3146 Ordinance - Laserfiche WebLink

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the time outstanding to in.spect the Utility and a.ll x°ecords, accounts and da;ta of t,kiie Utility at all reasonable times o Acopy of such annual rep?rt- vi11 be furnished upon z°equest -to a,r?y holder of the Bonds. (C) It wi11 emp1oy competent a,nd experienced management for the operation bf the tJtilityo (D) It uri.ll segregate the revenues, funds an.d properties of° the Utility from a,l;L other funds and properties of the Municipa].ity, and urill observe and pes°for?a. a11 0f its agreements and obligations ps°ovi.decl fo.r by the Bonds, the Mox°Ggage, or this ordinance. A.ll of the obligation5 under this Section 8are hereby establishecl as d.uties specifically req,uired by 1aw and x°esu].ting f°x°om an office, trust, or statiora upon the Municipa7.ity within the meaning of RoC."o Section 2731-01o Section 9. Mor?j?e m- :In order to secus°e the payment of the principal of and int;erest on the Bonds as the saxne shall become due and payabl.e and the pex°formance of the obligations of the Municipali.ty in this orclinance, the Bonc1s os° the Moztgage, the Ececutive and Fiscal 4fficex° of the Municipality are hereby authorized and zli- r.°ected in the naune of a.n3 on beha.lf of the Municipality to make, execute, acknowledge a,nd deliver to the Tr.ustee a good and sufficient first mortgage deed (b.erein cal.led the Martgage) morGgaging in trust for the holders of the Bonds, a1.1 the propex°ties and assets of said Uti.lity now owned or hereaf'ter acquired by the Muncipa].ity during the time any of the Bonds sha11 ret-aain outstandixig and unpaid, in such forrn and c:on-? taining such terms, covenants and condi.tions not inconsistent with this ordinance a,s sha.ll be approved by such. Ariginal Purchasers and by the Lega.l. Officer of the Munic ipal.ity o Provision sha11 be macle therein that in case the Mun3cipality sha11 clefault; for more than 60 da,ys in the pa.yraent of any Bonds or the interest thereon or for mox°e thara 90 clays in perforning any of the covenants or requirements of the Mortgage or of this ord.ineaa.ce, or of the Bonds, the Trustee may elect to, and upon request of the owners or holders of 25 per centum in amount of the outstanding Bonds shal.l, declax°e the entire amount of outstanding Bond.s due and payable, and proceed to foreclose saa.d Mortgage; but such provision shal.l be subject to the condition that if at an„y time? aftex° the principal of said Bonds may have been so declaxed due and payable, and befox°e there shall have been any sale of the properties mortgaged thereunder, a1.l sums payab7.e under the Moz°tgage, except the principal of Bonds thexeby secur.ed whic:t, have not reached their maturity date, shall have been du1,y pa.i.d and a1.l existing defaults shall have been made good, then and in every such case such payment sha11 const;itute a wa,iver of such defa,ult and its consequences; but no such waiver sha11 exm tend to or affect any subsequent default nor imps,iar any rights consequent -thereon. Tie Mortgage sha11 contain the usual ernrenants and provisions as to fos^eclasure aud sale and as to other remedies of the Trustee and bondholders, and shall provide t'or the appointment of a receiver taith powers customary in genera.l equity cases to opes°ate the Utility and to app.ly the revenues thereaf to the pa.yment of the Bonds and interest thereon, i.n accordance with this os°dim nance and the provisions of the Mox°tgage, in event, of litigation invo.lving 2ii ?.??..«???• .