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the System less operation and maintenance expenses and required <br /> deposits for depreciation) of the System for the fiscal year <br /> preceding the year in which such parity bonds are to be issued were <br /> not less than 120% of the average annual debt service requirements <br /> on all outstanding bonds to which the revenues of the System are <br /> pledged and the bonds then proposed to be issued. <br /> The additional bonds , the issuance of which is restricted <br /> and conditioned by this Article, shall not be deemed to mean bonds <br /> the security and source of payment of which are subordinate and <br /> subject to the priority of the Bonds . <br /> Article 16 . It is covenanted and agreed by the County <br /> with the holders of the Bonds that it will faithfully and <br /> punctually perform all duties with reference to the System required <br /> by the Constitution and laws of the State of Arkansas and by this <br /> Ordinance, including, without limitation, the making and collecting <br /> of reasonable and sufficient rates lawfully established for <br /> services rendered by the System, segregating the revenues- of the----- <br /> System and applying them to the funds created by this Ordinance. <br /> The County covenants and agrees that the owners of the <br /> Bonds shall have the protection of all the provisions of the <br /> Authorizing Legislation and that the County will diligently proceed <br /> to enforce those provisions to the end of the bondholders' <br /> realizing fully upon their security. And, if the County shall fail <br /> to proceed within thirty (30) days after written request shall have <br /> been filed by the owners of not less than ten percent ( 10%) in <br /> principal amount of the Bonds then outstanding, any owner may (on <br /> behalf of itself and all other owners) proceed to enforce all such <br /> provisions . <br /> If there be any default in the payment of the principal <br /> of or interest on any of the Bonds of this issue, or if the County <br /> defaults in any Bond Fund requirement or in the performance of any <br /> of the other covenants contained in this Ordinance, the owners of <br /> not less than ten percent ( 10%) in principal amount of the Bonds of <br /> this issue then outstanding may, by proper suit, compel the <br /> performance of the duties of the officials of the County under the <br /> laws of the State of Arkansas . And, in the case of a default in <br /> the payment of the principal of and interest on any of the <br /> outstanding Bonds of this issue, any owner of the Bonds of this <br /> issue then outstanding may apply in a proper action to a court of <br /> competent jurisdiction for the appointment of a receiver to <br /> administer the System on behalf of the County and the bondholders <br /> with power to charge and collect (or by mandatory injunction or <br /> otherwise to cause to be charged and collected) rates sufficient to <br /> provide for the payment of the expenses of operation, repair and <br /> maintenance and to pay any Bonds and interest outstanding and to <br /> apply the revenues in conformity with this Ordinance. When all <br /> defaults in principal and interest payments have been cured, the <br /> (:%.V .Juy wool-18.Ud <br /> M..dh 7. 1997 14 <br />