739 - Laserfiche WebLink

Home Browse Search

NOW Page 23 per cent (10%) in principal amount of the Sewer Revenue Bonds then outstanding shall proceed to enforce said lien in accordance with and pursuant to the authorization of said Act No. 132. (b) That if there be any default in the payment of the principal of or interest on any Sewer Revenue Bond, or if the City defaults in any Sewer Revenue Bond Fund requirement or in the performance of any of the other covenants contained and set forth in this Ordinance, the Trustee may, and upon the written request of the holders of not less than ten per cent (10%) in principal amount of Sewer Revenue Bonds then outstanding shall, by proper suit compel the performance of the duties of the officials of the City as set forth in Act No. 132 of the Acts of Arkansas of 1933, as amended, and Act No. 297 of the Acts of Arkansas of 1937, as amended. And, in the case of a default in the payment of principal of and interest on any of the outstanding Sewer Revenue Bonds, or if the City fails to complete any other obligation which it herein assumes, and such default shall continue for thirty (30) days thereafter, the Trustee may, and upon the written request of the holders and registered owner of not less than ten per cent (10%) in principal amount of the Sewer Revenue Bonds then out- standing shall, apply in a proper action to a court of competent jurisdiction for the appointment of a receiver to administer the System on behalf of the City and the holders and registered owners of the bonds with power to charge and collect (or by mandatory injunction or otherwise to cause to be charged and collected) rates sufficient to provide for the payment of the expenses of operation, repair and maintenance and to pay the bonds and interest outstanding and to apply the revenue in conformity with the provisions of Act No. 132 of 1933, as amended, Act No. 297 of 1937, as amended, and with this Ordinance. When all defaults in principal and interest payments have been cured, the custody and operation of the System shall revert to the City.