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adversely affect the tax-exempt status of the Bonds. For purpose of the foregoing, the City may <br />rely on an opinion of nationally -recognized bond counsel that the action taken in connection with <br />such sale or other disposition will not adversely affect the tax-exempt status of the Bonds. For <br />purposes of the foregoing, the portion of the property comprising personal property and disposed <br />in the ordinary course shall not be treated as a transaction resulting in the receipt of cash or other <br />compensation. For purposes hereof, the City shall not be obligated to comply with this covenant <br />if it obtains an opinion that such failure to comply will not adversely affect the excludability for <br />federal income tax purposes from gross income of the interest. <br />ARTICLE XI <br />17�1�1_t�1N1I_\�1�7��► I��71�[ <br />Section 11.01. Events of Default. <br />Each of the following occurrences or events for the purpose of this Ordinance is hereby <br />declared to be an 'Event of Default," to -wit: <br />(i) the failure to make payment of the principal of or interest on any of the <br />Bonds when the same becomes due and payable; or <br />(ii) default in the performance or observance of any other covenant, agreement <br />or obligation of the City, the failure to perform which materially, adversely affects the <br />rights of the Owners, including but not limited to, their prospect or ability to be repaid in <br />accordance with this Ordinance, and the continuation thereof for a period of 60 days after <br />notice of such default is given by any Owner to the City. <br />Section 11.02. Remedies for Default. <br />(a) Upon the happening of any Event of Default, then and in every case any Owner or <br />an authorized representative thereof, including but not limited to, a trustee or trustees therefor, <br />may proceed against the City for the purpose of protecting and enforcing the rights of the <br />Owners under this Ordinance, by mandamus or other suit, action or special proceeding in equity <br />or at law, in any court of competent jurisdiction, for any relief permitted by law, including the <br />specific performance of any covenant or agreement contained herein, or thereby to enjoin any act <br />or thing that may be unlawful or in violation of any right of the Owners hereunder or any <br />combination of such remedies. <br />(b) It is provided that all such proceedings shall be instituted and maintained for the <br />equal benefit of all Owners of Bonds then outstanding. <br />SANMARCOS/W W W SRev2017A: Ordinance 37 <br />