884 - Laserfiche WebLink

Home Browse Search

� -16WSW - (f) The Trustee may, and upon the written request of the holders of not less than ten percent (10%) in principal amount of the bonds then outstanding may, waive any default which shall have been remedied before the entry of final judgment or decree in any suit, action or proceeding instituted under the provisions of this Ordinance or before the completion of the enforcement of any other remedy, but no such waiver shall extend to or affect any other existing or any - subsequent default or defaults or impair any rights or remedies consequent thereon. Section 12. That when the bonds herein authorized to be executed have been executed by the Mayor and City Clerk and the seal of the City impressed as herein provided, they shall be delivered to the Trustee, which shall authenticate them and deliver them to the purchaser upon payment in cash of the purchase price of $166,315, plus accrued interest from September 1, 1977 ("total sale proceeds"). The total sale proceeds shall be disbursed as follows: (a) The accrued interest and any additional amount that may be required for paying interest and Trustee's and Paying Agent's fees until other revenues are available, all as shall be specified in a letter of instructions signed by the Mayor, shall be deposited in the Bond Fund; (b) There shall next be deducted from the balance of the total sale proceeds the amount which shall be sufficient to pro- vide for the refunding of the 1969 Bonds, which amount shall be deposited in trust with the paying agent of the 1969 Bonds with instructions that the same shall be applied solely to the payment of the principal of and interest on the 1969 Bonds, with trustee's and paying agent's fees and redemption expenses, with instructions to the Paying Agent, to purchase, at a price of par and accrued interest to date of delivery, any bonds (with unmatured coupons attached) delivered to the Paying Agent prior to the redemption date and to cancel all bonds and coupons so purchased.