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includes the disgorgement of any previously-paid assessment <br /> instalment as a result of action under federal bankruptcy laws.) <br /> Each request to the Bank for payment shall be made by the <br /> Finance Director-Treasurer of the City by a certificate <br /> substantially in the form set forth in Part A of the Letter of <br /> Credit. The request may be submitted on the day following the <br /> date of delinquency (December 10 or April 10), or on any day <br /> thereafter during the existence of the delinquency. The request <br /> shall be the only condition precedent to payment by the Bank to <br /> the City of the amount requested, but subject to the limitation <br /> that the amount outstanding against the Letter of Credit at any <br /> time shall not exceed $350,000.00. The City shall not be <br /> required to resort first to any amounts held in the special <br /> reserve fund for the Bonds. <br /> <br /> Payments made by the Bank pursuant to this <br />subparagraph shall be credited by the City to the redemption <br />fund for the Bonds. <br /> <br /> .(b) If the City has not received a renewal Letter <br />of Credit not later than thirty (30) days before expiration of <br />the current Letter of Credit, then on submission of a <br />certificate substantially in the form set forth in Part B of the <br />Letter of Credit, the Bank shall pay to the City the amount of <br />$350,000.00, less the total amount then outstanding against the <br />Letter of Credit, if any, pursuant to subparagraph (a) above. <br />The City shall have no obligation to inquire why the renewal <br />Letter of Credit has not been presented, and shall be entitled <br />to request and to receive funds pursuant to this subparagraph <br /> <br />5 <br /> <br /> <br />