99-067 - Laserfiche WebLink

Home Browse Search

" . , 5.09. The City will not sell, mortgage or in any manner dispose of the Facility or any part thereof, including any and all extensions and additions that may be made thereto, until all of the Bonds have been paid in full; provided, however, that the City may sell the same if there is, simultaneously with the sale, deposited with the Registrar for the Bonds the amount necessary to retire all of the outstanding Bonds payable from Facility revenues including interest to accrue to the date when the Bonds are called for payment. This covenant is not to be construed to prevent the sale by the City at fair market value of real estate, equipment or other non-revenue producing properties which in the judgement of the City have become unnecessary, uneconomical or inexpedient to use in cOIUlection with the Facility, provided (i) other facilities or equipment are obtained in replacement thereof, and (ii) any remaining cash balance from any transaction is deposited in the Revenue Bond Account. 5.10. The City will keep proper books, records and accounts, relating to the operation of the Facility separate from other accounts of the City and cause such books, records and accounts to be audited at the end of each fiscal year by independent ( outside) certified public accountants. Section 6. Rights and Remedies of Bondholders. 6.01. The provisions of this Resolution constitute a contract between the City and the holder or holders of the Bonds, and after the issuance of the Bonds, no change, variation or alteration of any kind in the provisions of this Resolution may be made in any manner, until such time as all of the Bonds and interest have been paid in full. However, the holders of 50% in principal amount of the Bonds outstanding at any time may consent to and approve the adoption of resolutions or other proceedings modifying or amending any of the terms or provisions of this Resolution, except that without the consent of 100% of the holders of outstanding Bonds this Resolution may not be modified or amended in any manner that may adversely affect the rights of holders of less than all of the Bonds then outstanding, or reduce the percentage of the number of holders whose consent is required to effect a further modification. 6.02. If the amounts in the Revenue Bond Account, Reserve Account, or Operations and Maintenance Account are insufficient to pay the principal then due and interest then accrued on all Bonds and additional bonds, if any, those moneys will first be applied to the payment pro rata of the accrued interest on all such Bonds and any balance will be applied in payment of maturing principal in accordance with the maturities of the Bonds namely, as between Bonds having different maturity dates, the earlier maturing Bonds will be paid first; as between Bonds of different series maturing on the same dates, the Bonds of the series first issued will be paid first; and as between Bonds of the same series maturing on the same dates, those selected by the Registrar by lot will be paid first. 6.03. In the event of any default, the holders from time to time of the Bonds have all the remedies, powers and privileges granted by the laws of the State of Minnesota for the enforcement of their rights and for the collection of the principal and the interest due thereon. The holders of 50% or more in aggregate principal amount of Bonds at any time outstanding may, in the event of default, declare all outstanding Bonds to be immediately due and payable. The holders of 20% or more in aggregate principal amount of Bonds at any time outstanding may, either at law or in DJK-165146 NE136-152