Laserfiche WebLink
<br />amended or withdrawn at any time prior to the specified withdrawal date); provided <br />that the Ordinance specifically requires the City shall give notice in accordance with <br />the terms of the investment agreement so as to receive funds thereunder with no <br />penalty or premium paid; <br />(3) the investment agreement shall state that is the unconditional and general <br />obligation of, and is not subordinated to any other obligation of, the provider thereof; <br />(4) a fixed guaranteed rate of interest is to be paid on invested funds and all <br />future deposits, if any, required to be made to restore the amount of such funds to the <br />level specified under the Ordinance; <br />(5) the City receives the opinion of domestic counsel (which opinion shall be <br />addressed to the City and the Bond Insurer) that such investment agreement is legal, <br />valid, binding and enforceable upon the provider in accordance with its terms and of <br />foreign counsel (if applicable) in form and substance acceptable, and addressed to, <br />the Bond Insurer; <br />(6) the investment agreement shall provide that if during its term <br />(a) the provider's rating by either S&P or Moody's falls below "AA" or <br />"Aa," respectively, the provider must, at the direction ofthe City (who shall <br />give such direction if so directed by the Bond Insurer), within 10 days of <br />receipt of such direction, either (i) collateralize the investment agreement by <br />delivering or transferring in accordance with applicable state and federal laws <br />(other than by means of entries on the provider's books) to the City or a third <br />party acting solely as agent therefor (the "Holder of the Collateral") collateral <br />free and clear of any third-party liens or claims the market value of which is <br />maintained at levels and upon such conditions as would be acceptable to S&P <br />and Moody's in an "A" rated structured financing (with a market value <br />approach); or (ii) repay the principal of and accrued but unpaid interest on the <br />investment, and <br />(h) the provider's rating by either S&P or Moody's is withdrawn or <br />suspended or falls below "A" or "A2," respectively, the provider must, at the <br /> <br />-9- <br />