Ord 2017-054/authorizing the issuance and sale of $34,270,000City of San Marcos, Texas, Combination Tax And Revenue Certificates of Obligation, Series 2017

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(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 Owners,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 Owner to the City. Section 10.02. Remedies for Default. (a) Upon the happening of any Event of Default,then and in every case any Owner or an authorized representative thereof, including, but not limited to, a trustee or trustees therefor, may proceed against the City,or any official,officer or employee of the City in their official capacity,for the purpose of protecting and enforcing the rights of the Owners 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 Owners hereunder or any combination of such remedies. (b) It is provided that all such proceedings shall be instituted and maintained for the equal benefit of all Owners of Certificates then outstanding. Section 10.03. 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 shall be cumulative and shall be in addition to every other remedy given hereunder or under the Certificates 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 Certificates shall not be available as a remedy under this Ordinance. (b) The exercise of any remedy herein conferred or reserved shall not be deemed a waiver of any other available remedy. (c) By accepting the delivery of a Certificate authorized under this Ordinance,such Owner agrees that the certifications required to effectuate any covenants or representations contained in this Ordinance do not and shall never constitute or give rise to a personal or pecuniary liability or charge against the officers, employees or trustees of the City or the City Council. (d) No covenant or agreement contained in the Certificates, this Ordinance or any corollary instrument shall be deemed to be the covenant or agreement of any member of the City Council or any officer,agent,employee or representative of the City Council in his or her individual capacity,and neither the directors,officers,agents,employees or representatives of the City Council nor any person executing the Certificates shall be personally liable thereon or be subject to any personal liability for damages or otherwise or accountability by reason of the issuance thereof,or any actions taken or duties performed,whether by virtue of any constitution, statue or rule of law, or by San Marcos CTRCO 2017:Ordinance 32