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1983-08 CRA
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1983-08 CRA
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Last modified
1/3/2012 12:22:16 PM
Creation date
3/8/2005 10:59:43 AM
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City Clerk
Doc Type
Resolution
Doc #
CRA 1983-08
Date
4/4/1983
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<br />'.' , <br /> <br />. <br /> <br />. <br /> <br />. <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 of <br />any installment of interest on any Bond when the <br />interest installment becomes due and payable: <br /> <br />(2) Default in the due and punctual payment of <br />the principal of any Bond when the principal becomes <br />due and payable, whether at maturity, by declaration <br />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 (1) 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 if requested by the <br />holders of not less than a majority of the aggregate principal <br />amount of the Bonds at the time outstanding (such request to be <br />in writing to the Fiscal Agent and to the Agency), declare the <br />principal of all of the Bonds then outstanding and the interest <br />accrued thereon, to be due and payable immediately. Upon any <br />such declaration the Bonds shall become and shall be <br />immediately due and payable, anything in this Resolution or in <br />the Bonds to the contrary notwithstanding. <br /> <br />The declaration may be rescinded by the holders of not <br />less than a majority of the Bonds then outstanding provided the <br />Agency cures the default or defaults and deposits with the <br />Fiscal Agent of a sum sufficient to pay all principal on the <br />Bonds matured prior to the declaration and all matured <br />installments of interest (if any) upon all the Bonds, with <br />interest at the rate of twelve percent (12%) per annum on the <br />overdue installments of principal and, to the extent the <br /> <br />02-22-83 <br />4141P/2306/00 <br /> <br />-28- /1- '-fS- <br /> <br />SA <br />
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