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9408-03 Authorizing the issuance of Bonds to evidence a loan from the Indiana Department of Environmental Management Brown-Fields Cleanup Revolving Loan Fund
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9408-03 Authorizing the issuance of Bonds to evidence a loan from the Indiana Department of Environmental Management Brown-Fields Cleanup Revolving Loan Fund
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Last modified
9/24/2009 2:30:53 PM
Creation date
8/13/2008 2:40:33 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
3/24/2003
Ord-Res Number
9408-03
Bill Number
21-03
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ARTICLE VI, <br />REMEDIES <br />Section 1. If any Event of Default occurs and is not expressly waived by IDFA, the IDFA <br />shall not have any further obligation to disburse Loan funds hereunder, and all amounts payable under <br />the Bonds, including penalties and interest, immediately become due and payable with no need for <br />presentment, demand, protest or further notice, except to the extent as otherwise may be required by <br />law. The IDFA may exercise any or all rights and remedies, singly or in combination, available under <br />law to remedy such Event of Default or collect such amounts due, provided that the only sources <br />available to the IDFA for repayment of the Loan are as set forth in the Ordinances and provided further <br />that the Loan does not and shall not constitute a general obligation of the Borrower. Any failure of <br />IDFA to exercise any remedies under the Bonds or applicable law should not be deemed a waiver of <br />such rights. <br />Section 2. The Borrower agrees to pay all costs of collection of the IDFA in case an Event of <br />Default occurs under this Loan Agreement. Said costs shall include, without limitation, all reasonable <br />expenses, court costs and the reasonable attorneys' fees incurred by the IDFA. <br />ARTICLE VII. <br />SECURITY <br />Section 1. On or before July 1 of each year, commencing July 1, 2003, the IDFA shall send a <br />written notice to the Borrower setting forth the dates and amounts required to be repaid under the Loan <br />during the Borrower's next follotiving fiscal year. On or before September 1 of each year, commencing <br />September 1, 2003 (or thirty (30) days after receipt of the aforementioned notice from the IDFA, if <br />later than August 1), the Borrower shall send a written acknowledgment to the IDFA stating: <br />A. the Borrower has received the notice and acknowledges the dates and amounts required <br />to be repaid under the Loan during the Borrower's next following fiscal year; and <br />B. the Borrower has no reason to believe that such Loan repayments will not be made on <br />the dates and in the amounts required; and <br />ARTICLE VIII. <br />GENERAL PROVISIONS <br />Section 1. No delay on the part of the IDFA in the exercise of any power or right shall <br />operate as a waiver of that power or right. A single or partial exercise of any power does not preclude <br />the further exercise of that power or right or the exercise of any other power or right. All rights and <br />remedies existing under the Loan Documents shall be cumulative and in addition to those other rights <br />which may be provided by law. <br />Section 2. All representations, warranties, covenants and agreements made in the Loan <br />Documents survive throughout the entire term of the Loan. <br />-10- <br />
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