Ordinance No. 19551 - Laserfiche WebLink

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SEGTIQN 9. DEFAULT 9.1. Events of Default. Each of the following shall constitute an "Event of Default": 9.1.1. If payment of the principal and premium cif any} by the City of any Bond, whether at maturity or by proceedings for redemption (whether by voluntary redemption or a mandatory redemptian~ or otherwise, shall not be made when the same shall became due and payable; or 9.1,2. If payment of interest by the City on any Bond shall not be made when the same shall become due and payable, or 9.1.3. If the City shall fail in the due and punctual performance of any of the covenants, conditions, agreements and provisions contained in the Bonds or in this Ordinance or in any Supplemental Ordinance on the part of the City to be performed, and such failure shall continue for forty- five X45} days after written notice specifying such failure and requiring the same to be remedied shall have been given to the City by the Trustee or by the owners of not less than twenty percent ~24~~ in principal amount of the Bonds then outstanding; provided that a failure to comply with Section 5.1.1 shall not constitute an Event of Default under the circumstances described in Section 5.1.2, and if any other failure shall, be such that it cannot be cured or corrected within such ninety-day period, it shall not constitute an Event of Default hereunder if curative or corrective action is instituted within said period and diligently pursued until the failure of performance is cured or corrected; or 9.1.4, If any proceedings shall be instituted with the consent or acquiescence of the City for the purpose of effecting a composition between the City and its creditors and if the claim of such creditors is in any circumstance gayable from the Revenues or any other moneys pledged and charged herein or in any Supplemental ordinance or for the purpose of adjusting the claims of such creditors, pursuant to any Federal ar State statute now or hereafter enacted; or 9.1.5. If an order or decree shall be entered: ~a} with the consent ar acquiescence of the City, appointing a receiver or receivers of the Airport or any of the buildings and facilities thereof, or ~b~ without the consent ar acquiescence of the City, appointing a receiver or receivers of the Airport or any of the buildings and facilities thereof and such order or decree having been entered, shall not be vacated or discharged or Page 55 - ordinance