Ord 2008-007 - Laserfiche WebLink

Home Browse Search

Section 7.10. OFFICIAL STATEMENT AND PURCHASE AGREEMENT. (a) The Preliminary Official Statement, in substantially the form and substance submitted to the City at the meeting at which this First Supplement is adopted is hereby ratified and approved. The Chief Financial Officer is hereby authorized to complete, amend, and modify such Preliminary Official Statement and the Final Official Statement, as necessary. (b) The Bond are hereby sold and shall be delivered to Wachovia Bank, National Association as the senior managing underwriter on behalf of itself and the other underwriters as set forth in the Purchase Agreement, (collectively, the "Underwriters") in accordance with the terms and provisions of a Purchase Agreement. The Purchase Agreement is hereby approved and the Mayor is hereby authorized to execute and deliver the Purchase Agreement. The City will initially deliver to the Underwriters the Bonds authorized under this Ordinance. The Bonds shall initially be registered in the name of Wachovia Bank, National Association. Section 7.11. CREDIT AGREEMENT. To the extent permitted by law, the City reserves the right to enter into Credit Agreements in connection with the Bonds, upon the written opinion of the Chief Financial Officer that such Credit Agreements are in the best interest of the City given the market conditions at the time. The Credit Agreements will constitute a Credit Agreement as defined in the Master Ordinance. Credit Agreements and the obligations thereunder may, pursuant to their terms, constitute (i) Parity Debt secured by a pledge of the Security on parity with the Bonds and other Parity Debt, (ii) Subordinated Debt secured by a pledge of the Security subordinate to the Bonds and other Parity Debt or (iii) partially Parity Debt and partially Subordinated Debt. Section 7.12. EVENTS OF DEFAULT AND REMEDIES. (a) Events of Default. Each of the following occurrences or events for the purpose of this First Supplement is hereby declared to be an Event of Default: (i) the failure to make payment of the principal of or interest on any of the Bonds 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 Registered Owners of the Bonds, including, but not limited to, their prospect or ability to be repaid in accordance with this First Supplement, and the continuation thereof for a period of 60 days after notice of such default is given by any Registered Owner to the City. (b) Remedies for Default. (i) Upon the happening of any Event of Default, then and in every case, any Registered 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 Registered Owners under this First Supplement, 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 SAN MARCOS 2008: FirstBupplementalOrdinance 24