RES 67055 - Laserfiche WebLink

mental Resolution or in the Bonds contained, and such default shall have continued for a period of thirty (30) days; or (d) if the City shall file a petition or answer seeking reorganization or arrange- ment under the federal bankruptcy laws or any other applicable law of the United States of America, or if a court of competent jurisdiction shall approve a petition, filed with or without the consent of the City, seeking reorganization under the fed- eral bankruptcy laws or any other applicable law of the United States of America, or if, under the provisions of any other law for the relief or aid of debtors, any court of competent jurisdiction shall assume custody or control of the City or of the whole or any substantial part of its property; then, and in each and every such case during the continuance of such event of default, the holders of not less than a majority in aggregate principal amount of the Bonds at the time outstanding shall be entitled, upon notice in writing to the City, to declare the principal of all of the Bonds then outstanding, and the interest accrued thereon, to be due and payable immediately, and upon any such declara- tion the same shall become and shall be immediately due and payable, anything in this Resolution or in the Bonds contained to the contrary notwithstanding. SECTION 8.02. Application o[ Funds Upon Acceleration. All of the Rev- enues, including all sums in all of the funds provided for in Section 4.03 upon the date of the declaration of acceleration by the holders of the Bonds as provided in Section 8.01, and all sums thereafter received by the City hereunder shall be trans- mitted to the Fiscal Agent and shall be applied by the Fiscal Agent in the order following upon presentation of the several Bonds and coupons, and the stamping thereon of the payment if only partially paid, or upon the surrender thereof if fully paid-- First, to the payment of the costs and expenses of tt~e Bondholders in declar- ing such event of default, including reasonable compensation to their .agents, attorneys and counsel; and to the payment of the costs and expenses of the Fiscal Agent, if any, in carrying out the provisions of this Article VIII, including reason- able compensation to its agents, attorneys and counsel; Second, in case the principal of the Bonds shall not have become due and shall not then be due and payable, to the payment of the interest in default in the'trrder of the maturity of the installments of such interest, with interest on the overdue installments at the rate of six per cent per annum (to the extent that such interest on overdue installments shall have been collected), such payments to be made ratably to the persons entitled thereto without discrimination or preference; Third, in case the principal of the Bonds shall have become and shall be then due and payable, to the payment of the whole amount then owing and unpaid upon the Bonds for principal and interest, with interest on the overdue principal and installments of interest at the rate of six per cent per annum (to the extent that such interest on overdue installments of interest shall have been collected), and in case