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Amend & Restating Ordinance #9027-99 Concerning Construction of Improvements to Wworks, amount not to exceed $2,6000,000
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Amend & Restating Ordinance #9027-99 Concerning Construction of Improvements to Wworks, amount not to exceed $2,6000,000
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Last modified
5/15/2009 1:50:10 PM
Creation date
11/21/2008 3:58:33 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
2/28/2000
Ord-Res Number
9095-00
Bill Number
23-00
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ARTICLE IV <br />DEFAULTS <br />Section 4.01. Remedies. The State's obligation to make a disbursement under the <br />Loan to the Qualified Entity hereunder may be terminated at the option of the State, without <br />giving any prior notice to the Qualified Entity, in the event: (a) the Qualified Entity fails to <br />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; or (b) any <br />representation or warranty made by the Qualified Entity as set forth herein or in any paper <br />entered into or delivered in connection herewith is materially false or misleading. Any such <br />event shall constitute an event of default. If an event of default occurs, the State without <br />giving any prior notice, may declare the entire outstanding principal amount of the Loan, <br />together with accrued interest thereon, immediately due and payable. <br />Section 4.02. Effect of Default. Failure on the part of the State in any instance or <br />under any circumstance to observe or perform fully any obligation assumed by or imposed <br />upon the State by this Agreement or by law shall not make the State liable in damages to the <br />Qualified Entity or relieve the Qualified Entity from paying any Bond or fully performing any <br />other obligation required of it under this Agreement or the Authorizing Instrument; provided, <br />however, that the Qualified Entity may have and pursue any and all other remedies provided <br />by law for compelling performance by the State of such obligation assumed by or imposed <br />upon the State. The obligations of the State hereunder do not create a debt or a liability of the <br />State under the constitution of the State or a pledge of the faith or credit of the State and do not <br />directly, indirectly or contingently, obligate the State to levy any form of taxation for the <br />payment thereof or to make any appropriation for their payment. Neither the State nor any <br />agent, attorney, member or employee of the State shall in any event be liable for damages, if <br />any, for the nonperformance of any obligation or agreement of any kind whatsoever set forth <br />in this Agreement. <br />Section 4.03. Defaults under other Financial Assistance Agreements. The <br />Qualified Entity and the State agree that any event of default occurring under the Prior <br />Agreement shall constitute an event of default under this Agreement. Similarly, the Qualified <br />Entity and the State agree that any event of default under this Agreement, or under any <br />subsequent financial assistance agreement enter into between the Qualified Entity and the State, <br />shall constitute an event of default under the Prior Agreement and the subsequent financial <br />assistance agreement, if any, as the case may be. <br />(End of Article IV) <br />a3osas 15 <br />
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