1990-12-17 Resolution 26 - Laserfiche WebLink

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Sec. 6.11. The Trustee may accept the statements, affidavits and certificates hereinabove in this Article VI provided to be filed with the Trustee, as conclusive evidence of the facts therein stated, but the Trustee (although under no obligation so to do) may, at the. expense of the Authority, require further or other evidence of such matters and may rely on the report or opinion of such architect, engineer, other person, or counsel, as it may select for the purpose of making an investigation thereof. ARTICLE VII. Remedies in Case of Default Sec. 7.01. If any of the following events occurs, it is hereby defined as and is declared to be and to .constitute an "event of default": (a) default in the due and punctual payment of the interest on any Bonds hereby secured and outstanding; (b) default in the due and punctual payment of the principal and premium, if any, of any Bond hereby secured, whether at the stated maturity thereof, or upon proceedings for the redemption thereof, or upon the maturity thereof by declaration as hereinafter provided; • (c) default in the performance or observance of any other of the covenants or agreements of the Authority in this Agreement or in any supplemental agreement, or in the Bonds, contained, and the continuance thereof for a period of sixty (60) days after written notice thereof to the Authority by the Trustee; (d) if the Authority: (1) admits in writing its inability to pay its debts generally as they become due ; ( 2 ) files a petition in bankruptcy; (3) makes an assignment for the benefit of its creditors; or (4) consents to or fails to contest the appointment of a receiver or trustee for itself or of the whole or any substantial part of the Project or any income therefrom; (e) if the Authority: (1) be adjudged insolvent by a court of competent jurisdiction; (2) on a petition in bankruptcy filed against the Authority be adjudged a bankrupt; or (3) if an order, judgment or decree be entered by any court of competent jurisdiction appointing, without the consent of the Authority, a receiver or trustee of the Authority or of the whole or any substantial part of the Project or any income therefrom, and any of the aforesaid adjudications, orders, judgments or decrees shall not be vacated or set aside or stayed within sixty (60) days from the date of entry thereof; -29-