Resolution No. 4523 - Laserfiche WebLink

Home Browse Search

Section 8. Amendment. 8.1. The City may amend this Resolution without the consent of the Owners, but only to provide additional security for Owners, to cure ambiguities, to correct defects, or to make any other change which, in the judgment of the City, does not materially and adversely affect the interests of the Owners. 8.2. The City may amend this Resolution for any other purpose, but only if: 8.2.1. the amendment is approved by Owners representing a majority in principal amount of the then outstanding Bonds; and, 8.2.2. the amendment does not extend the date for payment to an Owner, or reduce the amount payable to an Owner under the terms of any Bond, without the written consent of the Owner of the affected Bond. Section 9. Default and Remedies. 9.1. The occurrence of anyone or more of the following shall constitute an event of default under this Resolution: 9.1.1. Failure by the City to pay Debt Service on Bonds when due; or, 9.1.2. Failure by the City to observe and perform any covenant, condition or agreement on its part to be observed or performed under this Resolution or the Bonds for a period of 60 days after written notice to the City by the Owners of not less than twenty-five percent of the principal amount of outstanding Bonds specifying such failure and requesting that it be remedied; provided, however, that if the failure stated in the notice cannot be corrected within the sixty day period, it shall not constitute an event of default if corrective action is instituted by the City within the sixty day period and diligently pursued until the failure is corrected. 9.2. Upon the occurrence of an event of default, the Bondowners may exercise any remedy available at law or in equity; however, no Bond may be accelerated unless all outstanding Bonds are declared immediately due and payable, and all outstanding Bonds may be declared immediately due and payable only upon demand of the Owners of not less than twenty-five percent of the principal amount of the Bonds which are then outstanding. 9.3. No remedy herein conferred upon or reserved to Bondowners is intended to be exclusive, and every such remedy shall be cumulative and shall be in addition to every and any other remedy available under this Resolution or now or hereafter existing at law or in equity. No delay or omission in the exercise of any right or power occurring upon any default shall be construed to be a waiver thereof, but any such right and power may be exercised from time to time and as often as may be deemed expedient. To entitle Bondowners to exercise any remedy under this Resolution, it shall not be necessary to give any other notice than such notice as may Page 6 Resolution J:\HWR\CITIES\EUGENE\GENERAL\SABURES.DOC