RES 02047 - Laserfiche WebLink

(including the United States of America. the State of California and any public agency. political subdivision. city. county. district or agency of any thereof). excepting only that the City may without charge use the services and facilities of the Enterprise. Section 5.18. Eminent Domain Proceeds. If all or any part of the Enterprise shall be taken by eminent domain proceedings. the Net Proceeds thereof shall be applied as follows: (a) If (1) the City obtains a Certificate of the City showing (i) the estimated loss of annual Net Revenues. if any, suffered or to be suffered by the City by reason of such eminent domain proceedings, (ii) a general description of the additions. betterments. extensions or improvements to the Enterprise proposed to be acquired by the City from any Net Proceeds. and (iii) an estimate of the additional annual Net Revenues to be derived from such additions. betterments, extensions or improvements. and (2) on the basis of such certificate. determines that the estimated additional annual Net Revenues will sufficiently offset the estimated loss of annual Net Revenues resulting from such eminent domain proceedings so that the ability of the City to meet its obligations hereunder will not be substantially impaired (which determination shall be final and conclusive); then the City shall promptly proceed with the acquisition of such additions. betterments, extensions or improvements substantially in accordance with such Cenificate of the City and such Net Proceeds shall be applied for the payrnent of the costs of such acquisition. and any balance of such Net Proceeds not required by the City for such purpose shall be applied to pay the Bonds. and any Parity Bonds and Contracts. on a prorata basis in the manner provided herein and in the instruments authorizing such Parity Bonds or Contracts. (b) If the foregoing conditions are not met. then such Net Proceeds shall be applied to pay the Bonds. and any Parity Bonds and Contracts. on a prorata basis in the manner provided herein and in the instruments authorizing such Parity Bonds or Contracts, Section 5.19 Continuinl! Disclosure to Owners The City and the Trustee shall comply with and carry out all of their respective duties under the Continuing Disclosure Agreement. Notwithstanding any other provisions of this Indenture. failure of the City or the Trustee to cornply with the Continuing Disclosure Agreement shall not be considered an Event of Default; provided. however. that the Trustee shall. at the written direction of any Participating UndernTiter (as defined in the Continuing Disclosure Agreement) or the holders of at least 25% aggregate principal arnount of Outstanding Bonds. but only to the extent indemnified for its fees and expenses. including those of its attorneys. or any holder or beneficial owner of the Bonds may. take such actions as may be necessary and appropriate to compel performance. including seeking mandate or specific performance by court order. ARTICLE VI DEFAULT AND LIMITATIONS OF LIABILITY Section 6.01. Events of Default and Events of Mandatorv Acceleration: Acceleration of Maturities. If one or more of the following Events of Default shall happen: Pleasanton Cross TO\\'n Indenture (2).DOC -32-