Ordinance 1963-93 - Laserfiche WebLink

B. a perfected security interest in favor of the City in the securities has been created under the Uniform Commercial Code or pursuant to the book entry procedures described in 31 C.F.R. 306.1 et se . or 31 C.F.R. 350.0 et seq.; and C. the securities on the date of execution of the repurchase agreement have a value of at least 100% of the amount of the repurchase obligation, including both principal and interest; provided, (a)the repurchase agreement has a term to maturity of thirty days or less, or (b) throughout the term of the repurchase agreement the securities have a fair market value equal to at least 100% of the amount of the repurchase obligation; and (9) an investment agreement approved by the Bond Insurer with (i) an insurance company whose unsecured obligations are rated Aaa by Moody's and AAA by S&P, respectively, or (ii) which is the lead bank of a bank holding company whose unsecured obligations are rated Aa-2 or better by Moody's and AA or better by S&P, provided that (x) such agreement shall provide that it is not subordinated to any other obligations of such insurance company or banking institution, and (y) the City shall receive an Opinion of Counsel that such agreement is an enforceable obligation of such insurance company or banking institution. The words "Qualified Insurer" mean an insurance company licensed to conduct business in any state of the United States or a service corporation acting on behalf of one or more such insurance companies, which insurance company or service corporation is rated either Aaa by Moody's Investors Service, Inc., or AAA by Standard & Poor's Corporation. "Receipts" means: (a) Amounts actually or constructively received with respect to an investment such as earnings and return of principal. (b) In the case of an investment that ceases to be allocated to the 1993 Bonds before its disposition or redemption date, the value of that investment on the date it ceases to be allocated to the 1993 Bonds. -8- Fwwo4Eooc 93/1 one