accounting principles applicable to -47- P:\CMW\CMW6WH 09/06/05