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Section 17. NO COMPETING SYSTEM. That so far as it 235
legally may, the City covenants and agrees, for the protection
and security of the Bonds and the holders thereof from time
to time that it will not grant a franchise for the operation
of any competing waterworks, sewer and/or electric light
system in the City of Georgetown, until all Bonds issued
hereunder shall have been retired.
Section 18. REMEDIES IN EVENT OF DEFAULT. In addition
to all the rights and remedies provided by the laws of the
State of Texas, the City 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 11 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 available:
(a) The holder or holders of any of the Bonds issued
hereunder shall be entitled 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 perform any covenant,
obligation or condition prescribed in the Bond
Ordinance.
(b) No delay or omission 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 existing remedies and the specification of such
remedies shall not be deemed to be exclusive.
Section 19. SPECIAL COVENANTS AND CONDITIONS. (a) The
City will duty 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 Ordiance,
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 collect-
ing 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 sufficient 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 Bonds 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 accordance 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.
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