Financial- COPS (Insurance Information)

Home Browse Search

~~~ REVISED AS OF DECEMBER 7,1998 COMMITMENT TO ISSUE A FINANCIAL GUARANTY INSURANCE POLICY ~ Application No.: 1998-010673-01 Sale Date: December 2, 1998 Program Type: Negotiated DP Re: $22,000,000 Certificates of Participation (Courthouse Squaze Project), 1998 Series A, Evidencing Direct, Fractional Undivided Interests in the 1998 Financing Payments to be made pursuant to the Financing and Trust Agreement described herein by Marion, County, Oregon (the "Obligations") This commitment to issue a financial guaranty insurance policy (the "Commitment") dated December 7, 1998, constitutes an agreement between MARION COUNTY COMMISSIONERS (OREGON) the ("Applicant") and MBIA Insurance Corporation (the "Insurer"), a stock insurance company incorporated under the laws of the State of New York. Based on an approved application dated November 19, 1998, the Insurer agrees, upon satisfaction of the conditions herein, to issue on the earlier of (i) 120 days of said approval date or (ii) on the date of delivery of and payment for the Obligations, a financial guaranty insurance policy (the "Policy") for the Obligations, insuring the payment of principal of and interest on the Obligations when due. The issuance of the Policy shall be subject to the following terms and conditions: 1. Payment by the Applicant, or by the Trustee on behalf of the Applicant, on the date of delivery of and payment for the Obligations, of a nonrefundable premium in the amount of $134,000 [.350% (premium rate) of $38,191,365 (total debt service), premium rounded to the nearest thousand]. The premium set out in this paragraph shall be the total premium required to be paid on the Policy issued pursuant to this Commitment. 2. The Obligations shall have received the unqualified opinion of bond cou~sel with respect to the tax-exempt status of interest on the Obligations. 3. There shall have been no material adverse change in the Obligations or the Resolution, Bond Ordinance, Trust Indenture or other official document authorizing the issuance of the Obligations or in the final official statement or other similar document, including the financial statements included therein. 4. There shall have been no material adverse change in any information submitted to the Insurer as a part of the application or subsequently submitted to be a part of the application to the Insurer. 5. No event shall have occurred which would allow any underwriter or any other purchaser of the Obligations not to be required to purchase the Obligations at closing. 6. A Statement of Insurance satisfactory to the Insurer shall be printed on the Obligations. 7. Prior to the delivery of and payment for the Obligations, none of the information or documents submitted as a part of the application to the Insurer shall be determined to contain any untrue or misleading statement of a material fact or fail to state a material fact required to be stated therein or necessary in order to make the statements contained therein not misleading.