Ordinance No. 19551 - Laserfiche WebLink

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against the Revenues when due and payable, then it shall not constitute an Event of Default hereunder if: ~i} the City shall promptly thereafter cause an Airport Consultant to file with the City and the Trustee a report stating any specific changes in operating procedures which may be made, or specific revisions in the schedule of rates, rentals, fees and charges, or any other changes, or any combination of the foregoing. which the Airport Consultant forecasts will, in the aggregate, result in Revenues and Net Revenues being sufficient to make up any existing deficiency and to produce the amounts covenanted to be produced by Section 5,1.1 hereof; and iii} the City promptly implements the recommendations of the Airport Consultant. The City shall send a copy of each such report to the Trustee and to any owner of Bonds filing with the City a request for same. However, so long as the Series 1988 Bonds are outstanding, it shall constitute an Event of Default if the City fails to comply with Section 5.l.l~b} for two consecutive years. 5.2. Additional Covenants of the Cit . The City hereby covenants and agrees with the Trustee and the owners of the Bonds that so long as any of the Bonds or the Series 1988 Note are Outstanding: 5.2.1. To Pay Principal, Premium and Interest of Bonds. The City will duly and punctually pay, or cause to be paid, but solely aut of the Net Revenues and other money available hereunder, the principal of and the interest and premium, if any, on each and every Bond and the amounts due under the Series 1985 Nate and the Series 1988 Credit .Agreement at the place, on the dates and in the manner provided herein and in the Bonds according to the true. intent and meaning hereof and thereof . 5.2.2. Ownership of Land. The City covenants that: 4a} it lawfully owns and is lawfully possessed of the Mahlon Sweet Airport as presently existing; fib} it has good and indefeasible title and estate therein, subject to Permitted Encumbrances; and ~c} it will continually defend the title to the Airport and every part thereof for the benefit of the owners of the Bonds against the claims and demands of all persons whomsoever. Page 33 ~- Ordinance