Ord 1988-018 - Laserfiche WebLink

Home Browse Search

Section 11.03. Remedies Not Exclusive. (a) No remedy herein conferred or reserved is intended to be exclusive of any other available remedy or remedies, but each and every such remedy shan be cumulative and shan be in addition to every other remedy given hereunder or under the Bonds or now or hereafter existing at law or in equity; provided, however, that notwithstanding any other provision of this Ordinance, the right to accelerate the debt evidenced by the Bonds shan not be available as a remedy under this Ordinance. (b) The exercise of any remedy herein conferred or reserved shan not be deemed a waiver of any other available remedy. ARTICLE XII DISCHARGE Section 12.01. Discharge by Payment. When an Bonds have been paid in fun as to principal and as to interest and premium, if any, or when an Bonds have become due and payable, whether at maturity or by prior redemption or otherwise, and the City shan have provided for the payment of the whole amount due or to become due on an Bonds then outstanding, including an interest that has accrued thereon or that may accrue to the date of maturity or prior redemption, and any premium due or that may become due at maturity or prior redemption, by depositing with the Paying Agent/Registrar, for payment of the principal of such outstanding Bonds and the interest accrued thereon and any premium due thereon, the entire amount due or to become due thereon, and the City shan also have paid or caused to be paid an sums payable under this Ordinance by the City, including the compensation due or to become due the Paying Agent/Registrar, then the Paying Agent/Registrar, upon receipt of a letter of instructions from the City requesting the same, shan discharge and release the lien of this Ordinance and execute and deliver to the City such releases or other instruments as shan be requisite to release the lien hereof. Section 12.02. Discharge by Deposit. (a) The City may discharge its obligation to pay the principal of, premium, if any, and interest on an or any portion of the Bonds and its obligation to pay other sums payable or to become payable under this Ordinance by the City, including the compensation due or to become due the Paying Agent/Registrar, by: (i) depositing or causing to be deposited with the Paying Agent/Registrar an amount of money that, together with the interest earned on or capital gains or profits to be realized from the investment of such money, will be sufficient to pay the principal of, premium, if any, and accrued interest on such Bonds to maturity or to the date fixed for prior redemption of such Bonds, and to pay such other amounts as may be reasonably estimated by the Paying Agent/Registrar to become payable under this Ordinance, including the compensation due or to become due the Paying Agent/Registrar; and 2387f -29-