2024-01-06 - Laserfiche WebLink

Home Browse Search

Section 12. The bonds shall be callable for payment prior to maturity in accordance with the terms set out in the face of the bond form set forth- in Section 6 of this Ordinance (the "Bond Form"). The City hereby covenants to use bond proceeds not necessary for the purposes intended to redeem bonds as set forth in the Bond Form. The City further covenants to use Surplus Bond Tax Receipts(as defined in the Bond Form)to redeem bonds prior to maturity. Surplus Bond Tax Receipts shall be used to redeem the Series 2024A Bonds in full before any Series 2024B Bonds are redeemed from Surplus Bond Tax Receipts. Section 13. It is hereby covenanted and agreed by the City with the owners of the bonds that the City will faithfully and punctually perform all duties with reference to.the Taxes and the bonds required by the Constitution and laws of the State and by this Ordinance, including the collection of the Taxes,.as herein specified and covenanted and the applying of the Pledged Revenues as herein provided. Section 14. The Trustee will keep or cause to be kept proper books of accounts and records in which complete and correct entries shall be made of all transactions relating to the Pledged Revenues and such books shall be available for inspection by the City, the.Purchaser-and the owner of any of the bonds at reasonable times and under reasonable circumstances. The Trustee shall furnish,a report to the City on a monthly basis of all receipts and disbursements of the Pledged Revenues received by the Trustee, which monthly report shall commence one month following the first month in which the Pledged Revenues are received by the Trustee. Section 15. (a) Subject to the provisions of subparagraph (g)-below, if there be any default in the payment of the principal- of and interest on any of the bonds,.or if the City defaults in the performance of any covenant contained in this Ordinance, the Trustee may,.and shall, upon the written request of(1)the Insurer or(2) with the consent of the Insurer,.the owners of not less than 10% in principal amount of the bonds then outstanding, by proper suit compel the performance of the duties of the officials of the City under the Constitution and laws of the State and under this Ordinance, and to take any action or obtain.any proper relief in law or equity available under the Constitution and laws of the State. (b) No owner of any bond shall have any right to institute any suit, action, mandamus or other proceeding in equity or in law for the protection or enforcement of any right under this Ordinance or under the Constitution and laws of the State unless (1) such owner or the Trustee shall have given written notice of such default to the Insurer and(2) such owner previously shall have given to the Trustee written notice of the default on account of which such suit, action . or proceeding is to be taken, and unless the owners of not less than 10%in principal amount of the bonds then outstanding shall have made written request of the Trustee after the right to exercise such powers or right of action, as the case may be, shall have accrued, and shall have afforded the Trustee a reasonable opportunity either to proceed to exercise the powers herein granted or granted by the Constitution and laws of the State, or to institute such action, suit or proceeding in its name, and unless, also, there shall have been offered to the Trustee reasonable security and. indemnity against the cost, expense.and liabilities to be incurred therein or thereby and the Trustee shall have refused or neglected to comply with such request within a reasonable time, and such notification, request and offer of indemnity are hereby declared in every such case, at the option of the Trustee, to be conditions precedent-to the execution of the powers and trust of this Ordinance or to any 23