Ord 1997-031 - Laserfiche WebLink

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I I - llltO account pursuant to sectlOn 265(b)(3)(C)(ii)] durIng the calendar year m whIch the Bonds are issued, and the CIty hereby covenants not to designate more than $10,000,000 aggregate amount of tax-exempt oblIgatlOns durIng the calendar year m whIch the Bonds are lssued. ARTICLE XI DEFAULT AND REMEDIES SectlOn II 01 Events of Default. Each of the followmg occurrences or events for the purpose of thIS Ordmance lS hereby declared to be an "Event of Default," to-Wlt: (i) the failure to make payment of the pnnclpal of or lllterest on any of the Bonds when the same becomes due and payable; or (ii) default III the performance or observance of any other covenant, agreement or oblIgatIOn of the Clty, the failure to perform whIch materially, adversely affects the nghts of the Owners, mcludIng but not lImlted to, thelr prospect or abllity to be repald m accordance wlth thlS Ordmance, and the contmuation thereof for a penod of 60 days after notlce of such default is given by any Owner to the Clty SectlOn II 02 Remedles for Default. (a) Upon the happenmg of any Event of Default, then and m every case any Owner or an authonzed representahve thereof, mcludmg but not lunited to, a trustee or trustees therefor, may proceed agamst the CIty for the purpose of protecting and enforcmg the nghts of the Owners under thIS Ordmance, by mandamus or other SUIt, actlOn or speclal proceedmg m eqUlty or at law, m any court of competent JurlsdlctlOn, for any relIef permltted by law, mcludmg the speclfic performance of any covenant or agreement con tamed herem, or thereby to enJom any act or thIng that may be unlawful or in vlOlatlOn of any right of the Owners hereunder or any combmatlOn of such remedles (b) It lS proVlded that all such proceedmgs shall be mshtuted and mamtamed for the equal benefit of all Owners of Bonds then outstandmg. SectlOn II 03 RemedIeS Not ExclusIve (a) No remedy herem conferred or reserved lS mtended to be excluslve of any other avallable remedy or remedies, but each and every such remedy shall be cumulahve and shall be m addIhon to every other remedy gIven hereunder or under the Bonds or now or hereafter eXlstmg at law or m eqUlty; proVIded, however, that notwlthstandmg any other provlslOn of tills Ordmance, the right to accelerate the debt eVIdenced by the Bonds shall not be aV311able as a remedy under this Ordmance (b) The exefClse of any remedy herein conferred or reserved shall not be deemed a waiver of any other aVailable remedy R:\SAA'MAR\ W"NSS_97\DOCSIORDNCE 29