Ord 1996-085 - Laserfiche WebLink

Home Browse Search

I (74 Ii Section 11.07. Insurance. - The City will maintain insurance on its waterworks system of the kinds and in the amounts that are usually carried by private companies providing similar services. Such insurance may be provided by means of a self-insurance fund., through maintenance of a policy or policies of insurance, or by a combination of such means. ARTICLE XII DEFAULT AND REMEDIES . -~ Section 12.01. Events of Default. Each of the following occurrences or events for the purpose of this Ordinance is hereby dixlared to be an "Event of Default," to-wit (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 rovenant, agreement or obligation of the City, the failure to perfOIID which materially, adversely affects the rights of the Owners, including but not limited to, their prospect or ability 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 Owner to the City. .¡ Section 12.02. Remedies for Default. (a) Upon the happening of any Event of Default, then and in every case any Owner or an authorized representative thereof, including but not limited to, a trustee or trustees therefor, may proceed against the City for the purpose of protecting and enforcing the rights of the Owners 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 Owners 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 Owners of Bonds then outstanding. Section 12.03. Remedies Not Exclusive. (a) No remedy herein ronferred 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. L 1.SAN>lAA\ wwu "" \DOC:NJ Ilm/CE.fN 30