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<br />Owners, including but not 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 notice of such default is given <br />by any Owner to the City. <br /> <br />Section 10.02. Remedies for Default. <br /> <br />(a) Upon the happening of any Event of Default, then and in every case any Owner or an <br />authorized representative thereof, including but not limited to, a trustee or trustees therefor, may proceed <br />against the City for the purpose of protecting and enforcing the rights of the Owners under this Ordinance, <br />by mandamus or other suit, action or special proceeding in equity or at law, in any court of competent <br />jurisdiction, for any relief permitted by law, including the specific performance of any covenant or agreement <br />contained herein, or thereby to enjoin any act or thing that may be unlawful or in violation of any right of <br />the Owners hereunder or any combination of such remedies. <br /> <br />(b) It is provided that all such proceedings shall be instituted and maintained for the equal <br />benefit of all Owners of Certificates then outstanding. <br /> <br />Section 10.03. Remedies Not Exclusive. <br /> <br />(a) No remedy herein conferred or reserved is intended to be exclusive of any other available <br />remedy or remedies, but each and every such remedy shall be cumulative and shall be in addition to every <br />other remedy given hereunder or under the Certificates or now or hereafter existing at law or in equity; <br />provided, however, that notwithstanding any other provision of this Ordinance, the right to accelerate the <br />debt evidenced by the Certificates shall not be available as a remedy under this Ordinance. <br /> <br />(b) The exercise of any remedy herein conferred or reserved shall not be deemed a waiver of <br />any other available remedy. <br /> <br />ARTICLE XI <br /> <br />DISCHARGE AND DEFEASANCE <br /> <br />Section 11.01. Discharge and Defeasance by Payment. <br /> <br />When any Certificate or Certificates shall have been paid in full as to principal and interest, or when <br />any Certificate or Certificates shall have become due and payable, whether at maturity or otherwise, and the <br />City shall have provided for the payment of the entire amount due or to become due on such Certificate or <br />Certificates by depositing with the Paying Agent/Registrar, for payment of such Certificate or Certificates <br />then outstanding, the entire amount due or to become due thereon, and the City shall also have paid or caused <br />to be paid all sums payable with respect to such Certificate or Certificates under this Ordinance, and shall <br />have made proper arrangements for payment of the compensation due or to become due the Paying <br />Agent/Registrar with respect to such Certificate or Certificates, then the Certificate or Certificates thus paid <br />or for which provision for payment is thus made shall be deemed paid and retired and shall no longer be <br />regarded as outstanding and unpaid, and the Paying Agent/Registrar, upon receipt of a letter of instructions <br />from the City requesting the same, shall discharge and release the lien of this Ordinance with respect to such <br />Certificate or Certificates and execute and deliver to the City such releases or other instruments as shall be <br />requisite to release the lien hereof. <br /> <br />R:\San Marcos\CO. 02\Docs\Ordinance\Final. wpd <br /> <br />26 <br />