Official Statement Airport Commission City and County of San ...

MBIA Inc, files annual, quarterly and special reports, information statements and other information with
the SEC under File No. 1-9583. Copies of MBIA Inc.’s SEC filings (including (1) MBIA Inc.’s Annual Report on
Form 10-K for the year ended December 31, 2008, and (2) MBIA Inc.’s Quarterly Report on Form 10-Q for the
quarter ended September 30, 2009) are available (i) over the Internet at the SEC’s web site at http://www.sec.gov;
(ii) at the SEC’s public reference room in Washington D.C.; (iii) over the Internet at MBIA Inc.’s web site at
http://www.mbia.com; and (iv) at no cost, upon request to National at its principal executive offices.
Syncora Guarantee Inc. (formerly XL Capital Assurance Inc.) Surety Bonds
Debt service reserve policies (collectively, the “Debt Service Reserve Policies”) issued by Syncora
Guarantee Inc. (formerly XL Capital Assurance Inc.) (“XL Capital”) in an aggregate amount equal to $39,768,155
(collectively, the “Policy Limit”) were deposited in the Reserve Fund. The Debt Service Reserve Policies provide
that upon notice from the Trustee to XL Capital to the effect that insufficient amounts are on deposit in the Debt
Service Fund to pay the principal of (at maturity or pursuant to mandatory redemption requirements) and interest on the
Bonds, XL Capital will promptly deposit with the Trustee an amount sufficient to pay the principal of and interest on
the Bonds or the available amount of the Debt Service Reserve Policies, whichever is less. Upon the later of: (i) one
Business Day (as defined in Debt Service Reserve Policies) after receipt by XL Capital of a Notice of Nonpayment in
the form attached to the Debt Service Reserve Policies, duly executed by the Trustee; or (ii) the payment date of the
Bonds as specified in the Notice of Nonpayment presented by the Trustee to XL Capital, XL Capital will make a
deposit of funds in an account designated in the Notice of Nonpayment, sufficient for the payment to the Trustee, of
amounts which are then due to the Trustee (as specified in the Notice of Nonpayment) subject to the Policy Limit, as
defined in said Debt Service Reserve Policies.
The available amount of the Debt Service Reserve Policies shall not exceed the Policy Limit less the amount
of any previous deposits by XL Capital with the Trustee with respect to the debt service reserve policies which have
not been reimbursed by the Commission. The Commission and the Insurer have entered into separate financial
guaranty agreements in connection with the Debt Service Reserve Policies (the “Financial Guaranty Agreements”).
Pursuant to the Financial Guaranty Agreements, the Commission is required to reimburse XL Capital, within 12
months of any deposit, for the amount of such deposit made by XL Capital with the Trustee under Debt Service
Reserve Policies.
Under the terms of the Financial Guaranty Agreements, no optional redemption or refunding of the affected
Bonds may be made until XL Capital has been reimbursed for all amounts paid under the Debt Service Reserve
Policies. The Debt Service Reserve Policies will be held by the Trustee in the Reserve Fund and is provided as an
alternative to the Commission depositing funds equal to the amount of the Debt Service Reserve Policies in the
Reserve Fund.
The Debt Service Reserve Policies are non-cancelable.
Financial disclosure for Syncora Guarantee Inc. can be obtained at syncora.com. Current disclosure for
XL Capital is no longer available.
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