Official Statement Airport Commission City and County of San ...
Official Statement Airport Commission City and County of San ...
Official Statement Airport Commission City and County of San ...
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Ambac Assurance’s consolidated financial statements <strong>and</strong> all other information relating to Ambac Assurance<br />
<strong>and</strong> subsidiaries included in the Company’s periodic reports filed with the SEC subsequent to the date <strong>of</strong> this <strong>Official</strong><br />
<strong>Statement</strong> <strong>and</strong> prior to the date <strong>of</strong> closing <strong>of</strong> the Bonds shall, to the extent filed (rather than furnished pursuant to Item 9<br />
<strong>of</strong> Form 8-K), be deemed to be incorporated by reference into this <strong>Official</strong> <strong>Statement</strong> <strong>and</strong> to be a part here<strong>of</strong> from the<br />
respective dates <strong>of</strong> filing <strong>of</strong> such reports.<br />
Any statement contained in a document incorporated in this <strong>Official</strong> <strong>Statement</strong> by reference shall be modified<br />
or superseded for the purposes <strong>of</strong> this <strong>Official</strong> <strong>Statement</strong> to the extent that a statement contained in a subsequently filed<br />
document incorporated by reference herein modifies or supersedes such statement. Any statement so modified or<br />
superseded shall not be deemed, except as so modified or superseded, to constitute a part <strong>of</strong> this <strong>Official</strong> <strong>Statement</strong>.<br />
Copies <strong>of</strong> all information regarding Ambac Assurance that is incorporated by reference in this <strong>Official</strong><br />
<strong>Statement</strong> are available for inspection in the same manner as described above in “Available Information.”<br />
All documents subsequently filed by the Company pursuant to the requirements <strong>of</strong> the Exchange Act after the<br />
date <strong>of</strong> this <strong>Official</strong> <strong>Statement</strong> will be available for inspection in the same manner as described above in “Available<br />
Information.”<br />
Assured Guaranty Municipal Corp. Surety Bond<br />
Assured Guaranty Municipal Corp. (formerly known as Financial Security Assurance Inc.) (“AGM”)<br />
issued a municipal bond debt service reserve fund in the maximum amount <strong>of</strong> $8,989,500.00 expiring on May 1,<br />
2029, in connection with the issuance <strong>of</strong> the Issue 37C Bonds; <strong>and</strong> a municipal bond debt service reserve fund<br />
policy in the maximum amount <strong>of</strong> $4,737,026.05 expiring on May 1, 2029, in connection with the issuance <strong>of</strong> the<br />
Issue 37A/B Bonds that are on deposit in the Participating Series Reserve Account.<br />
The Reserve Policies unconditionally guarantee the payment <strong>of</strong> that portion <strong>of</strong> the principal or accreted<br />
value (if applicable) <strong>of</strong> <strong>and</strong> interest on the Bonds which has become due for payment, but shall be unpaid by reason<br />
<strong>of</strong> nonpayment by the <strong>Commission</strong>, provided that the aggregate amount paid under the Reserve Policies may not<br />
exceed the maximum amount set forth in the Reserve Policies. Financial Security will make such payments to the<br />
paying agent for the applicable Bonds on the later <strong>of</strong> the date on which such principal or accreted value (if<br />
applicable) <strong>and</strong> interest is due or on the business day next following the day on which Financial Security shall have<br />
received telephone or telegraphic notice subsequently confirmed in writing or written notice by registered or<br />
certified mail from the Paying Agent <strong>of</strong> the nonpayment <strong>of</strong> such amount by the Issuer. The term “nonpayment” in<br />
respect <strong>of</strong> a Bond includes any payment <strong>of</strong> principal, accreted value or interest (as applicable) made to an owner <strong>of</strong> a<br />
Bond which has been recovered from such owner pursuant to the United States Bankruptcy Code by a trustee in<br />
bankruptcy in accordance with a final nonappealable order <strong>of</strong> a court having competent jurisdiction.<br />
Each Reserve Policy is non-callable <strong>and</strong> the premium will be fully paid at the time <strong>of</strong> delivery <strong>of</strong> the<br />
applicable series <strong>of</strong> Bonds. Each Reserve Policy covers failure to pay principal <strong>of</strong> the applicable series <strong>of</strong> Bonds on<br />
their respective stated maturity dates, or dates on which the same shall have been called for m<strong>and</strong>atory sinking fund<br />
redemption, <strong>and</strong> not on any other date on which the applicable series <strong>of</strong> Bonds may have been accelerated, <strong>and</strong><br />
covers the failure to pay an installment <strong>of</strong> interest on the stated date for its payment. Each Reserve Policy shall<br />
terminate on the scheduled final maturity date <strong>of</strong> the applicable series <strong>of</strong> Bonds being issued.<br />
Financial Security required, among other things, (i) that, so long as it has not failed to comply with its<br />
payment obligations under each Reserve Policy, it is granted the power to exercise any remedies available at law or<br />
under the authorizing document other than (A) acceleration <strong>of</strong> the applicable series <strong>of</strong> Bonds or (B) remedies which<br />
would adversely affect holders in the event that the issuer fails to reimburse Financial Security for any draws on the<br />
applicable Reserve Policy; <strong>and</strong> (ii) that any amendment or supplement to or other modification <strong>of</strong> the principal legal<br />
documents be subject to Financial Security’s consent.<br />
The Reserve Policies are not covered by the Property/Casualty Insurance Security Fund specified in Article<br />
76 <strong>of</strong> the New York Insurance Law.<br />
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