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HomeMy WebLinkAbout0008_7i covenants and agrees particularly that in the event the City (a) defaults in the payment of principal of or interest on any Bonds when due, (b) fails to make the payments required by Section 13 of the Ordinances authorizing'the Parity Bonds to be made into the Bond Fund, Reserve Fund and Contingency Fund, or (c) defaults in the observance or performance of any other of the covenants, conditions or obligations set forth in this Ordinance, the following remedies shall be avail- able: (a) The holder or holders of any of the Bonds issued hereunder shall be en- titled to a writ of mandamus issued by a court of proper jurisdiction compelling and requiring the City Council and other officers of the City to observe and per- form any covenant, obligation or condition prescribed in the Bond Ordinance. (b) No delay or ommission to exercise any right or power accruing upon any default shall impair any such right or power or shall be construed to be a waiver of any such default or acquiescence therein, and every such right and power may be exercised from time to time and as often as may be deemed expedient. The specific remedies herein provided shall be cumulative of all other ex- isting remedies and the specification of such remedies shall not be deemed to be () exclusive. V Section 21. Special Covenants and Conditions. (a) The*City will duly and punctually keep, observe and perform each and every term, covenant and condition on its part to be kept, observed and performed, contained in this Ordinance, and will punctually perform all duties with reference to the Utility System required by the Constitution and laws of the State of Texas, including particularly the making and collecting of such reasonable and sufficient rates and charges for services supplied by the Utility System to the City and to all other customers, adjusting such rates and charges from time to time in such manner as will be fully sufficiOnt to meet all the requirements of the Ordinances authorizing the Parity Bonds; and the proper segregation and application of the revenues of such System; (b) The City is duly authorized under the laws of the State of Texas to issue the Bonda and to pledge the revenues pledged hereunder, and all necessary action on the part of the City and its City Council for the issuance of the Bonds have been duly and effectively taken, and that the Bonds in the hands of the holders thereof are and will be valid and enforceable obligations of the City in accor- dance with their terms; (c) That the Bonds authorized hereunder shall be special obligations of the City and the holder thereof shall never have the right to demand payment out of funds raised or to be raised by taxation. (d) That other than for the payment of the Bonds and the outstanding City of Georgetown Utility System Revenue Bonds, Series 1964, dated June 1, 1964, the rents, revenues and income of the Utility System have not been pledged in any manner to the payment of any debts or obligations of the City nor of said System. (e) That the Utility System of the City is free and clear of all encumbrances. Section 22. Ordinance to Constitute Contract. That the provisions of this Ordinance shall constitute a contract between the City and the holder or holders from time to time of the Bonds, and after the issuance of any of said Bonds, no change, variation or alteration of any kind of the provisions of this Ordinance may be made, unless as herein otherwise provided, until all of the Bonds shall have been paid as to both principal and interest.