Laserfiche WebLink
Section 9 Defeasance <br /> <br /> The obligations of the City under this Ordinance and covenants of the City provided for <br />herein shall be fully discharged and satisfied as to the Note and the Note shall no longer be <br />deemed to be Outstanding thereunder when the Note shall have been purchased by the City and <br />canceled or destroyed, when the payment of principal of the Note, plus interest on such principal <br />to the due date thereof either (a) shall have been made or (b) shall have been provided for by <br />irrevocably depositing with the Paying Agent for the Note, money sufficient to make such <br />payment, or direct and general obligations of, or obligations the principal of, and interest on, <br />which are guaranteed by, the United States of America, maturing in such amounts and at such <br />times as will insure the availability of sufficient monies to make such payment. <br /> <br />Section 10 General Obligation <br /> <br /> The Cotmcil, in accordance with Section 7 of Chapter 11 of the City Charter and Section <br />15.2-2624 of the Act, is hereafter authorized and required to levy and collect annually, at the <br />same time and in the same manner as other taxes of the City are assessed, levied and collected, a <br />tax upon all taxable property within the City, over and above all other taxes, authorized or <br />limited by law and without limitation as to rate or amount, sufficient to pay when due the <br />principal of and premium, if any and interest on the Note, to the extent other funds of the City <br />are not lawfully available and appropriated for such purpose. <br /> <br />Section 11 Event of Default <br /> <br />Each of the following shall constitute an event of default hereunder: <br /> <br />a. Failure to pay the principal of the Note when due; <br /> <br />b. Failure to pay interest on the Note when due; <br /> <br /> c. Failure of the City to perform any other covenant or agreement contained in this <br />Ordinance, which failure shall have continued for 60 days after the notice thereof from the <br />Holders of not less than twenty percent (20%) of the Note Outstanding; provided, however, that <br />if any such failure shall be such that it cannot be cured or corrected within a 60-day period but is, <br />in fact, susceptible of cure or correction, it shall not constitute an Event of Default if curative or <br />corrective action is instituted within said period and diligently pursued until the failure of per- <br />formance is cured or corrected; <br /> <br /> d. The instituting of any proceeding with the consent of the City for the purpose of <br />effecting composition between the City and its creditors or for the purpose of adjusting the <br />claims of creditors pursuant to any federal or state statute; or <br /> <br /> <br />