Laserfiche WebLink
<br />defined in the Code and neither the City nor any of its subordinate entities, if any, <br />reasonably expect to issue in excess of $10,000,000 aggregate amount of Qualified <br />Tax Exempt Obligations during the calendar year in which the Bonds are issued, and <br />the City hereby covenants not to designate more than $10,000,000 aggregate amount <br />of Qualified Tax Exempt Obligations during this calendar year in which the Bonds <br />are issued. <br /> <br />Section 10.10. Additional Certifications. Proper officers of the City charged <br />with the responsibility of issuing the Bonds are hereby directed to make, execute <br />and deliver certifications as to facts, estimates and circumstances in existence as of <br />the Closing Date and stating whether there are any facts, estimates or <br />circumstances that would materially change the City's current expectations. <br /> <br />Section 10.11. Benefit of Covenants. The covenants and representations <br />made or required by this Article are for the benefit of the Holders and may be relied <br />upon by the Holders and bond counsel for the City. <br /> <br />ARTICLE XI <br />DEFAULT AND REMEDIES <br /> <br />Section 11.01. Events of Default. <br /> <br />Each of the following occurrences or events for the purpose of this Ordinance <br />is hereby declared to be an "Event of Default," to-wit: <br /> <br />(i) the failure to make payment of the principal of or interest on <br />any of the Bonds when the same becomes due and payable; or <br /> <br />(ii) default in the performance or observance of any other <br />covenant, agreement or obligation of the City, the failure to perform which <br />materially, adversely affects the rights of the Holders, including but not <br />limited to, their prospect or ability to be repaid in accordance with this <br />Ordinance, and the continuation thereof for a period of 60 days after noticè <br />of such default is given by any Holder to the City. <br /> <br />Section 11.02. Remedies for Default. <br /> <br />(a) Upon the happening of any Event of Default, then and in every case <br />any Holder or an authorized representative thereof, including but not limited to, a <br />trustee or trustees therefor, may proceed against the City for the purpose of <br />protecting and enforcing the rights of the Holders under this Ordinance, by <br />mandamus or other suit, action or special proceeding in equity or at law, in any <br />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 <br />enjoin any act or thing that may be unlawful or in violation of any right of the <br />Holders hereunder or any combination of such remedies. <br /> <br />2047f <br /> <br />-28- <br />