RES 67055 - Laserfiche WebLink

42 action or equitable proceeding for such purpose commenced within such sixty (60) day period. S£CTION 7.04. Disquah'fied Bonds. Bonds owned or held by or for, the account of the City (but excluding Bonds held in any employees' retirement fund) shall not be deemed outstanding for the purpose of any consent or other action or any calculation of outstanding Bonds in this Article VII provided for, and shall not be entitled to consent to, or take any other action in this Article provided for. SECTION 7.05. Endorsement of Bonds Issued After Amendments. Bonds delivered, after the effective date of any action taken as hereinabove provided may, and if the Fiscal Agent so determines shall, bear a notation by endorsement or otherwise in form approved by the City and the Fiscal Agent as to such action, and in that case upon demand of the holder of any Bond outstanding at such effec- tive date and presentation of his Bond for the purpose at the office of the Fiscal Agent and at such additional offices as the Fiscal Agent may select and designate for that purpose, a suitable notation shall be made on such Bond. If the City or the Fiscal Agent shall so determine, new Bonds so modified as, in the opinion of the City and the Fiscal Agent, to conform to such Bondholders' action shall be prepared and delivered, and upon demand of the holder of any Bond then out- standing shall be exchanged at the office of the Fiscal Agent, without cost to each Bondholder, for Bonds then outstanding, upon surrender of such Bonds with all unmatured coupons appertaining thereto. SECTION 7.06. Amendatory Endorsement of Bonds. The provisions of this Article shall not prevent any Bondholder from accepting any amendment ~ to the particular Bonds held by him, provided that due notation thereof is made on such Bonds. ARTICLE VIII EVENTS OF DEFAULT AND REMEDI~ES OF BONDHOLDERS SECTION 8.01. Events of Default and Acceleration of Maturities. If one or more of the following events (herein called "events of default") shall happen, that is to say- (a) if default shall be made in the due and punctual payment~the prin- cipal of any Bond when and as the same shall become due and payable, whether at maturity as therein expressed, by proceedings for redemption, by declaration or otherwise; (b) if default shall be made in the due and punctual payment of any install- ment of interest on any Bond when and as such interest installment shall become due and payable, and such default shall have continued for a period of thirty (30) days; (c) if default shall be made by the City in the observance of any of the cove- nants, agreements or conditions on its part in this Resolution or in any Supple-