Res 1995-121 - Laserfiche WebLink

Home Browse Search

I ()Zl7Þ (t) Proper office1"3 of the City charged with the responsibility of issuing the Bonds are hereby directed to make, execute and deliver certifications as to facts, estimates and circumstances in existence as of the Closing Date and stating whether there are any facts, estimates or circumstances that would materially change the City's current expectations. (g) The covenants and representations made or required by this Section are for the benefit of the Owne1"3 and may be relied upon by the Owne1"3 and Bond Counsel for the City. *** Section 11.01. Events of Default. Each of the following occurrences or events for the purpose of this Ordinance is hereby declared 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 covenant, ag=ment or obligation of the City, the failure to perform which materially, adve1"3ely affects the rights of the Owne1"3, 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 6{) days àftèr notice of such default is given by any Owner to the City. court of competent jurisdiction. for any relief permitted by law, including the specific performance of any covenant or a¡¡;rc:cment contained herein, or thereby to enjoin any act or thing that may be unlawful or in violation of any right of the Owne1"3 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 Owne1"3 of Bonds then outstanding. Section 11.02. 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 Owne1"3 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 ag=ment contained herein, or thereby to enjoin any act or thing that may be unlawful or in violation of any right of the Owne1"3 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 Owne1"3 of Bonds then outstanding. Section 11.03. 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 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 wai:ver of any other available: remedy. *** Section 14.01. SuretY Policv. In order to satisfy the: City's obligations with respect to the: Reserve Fund provided in Section 8.03(a) of this Ordinance, the City has purchased from a Surety a Surety Policy for such Fund, in an amount equal to the amount of the average annual requirement for the payment of principal and interest with respect to the Bonds. The City Council hereby finds and determines that the substitution of a Surety Policy in lieu of depositing cash to the Reserve: Fund is cost effective. In order to obtain a Surety Policy to satisfy the: City's obligations with respect to the Reserve Fund after the issuance: of the