1983 022 Ordinance - Laserfiche WebLink

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the Issuer at their respective notice addresses as defined in the Agreement, not later than one hundred twenty days before the prepayment date. If the entire unpaid principal balance of this Bond or any portion thereof is duly called for prepayment and if on such prepayment date moneys for the prepayment thereof, together with premium, if any, and interest there- on to the prepayment date shall be held by the Holder so as to be available therefor, then from and after such prepayment date the entire unpaid principal balance of this Bond or, in the event of a partial prepayment, the portion thereof being prepaid shall cease to bear interest and shall not be deemed to be outstanding under the Bond Legislation or otherwise. In the event of (i) any failure in the payment of any interest on or the principal of this Bond when and as the same shall become due and payable or (ii) the occurrence of an Event of Default as defined in Section 7.1 of the Agreement, the entire unpaid balance of the principal stmm of this Bond, to- gether with interest accrued thereon, may be declared due and payable by the Holder and, upon such declaration, such principal and interest shall become and be immediately due and payable. The Holder may, in its discretion, re- scind any declaration and, upon such rescission, the Issuer, the Holder and the Company shall be restored to their respective positions hereunder. No such rescission shall extend to any subsequent or other default hereunder or impair any right consequent thereon. This Bond shall not constitute the personal obligation, either joint- ly or severally, of the members of the Council of the Issuer, or any other of- ficer of the Issuer. This Bond shall not be entitled to any security or benefit under the Bond Legislation or the Assignment or be valid or become obligatory for any purpose until the Certificate of Authentication below has been signed by the Registrar. ' It is certified and recited that there have been performed and have happened in regular and due form, as required by law, all acts and conditions necessary to be done or performed by the Issuer or to have happened (i) prece- dent'.to and in the issuing of this Bond in order to make it a legal, valid and binding special obligation of the Issuer, and (ii) precedent to and in the execution and delivery of the Agreement and the Assignment; that payment in full for this Bond has been received; and that this Bond does not exceed or violate any constitutional or statutory limitation. - 4 -