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1991-11-15 Resolution 46
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1991-11-15 Resolution 46
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7/18/2008 3:28:09 PM
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evidence of such matters and may rely on the report or opinion of <br />such architect,... engineer, other person, or counsel, as it may <br />select for the purpose of making an investigation thereof. <br />ARTICLE VII. <br />Remedies in Case of Default <br />Sec. 7.01. If a`ny of the following events occurs, it is <br />hereby defined as and is declared to be and to constitute an "event <br />of default": <br />(a) default in the due and punctual payment of the <br />interest on any Bonds hereby secured and outstanding; <br />(b) default in .the due and punctual payment of .the <br />principal and premium, if any, of~ any Bond hereby secured, <br />whether at .the stated maturity thereof, or upon proceedings <br />for the redemption thereof, or upon the maturity thereof by <br />declaration as hereinafter provided; <br />(c) .default in the performance or observance of any <br />other of the covenants or agreements of the Authority in this <br />Agreement or in any supplemental agreement, or in the Bonds, <br />contained, and the continuance thereof for a period of sixty <br />(60) days after written notice thereof to the Authority by the <br />Trustee; <br />(d) if the Authority: (1) admits in writing its <br />inability to pay its debts generally as they become due; <br />(2) files a petition in bankruptcy; (3) makes an assignment <br />for the benefit of its creditors; or (4) consents to or fails <br />to contest the appointment of a receiver or trustee for itself <br />or of the whole or any substantial part of the Facility or any <br />income therefrom; <br />(e) if the Authority: (1) be adjudged insolvent by a <br />"." _.. <br />court of competent jurisdiction; (2) on a petition in -" <br />bankruptcy filed against the Authority be adjudged a bankrupt; <br />or ( 3 ) if an order, judgment or decree be entered by any court <br />of competent jurisdiction appointing, without the consent of <br />the Authority., a receiver or trustee of the Authority or of <br />the whole or any- substantial part of the Facility or any <br />income therefrom, and any of the aforesaid adjudications, <br />orders, judgments or decrees shall not be vacated or set aside <br />or stayed within sixty (60) days. from. the date of entry <br />thereof; <br />• -22- <br />
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