2009-12-01 - Laserfiche WebLink

Home Browse Search

. The City shall assure that not in excess of 5% of the proceeds of the Series 2010 Bond are used, directly or indirectly, to make or finance a loan to persons other than state or local governmental units. As used in this Section, "Private Business Use"means use directly or indirectly in a trade or business carried on by a natural person or in any activity carried on by a person other than a natural person, excluding, however, use by a state or local governmental unit and use as a member of the general public. Section 10. The principal and interest installments shall be prepayable prior to maturity as provided in the bond form in Section 4 hereof. Section 11. As long as the bond is outstanding, the City shall not issue or attempt to issue any additional obligations having or claimed to be entitled to a lien on or pledge of the Pledged Revenues except as hereinafter provided. The City may issue Additional Parity Bonds, up to a maximum principal amount of$43,700,000, with the consent of the Commission and the Bondholder. Section 12. It is covenanted by the City with the Bondholder and the Commission that it will faithfully and punctually perform all duties with reference to the Tax required by the Constitution and laws of the State and by this Ordinance, including, without limitation, the collection of the Tax and applying the Pledged Revenues to the respective funds maintained • pursuant to this Ordinance. If there be any default in the payment of the principal of or interest on the bonds, or if the City defaults in any 2010 ADFA Bond Fund requirement or Panty Bond Fund requirement or in the performance of any of the other covenants contained in this Ordinance, the Bondholder may, by proper suit, compel the performance of the duties of the officials of the City under the laws of the State. No remedy herein conferred upon or reserved to the Bondholder is intended to be exclusive of any other remedy or remedies herein provided or provided by law, and every such remedy shall be cumulative and shall be in addition to every other remedy given hereunder or given by law. No delay or omission of the Bondholder to exercise any right or power accrued upon any default shall impair any such right or power or shall be construed to be a waiver of any default or an acquiescence therein; and every power and remedy given by this Ordinance to the Bondholder may be exercised from time to time and as often as may be deemed expedient. No waiver of any default shall extend to or affect any other existing or any subsequent default or defaults or impair any rights or remedies consequent thereon. Any costs of enforcement of the bonds or of any provision of this Ordinance, including reasonable attorney's fees, shall be paid by the City. The Authority may enforce all rights and exercise all remedies available to the Bondholder in the event the Financing Fee is not paid when due. Section 13. When the Series 2010 Bond has been executed and sealed as herein ® provided, it shall be delivered to the Bondholder upon payment of all or a portion of the purchase price in accordance with the Agreement. 8