Laserfiche WebLink
<br />. <br /> <br />. <br /> <br />. <br /> <br />rates thereon, and of any other resolution supplementing or <br />amending this Resolution, shall constitute a contract between <br />the Agency, the Bond Insurer and the Bondholders. The <br />provisions of any amendment shall be enforceable by the Bond <br />Insurer and any Bondholder for the equal benefit and protection <br />of all Bondholders similarly situated by mandamus, accounting, <br />mandatory injunction or any other suit, action or proceeding at <br />law or in equity that is now or may hereafter be authorized <br />under the laws of the State of California in any court of <br />competent jurisdiction. This contract is made under and is to <br />be construed in accordance with the laws of the State of <br />California. The following provisions shall not limit the <br />generality of the foregoing. <br /> <br />A. Events of Default. <br />constitute an event of default: <br /> <br />Each of the following shall <br /> <br />(1) Default in the due and punctual payment by <br />the Agency of any installment of interest on any Bond <br />when the interest installment becomes due and payable; <br /> <br />(2) Default in the due and punctual payment by <br />the Agency of the principal and premium, if any, of <br />any Bond when the principal becomes due and payable, <br />whether at maturity, by declaration or otherwise; <br /> <br />(3) Default made by the Agency in the observance <br />of any of the covenants, agreements or conditions <br />contained in this Resolution or in the Bonds, where <br />the default continues for a period of thirty (30) days <br />following written notice to the Agency: or <br /> <br />(4) The Agency shall file a petition seeking <br />reorganization or arrangement under the federal <br />bankruptcy laws or any other applicable law of the <br />United States of America, or if a court of competent <br />jurisdiction shall approve a petition, filed with or <br />without the consent of the Agency, seeking <br />reorganization under the federal bankruptcy laws or <br />any other applicable law of the United States of <br />America, or if, under the provisions of any other law <br />for the relief or aid of debtors, any court of <br />competent jurisdiction shall assume custody or control <br />of the Agency or of the whole or any substantial part <br />of its property; <br /> <br />In each event of default described in (l) or (2) above <br />the Fiscal Agent shall, and in each case of default described <br />in (3) or (4) above, the Fiscal Agent shall upon written <br />request of the Bond Insurer or if requested by the owners of <br />not less than a majority of the aggregate principal amount of <br />the Bonds at the time outstanding (such request to be in <br /> <br />11-30-84 <br />1282p/228l/04 <br /> <br />-28- <br />