Res 1996-052 - Laserfiche WebLink

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4')/1£ (d) The City will canply with the lXOvisiœs ofSectim 148(1) of the Code (reJating to paying certain excess earnings of investment proceeds of the Bends to the United States) and the n:guIati.œs JF8'"nl&"tt'!i t!:I=uDder. This œvenant includes the mRintf"nSb'lN'. ofreaxds regardjng inve.stmems acquired with the ¡xocæJs by ee œ behalf of the City adequate to a>l""'Ùlt.. the City's rebate liability. (e) The City will DOt take any actkn ee fåil to take any actkn wbi.ch actia:1, ee iDactiœ. would .œsu1t in the Bends being treated as "fi:deœlly guaœnto:d" within the meaning of Sectim 14 9(b) of the Code. (1) Proper affiœrs of the City charged with the respoosibility of ïssumg the Bends are hereby dID:cted to make, execute and deliver certHi=nnrLq as to fåcts, -mu.t.... and CÍI'cI~ in ex:istecœ as of the C1osing Date and stating whether there are any filets, ~mRt...... ee cÌII:1ltD-~ that woo1d materially change the City's cum:nt ~n"..". (g) The covenan1s and ~tation!'l made ee required by this Sectim are for the benefit of the Owners and may be relied upœ by the ÛWIIeI:S and Bood Counsel fee the City. ... ' - Sectiœ 11.01. Events of Default Each of the fallowing oo:um:nœs ee events fee the purpose of this Ordinance is hereby declared to be an "Event ofDefault," to-wit .' . (i) the fåilure to make payment of the principal of ee interest œ any of the Bands when the same beaJmes due and payable; ee (ii) default in the pafonnance ee observance of any other œveDBD1:, agreement or obligation of the City, the fåiluœto perfixm wb.iL:hmaterially, adve:sd.yaffects the rights of the ÛWIIeI:S, including but not limited to, tbeir¡rospect ee ability to be repaid in accccdanœ with this Onlinanœ, and the continuation thereof fee a period of 60 days after ootice of such default is given by any Owner to the City. court of c:cmpetent jurisdiction, fee any relief pennitt.ed by law, including the specific peñ~ of any œvenant or agreement ",...,tAi11l"1i heæin. ee theœby to enjoin any act ee thing that may be unlawful ee in violation of any right of the ÛWIIeI:S he%eunder or any cambinatim of suclJ. zcmedies. (b) It is lXOvided that all such ~ing!'l shall be instituted and mRinminffl for the equal benefit of all ÛWIIeI:S of Bends then outqfmviing Sectiœ 11.02. R~it".S for Default. (a) Upcn the happening of any Event of Default, then and in every case any Owner or an authorized representative thereot: including but not limited to, a trustee ee trustees tberefcc, may proceed against the City fee the purpose of protectiDg and cnfixcing the rights of the ÛWIIeI:S under this Onlinanœ, by mandamus ee other suit, action ee special ¡:roceeding in equity ee at law, in any court of ccmpetent jurisdiction, fee any relief pamitt.ed by law, including the specific pafonnance of any œvenant or agreement rmtAi11l"1i heæin. ee thereby to enjoin any act ee thing that may be unlawful ee in violation of any right of the ÛWIIeI:S b.ereunda" ee any -- combinatioo. of such remedies. (b) It is lXOvided that all suclJ. ~ng.« shall be insrihttt'!i and mRintainffl for the equal benefit of all ÛWIIeI:S of Bœds then QlIÌ!'IÌAT1liing Scctiœ 11.03. Rf'ml'rlies Not Exclusive. (a) !'fu remedy herein cœferred ee reserved is intended to be exclusive of any other available remedy ee remedies. but each and every such ÌcDedy shall be cumulative and shall be in addition to every other remedy given hereunder ee under the Boods ee now ee hexœfu::r existing at law or in equity; lXOvided. however, that notwithstanding any other provision of this Ordinance, the right to acceIe:rate the debt evidenced by the Bœds shall DOt be available as a remedy under this Ordinance. (b) The c:xen:ise of any remedy herein cœferred ee reserved shall not be deemed a waiver of any other available remedy. . . . Sect:iœ 14.01. Suretv Policy. 23