Ord 1987-050a - Laserfiche WebLink

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(ii) default in the performance or observance of any other covenant, agreement or obligation of the City, which materially, adversely affects the rights of the Bondholders or the Bond Insurer, including but not limited to, their prospect or abili ty 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 Bondholder or the Bond Insurer to the City. Section 10.02. Remedies for Default. (a) Upon the happening of any Event of Default, then and in every case any Bondholder or an authorized representative thereof, including, but not limited to, a trustee or trustees therefor, or the Bond Insurer, may proceed against the City for the purpose of protecting and enforcing the rights of the Bondholders 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 Bondholders 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 Holders of Bonds 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 Bonds 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 Bonds 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. Section 10.04. Bond Insurer Consent. Notwithstanding the foregoing, however, so long as the Bond Insurer is not in payment default under its Municipal Bond Insurance PoUcy with respect to the Bonds no such remedial action shall be undertaken by or on behalf of any Bondholder without prior written consent of the Bond Insurer, which consent may not be withheld unreasonably. ARTICLE XI DISCHARGE Section 11.01. Discharge by Payment. When all Bonds have been paid in full as to principal and as to interest and premium, if any, or when all Bonds have become due and payable, whether at 1659f -26-