Ord 1988-017 - Laserfiche WebLink

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and in connection therewith the City hereby represents that: (i) the City is a governmental unit with general taxing powers; (ii) the Certificates are not private activity bonds within the meaning of 141(a) of the Code; (iii) 95 percent or more of the net proceeds will be used for local governmental activities of the City; and (iv) the aggregate face amount of all tax exempt obligations (other than private activity bonds) issued by the City (and all subordinate entities thereof) during the calendar year in which the Certificates are issued is not reasonably expected to exceed $5,000,000. (g) Proper officers of the City charged with the responsibility of issuing the Certificates are hereby directed to make, execute and deliver certifications as to facts, estimates and circumstances in existence as of the Closing Date and stating whether there are any facts, estimates or circumstances that would materially change the City's current expectations. (h) The covenants and representations made or required by this Section are for the benefit of the Holders and may be relied upon by the Holders and bond counsel for the City. ARTICLE X DEF AUl T AND REMEDIES Section 10.01. Events of Default. Each of the following occurrences or events for the purpose of this Ordinance is hereby declared to be an "Event of Default," to-wit: (i) the failure to make payment of the principal of or interest on any of the Certificates when the same becomes due and payable; or (ii) default in the performance or observance of any other covenant, agreement or obligation of the City, the failure to perform which materially, adversely affects the rights of the Holders, including but not limited to, their prospect or ability to be repaid in accordance with this Ordinance, and the continuation thereof for a period of 60 days after notice of such default is given by any Holder to the City. Section 10.02. Remedies for Default. (a) Upon the happening of any Event of Default, then and in every case any Holder or an authorized representative thereof, including but not limited to, a trustee or trustees therefor, may proceed against the City for the purpose of protecting and enforcing the rights of the Holders under this Ordinance, by mandamus or other suit, action or special proceeding in equity or at law, in any court of competent jurisdiction, for any relief permitted by law, including the specific performance of any covenant or agreement contained herein, or thereby to enjoin any act or thing that may be unlawful or in violation of any right of the Holders hereunder or any combination of such remedies. 2389f -24-