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