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June 22, 1982
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<br /> (i) The City shall not take any action or permit any event or condition to happen or
<br />exist which constitutes an Event of Default under the terms of this Resolution or a default
<br />under the terms of the EPA Commitment.
<br /> (ii) The City shall proceed with due diligence to complete the acquisition, constructi~
<br />and installation of the Project.
<br /> (iii) The City shall require all contractors performing work related to the acquisition,
<br />construction and installation of the Project to maintain indemnity bonds and insurance in
<br />such amounts and against such risks as are customarily insured against by businesses
<br />similar to the Project. The City shall provide such indemnity and insurance in the event
<br />of any lapse thereof by any contractor prior to the payment of principal of and interest
<br />on the Notes.
<br /> (iv) The Cit~ shall authorize and make deposits of the moneys pledged to payment of
<br /> the Notes in the accounts held by the City in accordance with this Section 10.
<br /> (v) In the event that the amount of the Grant revenues due the City from the EPA
<br /> pursuant to the EPA Commitment are not fully disbursed, the City shall take such action,
<br /> including the issuing of any refunding or other notes, as may be necessary to provide for
<br /> payment of the principal of and interest on the Notes.
<br /> following events is hereby declared an "Event of Default" under this
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<br /> (g) Each of the
<br />Resolution: -
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<br /> (i) If the City shall default in any payment of interest or any Note when due; or
<br /> (ii) If the City shall default in any payment of principal of any Ncte when due; or
<br /> (iii) If the City shall violate or fail to perform any of its other obligations
<br />under this Resolution for thirty (30) days after written notice of default is given to it
<br />by the holders of not less than twenty-five per centum (25%) in aggregate principal amount
<br />of the Notes then outstanding, provided, however, the vielation by the City of any provisions
<br />of, or the failure of the City to perform any of its obligations ~other than a failure
<br />constituting an Event of Default under clause (i) or (ii) of this Section lO(g) under,
<br />this Resolution shall not constitute an Event of Default if, prior to or within such
<br />thirty (30) day period, the City shall commence, or shall cause to be commenced, appropriate
<br />action in good faith to cure such violation or failure and shall diligently prosecute such
<br />action to completion, notwithstanding that the period required to ef£ect such cure shall
<br />extend beyond such thirty (30) day period; or
<br /> (iv) If a court having jurisdiction shall enter a decree or order for relief adjudging
<br />the City a bankrupt or insolvent, or approving as properly filed a petition seeking reorganiz~
<br />or arrangement of the City under any applicable bankruptcy, insolvency or other similar
<br />law now or hereafter in effect, and such decree or order shall have continued undischarged
<br />or unstayed for a period of forty (40) days; or if a court having jurisdiction shall enter
<br />a decree or order appointing a receiver, liquidator, assignee, custodian, trustee, sequestrato
<br />(or s~milar official) of the City or any substantial part of its property, or ordering the
<br />winding-up or liquidation of the City, and such decree or order shall remain undischarged
<br />or unstayed for a period of sixty (60) days; or
<br /> (v) If the City shall institute voluntary proceedings to be adjudicated insolvent or
<br /> bankrupt under any applicable bankruptcy, insolvency or other similar law now or hereafter
<br /> in effect, or shall consent to the filing of a bankruptcy proceeding against it, or to the
<br /> entry of an order £or relief in an involuntary proceeding against it under any such law,
<br /> or shall file a petition or answer or consent seeking reorganization or arrangement under
<br /> any such law, or shall consent to the appointment of a receiver, liquidator, trustee,
<br /> assignee, custodian, sequestrator (or other similar official) of the City or any substantial
<br /> part of its property, or shall make an assignment for the benefit of creditors, or shall
<br /> admit in writing its insolvency or inability to pay its debts generally as they become
<br /> due, or shall Take any action in furtherance of any of the foregoing.
<br /> Upon the occurrence of an Event of Default the holders of not less than twenty-five
<br /> per centum (25%) in aggregate principal amount of Notes then outstanding, may, by notice
<br /> in writing delivered to the City, declare the principal of all Notes then outstanding and
<br /> the interest accrued thereon immediately due and payable, and such principal and interest
<br /> shall thereupon become and be immediately due and payable.
<br /> If at any time the Notes shall be declared due and payable because an Event of Default
<br /> 'has occurred and thereafter, but before any judgment or decree for the payment of moneys
<br /> due to the holders of the Notes shall have been obtained or entered and been discharged,
<br /> the Event of'Default shall be cured, the holders of not less than twenty-five per centum
<br /> ~25%) in aggregate principal amount of the Notes then outstanding may, by notice in writing
<br /> delivered to the City, rescind such declaration.
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