1998-10-19 Resolution 130 - Laserfiche WebLink

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Second--To the payment of the persons entitled thereto of the unpaid S principal of any of the Bonds which shall have become due (other than Bonds previously called for redemption for the payment of which moneys are held pursuant to the provisions of the Trust Agreement), in the order of their due dates, and if the amount available shall not be sufficient to pay in full all Bonds due on any particular date, then to the payment ratably, according to the amount of principal due on such date, of the persons entitled thereto without any discrimination or privilege; and (iii) if the principal of the Bonds shall have become or have been declared due and payable, all such moneys shall be applied to the payment of the principal and interest then due and unpaid upon the Bonds, without preference or priority of principal over interest or of interest over principal, or of any installment of principal over interest or of interest over principal, or of any installment of interest over any other installment of interest, or of any Bond over any other Bond, ratably, according to the amount due respectively for principal and interest, to the persons entitled thereto without any discrimination or privilege. No owner of any Bond has the right to institute any proceeding in law or equity or for any other remedy under the Trust Agreement, without first giving notice in writing to the Trustee of the occurrence and continuance of an event of default; and unless the registered owners of at least 25 % in principal amount of the then outstanding Bonds have made written request to the Trustee and have offered it reasonable opportunity either to proceed to exercise • the powers granted under the Trust Agreement or to institute such action, suit or proceeding in its own name, and without also having offered to the Trustee adequate security and indemnity against the costs, expenses and liabilities to be incurred by the Trustee; and such notice, request and offer of indemnity may be required by the. Trustee as conditions precedent to the execution of the powers and trusts of the Trust Agreement or to the institution of any suit, action or proceeding at law or in equity or for any other remedy under the Trust Agreement, or otherwise,. in case of any such default. No one or more. registered. owners of the Bonds has any right in any manner whatsoever to affect, disturb or prejudice the lien of the Trust Agreement by such owner's or owners' action, or to enforce any right thereunder except in the manner therein provided, and all proceedings at law or in equity must be instituted, had and maintained in the manner therein provided, and for the equal benefit of all registered owners of outstanding Bonds. However, the right of any registered owner of any Bond to receive payment of the principal of and interest on such Bond on or after the respective due dates therein expressed, or to institute suit for the recovery of any such payment on or after such respective dates, will not be impaired or affected without the consent of such registered owner. No member, officer or employee of the Authority or of any department or board thereof shall be individually or personally liable for the payment of the principal of or interest or redemption premium on any Bond. Nothing contained in the Trust Agreement shall, however, relieve any such member, officer or employee from the performance of any dub provided or required by law. C