Ord 1986-125 - Laserfiche WebLink

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relating to the System and the Pledged Revenues by an independent certified public accountant or an independent firm of certified accountants. As soon as practicable after the close of each such year, and when said audit has been completed and made available to the City, a copy of such audit for the preceding year shall be maned to any Holder of 5% or more in aggregate principal amount of then outstanding Bonds and Additional Bonds who shall so request in writing. Such annual audit reports shall be open to the inspection of the Holders and their agents and representatives at all reasonable times. (1) REMEDIES IN EVENT OF DEFAULT. In addition to all the rights and remedies provided by law by the State of Texas, the City covenants and agrees particularly that in the event the City (a) defaults in payment of principal or interest on any of the Bonds when due, (b) fails to make the payments into any fund as required by this ordinance, or (c) defaults in the observance or performance of any other of the covenants, conditions or obligations set forth in this ordinance, the following remedies shall be available: (1) The holder or holders of any of the Bonds shall be entitled to a writ of mandamus issued by a court of proper jurisdiction compe11ing and requiring the City Council and other officers of the City to observe and perform any covenants, obligations or conditions prescribed in the bond ordinance. (2) No delay or omission to exercise any right or power accruing upon any default shall impair any such power or right or shall be construed to be a waiver of any such default or acquiescence therein, and every such right and power may be exercised from time to time and as often as may be deemed expedient. The specific remedies herein provided shall be cumulative of all other existing remedies and the specification of such shall not be deemed to be exclusive. Additionally, if at the time of any such event of default described in (a) or (b) of this Section 26(1) payment of the principal of or interest on the bonds, either or both, is insured by one or more policies of municipal bond guaranty insurance, the City without delay, shall notify the insurer or insurers named in such policy or policies as to the nature and extent of such event of default. (m) GOVERNMENTAL AGENCIES. The City will comply with all of the terms and conditions of any and all franchises, licenses, permits and authorizations applicable to or necessary with respect to the System, and which have been obtained and keep in full force and effect all franchises, permits, authorization and other requirements applicable to or necessary with respect to the acquisition, construction, equipment, operation and maintenance of the System. (n) NO COMPETITION. The City will not grant any franchise or permit for the acquisition, construction or operation of any competing facilities which might be used as a substitute for the facilities of the System, and, to the extent that it legally may, the City will prohibit any such competing facilities. (0) REBATE. The City will comply with provisions of Section 148(f) of the Internal Revenue Code of 1986 which relate to the rebate to the United States of the excess arbi trage earnings as detailed in a letter of instructions to be delivered to the City upon issuance of the Bonds. 1037f -29-