Ordinance 1994-1170 - Laserfiche WebLink

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is legal, valid, binding and enforceable upon the provider in accordance with its terms. J. The repurchase agreement shall provide that if during its term (i) the provider's rating by either S&P or Moody's falls below "AA-" or "AaJ," respectively, the provider must, at the direction of the Issuer or the Trustee (who shall give such direction if so directed by the Bond Insurer), within 1 0 days of receipt of such direction, either (1) maintain collateral at levels and of the type as shall be reasonably acceptable to the Bond Insurer; or (2) repurchase all collateral and terminate the agreement, and (ii) the provider's rating by either Moody's or S&P is withdrawn or suspended or falls below "A" by S&P or "A2" Moody's, as appropriate, the provider must, at the direction of the Issuer or the Trustee (who shall give such direction if so directed by the Bond Insurer), within 1 0 days of receipt of such direction, repurchase all collateral and terminate the agreement, in either case with no penalty or premium to the City. Notwithstanding the above, if a repurchase agreement has a term of 270 days or less (with no evergreen provision), collateral levels need not be as specified in (a) above, so long as such collateral levels are 103% or better and the provider is rated at least "AA" and "Aa" by S&P and Moody's, respectively. 11. Investment agreements with a domestic or foreign bank the long-term debt of which is rated at least "AA" by S&P and "Aa" by Moody's; provided, that, by the terms of the investment agreement: (1) interest payments are to be made to the City at times and in amounts as necessary to pay debt service (or, if the investment agreement is for the construction fund, construction draws) on the Bonds; (2) the invested funds are available for withdrawal without penalty or premium, at any time upon not more than seven days' prior notice (which notice may be -8-