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?~ ~ /~(ii) The City shall proceed'wi~h due diligence to <br /> .complete. the acquisition, construction and installation of <br /> the Project. <br /> <br /> < The City shall requi~e all contractors <br /> performing work related to the acquisition, construction and <br /> '.';installation of the-Project to maintain indemnity bonds and <br />.... lnsura~ce in such araounts and against such risks as are <br />/~!2~ustomarily insured against by businesses similar to the <br /> .... ~'Pro]ect.~ The City shall provide such lndemnlty and lnsuranc <br /> ~of any lapse thereof by any contractor prior <br /> of and interest on the Notes. <br /> <br /> authorize and make deposits of <br /> pledged .to paymentof the Notes in.the accounts <br /> :e with. this Section tO. · <br /> <br /> ~at-the a~ount of the'Grant <br /> EPA pursuant to theEPA <br /> · d%sbursed, the City shall take such <br /> .t/~.es~issuing of a~y refunding or other <br /> to'provide for payment of the <br /> )n the Notes. <br /> <br /> events is hereby declared <br /> an "} of:Defau!t~llUnder this Resolution: <br /> <br /> . i:~ (.) If th~ city Shaii default, in any payment of <br /> interest or any.Note w~en due; or <br /> (ii~ ~If<~h~ C~{~{~hail default: in any payment of; <br /> principal 0fi'any~NOt~whe~.due; or . <br /> ?, to perform. <br /> i~h~ 0~ i$~ ~ther0blig~ti?ns under,'this Resolutio~ for <br /> ~thlrty (SO) days afterl Written notice of default is given to <br /> -? ~it by the ~olders of ~0t less than twenty-five per~centum <br /> ~<!(25%). in aggregateplrinCipal amount'i'of theNotes then <br /> !?0utstandin~,.provided~!however, the violation by the City of <br /> · any proviszo~s 0f~'~r;~he failure of the City to perform any <br /> of ~ts oblzgatzons (other. than a. fa~lure constituting an <br /> Event of Default under clause(i) or (ii) of this Section <br /> lO(g) under, this Resolution shall not constitute an Event <br /> of Default if, prior to or within such thirty (30) day <br /> period, the City shall commence, or shall cause to be <br /> commenced, appropriate action in good faith to cure such <br /> violation or failure and shall diligently prosecute such <br /> action to completion, notwithstanding that the period <br /> required to effect such cure shall extend beyond such thirty <br /> (~O) day period; or <br /> <br /> <br />