Ord 2007-036 - Laserfiche WebLink

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Section 10 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 Crty for the purpose of protecting and enforcing the rights of the Owners under this Ordinance, by mandamus or other suit, action or special proceeding m equity or at law, m any court of competent~urisdiction, for any relief permitted by law, including the specific performance of any covenant or agreement contained herein, or thereby to en~om any act or thing that may be unlawful or m 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 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 m addition to every other remedy given hereunder or under the Bonds or now or hereafter existing at law or m 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 ARTICLE XI DISCHARGE AND DEFEASANCE Section 11 O1 Defeasance of Bonds (a) Any Bond and the interest thereon shall be deemed to be paid, retired and no longer outstanding (a "Defeased Bond") within the meaning ofthis Ordinance, except to the extent provided m subsections (c) and (e) of this Section, when payment of the principal of such Bond, plus interest thereon to the due date or dates (whether such due date or dates be by reason of maturity, upon redemption, or otherwise) either (i) shall have been made or caused to be made m accordance with the terms thereof (including the giving of any required notice of redemption or the establishment of irrevocable provisions for the giving of such nonce) or (ii) shall have been provided for on or before such due date by irrevocably depositing with or making available to the Paying Agent/Registrar or an eligible trust company or commercial bank for such payment (1) lawful money of the United States of America sufficient to make such payment, (2) Defeasance Securities, certified by an independent public accounting firm of national reputation to mature as to principal and interest m such amounts and at such times as will ensure the availability, without reinvestment, of sufficient money to provide for such payment and when proper arrangements have been made by the Crty with the Paying Agent/Registrar or an eligible trust company or commercial bank for the payment of its services until all Defeased Bonds shall have become due and payable or (3) any combination of (1) and (2) At such time as a Bond shall be deemed to be a Defeased Bond hereunder, as aforesaid, such Bond and the interest thereon shall no longer be secured by, payable from, or entitled to the benefits of, the revenues herein pledged as provided m this Ordinance, and such principal and interest shall be payable solely from such money or Defeasance Securities San Marcos GO 3007 Ordinance 27