Examples of Reserve Insurer in a sentence
Nothing herein contained shall be construed to prevent the Issuer from altering, amending or repealing from time to time as may be necessary this Bond Ordinance or any subsequent Bond Ordinance providing with respect to the Tax, said alterations, amendments or repeals to be conditioned upon the continued preservation of the rights of the Owners and the provider of each Reserve Insurer with respect to the Net Revenues of the Tax.
It is expressly provided that any Reserve Fund Alternative Investment deposited in or credited to the Reserve Fund pursuant to this paragraph shall, at the time of such deposit or credit, carry a rating from at least one (1) rating agency, or if such Reserve Fund Alternative Investment is not itself rated, the Reserve Insurer providing such Reserve Fund Alternative Investment shall be so rated.
Any moneys remaining in the Sales Tax Fund on the 20th day of each month in excess of all reasonable and necessary expenses of collection and administration of the Tax and after making the required payments into the Sinking Fund and Reserve Fund for the current month and for prior months during which the required payments may not have been made (including any amounts owed a Reserve Insurer), shall be considered as surplus.
The Issuer does herebyobligate itself and is bound under the terms and provisions of law to levy, impose, enforce and collect the Tax and to provide for all reasonable and necessary rules, regulations, procedures and penalties in connection therewith, including the proper application of the proceeds of the Tax, until all of the Bonds and the Outstanding Parity Bonds have been retired as to both principal and interest and all obligations to the provider of any Reserve Insurer have been paid.
The obligation of the Issuer to reimburse any Reserve Insurer shall enjoy the same priority as the obligation to replenish the Reserve Fund cash or investments.