My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
10963-23-Ordinance Authorizing the Acquisition and Construction of Certain Additions and Improvements to the Municipal Waterworks of the City of South Bend
sbend
>
Public
>
Common Council
>
Legislation
>
Ordinances
>
2023
>
10963-23-Ordinance Authorizing the Acquisition and Construction of Certain Additions and Improvements to the Municipal Waterworks of the City of South Bend
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
3/1/2024 9:58:33 AM
Creation date
3/1/2024 9:58:18 AM
Metadata
Fields
Template:
City Council - City Clerk
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
58
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
Show annotations
View images
View plain text
ARTICLE IV-DEFAULTS <br /> Section 4.01. Remedies. The Finance Authority's obligation to make a disbursement <br /> under the Loan to the Participant hereunder may be terminated at the option of the Finance <br /> Authority, without giving any prior notice to the Participant, in the event: (a) the Participant fails <br /> to undertake or perform in a timely manner any of its agreements, covenants, terms or conditions <br /> set forth herein or in any paper entered into or delivered in connection herewith (including the <br /> Authorizing Instrument); or(b) any representation or warranty made by the Participant as set forth <br /> herein or in any paper entered into or delivered in connection herewith is materially false or <br /> misleading. Any such event shall constitute an event of default and in addition to any other <br /> remedies at law or in equity, the Finance Authority may (x) require a Loan Reduction Payment <br /> pursuant to Section 2.06 herein as if it were a date that was three (3) years after the dated date of <br /> the Bonds, (y) in the event a Deposit Agreement has not previously been entered into related to <br /> the Participant's Bond Fund (including any related reserve), require the Participant to enter into a <br /> Deposit Agreement (or to modify any such previously entered Deposit Agreement) and the <br /> Participant shall enter into (or modify) such an agreement within 5 days after any such demand <br /> and (z) without giving any prior notice, declare the entire outstanding principal amount of the <br /> Loan, together with accrued interest thereon, immediately due and payable. <br /> Section 4.02. Effect of Default. Failure on the part of the Finance Authority in any <br /> instance or under any circumstance to observe or perform fully any obligation assumed by or <br /> imposed upon the Finance Authority by this Agreement or by law shall not make the Finance <br /> Authority liable in damages to the Participant or relieve the Participant from paying any Bond or <br /> fully performing any other obligation required of it under this Agreement or the Authorizing <br /> Instrument; provided, however, that the Participant may have and pursue any and all other <br /> remedies provided by law for compelling performance by the Finance Authority of such obligation <br /> assumed by or imposed upon the Finance Authority. The obligations of the Finance Authority <br /> hereunder do not create a debt or a liability of the Finance Authority or the State under the <br /> constitution of the State or a pledge of the faith or credit of the Finance Authority or the State and <br /> do not directly, indirectly or contingently, obligate the Finance Authority or the State to levy any <br /> form of taxation for the payment thereof or to make any appropriation for their payment. Neither <br /> the Finance Authority or the State, nor any agent, attorney, member or employee of the Finance <br /> Authority or the State shall in any event be liable for damages, if any, for the nonperformance of <br /> any obligation or agreement of any kind whatsoever set forth in this Agreement. <br /> Section 4.03. Defaults under Prior Agreement. The Participant and the Finance <br /> Authority agree that any event of default occurring under the Prior Agreement shall constitute an <br /> event of default under this Agreement. Similarly, the Participant and the Finance Authority agree <br /> that any event of default under this Agreement, or under any subsequent financial assistance <br /> agreement entered into between the Participant and the Finance Authority,shall constitute an event <br /> of default under the Prior Agreement and the subsequent financial assistance agreement, if any, as <br /> the case may be. <br /> (End of Article IV) <br /> B-16 <br />
The URL can be used to link to this page
Your browser does not support the video tag.