HomeMy WebLinkAbout0028_0026(ii) no delay or omission to exercise any right or power.
occurring 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 20.. SPECIAL COVENANTS AND CONDITIONS. ;,(a) The
Issuer 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 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 Issuer 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
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such System;
(b) the Issuer 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
Issuer 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 Issuer in accordance with their
terms;
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(c) that the Bonds authorized hereundershall be special
obligations of"the Issuer and the holder thereof. shall never
have the right -to demand payment out of funds raised.or to be
raised by taxation.-
(d)
axation;(d) thatother than for the payment of the'Bonds and the
outstanding Series 1966 Bonds, Series 1971 Bonds,.. Series 1974
Bonds and Series 1981 Bonds, 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 Issuer nor of said
System;'
(e) that the Utility System of the Issuer ;is -,free and
clear of all encumbrances.
Section 21. ORDINANCE TO CONSTITUTE CONTRACT.That the
provisions of this Ordinance shall constitu�e a contract, be-
tween the Issuer and the holder or holders from time to time -.of.-
the Bonds, and after the issuance of any said Bonds,'no change,
variation or alteration of any, kind of 'the proviasion of this
Ordinance may be made, unless as_.herein otherwise provided,``
until all of the Bonds shall have Leen paid as to both princi-
pal and interest. 4
Section 22.' SPECIAL OBLIGATIONS, That the Bonds author-
ized by this Ordinance are and shall be special obligations of
the Issuer, and the holder or holders thereof shall never have
the right to demand payment of said obligations out of any
funds raised or to be raised by taxation.
Section 23.T DEFEASANCE OF THE BONDS.. (a) Any 'Bond and
the interest thereon shall be deemed to be paid, 'retired, and
no longer outstanding -(a "Defeased Bond") within the meaning of
this Ordinance, except to the extent provided in subsection (d)
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