Reso 2001-330 - Laserfiche WebLink

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5.02. MAINTENANCE OF THE STORMWATER SYSTEM. The Local Government shall operate and maintain the Stormwater System in a proper, sound and economical manner and shall make all necessary repairs, renewals and replacements. 5.03. ADDITIONS AND MODIFICATIONS. The Local Government may make any additions, modifications or improvements to the Stormwater System which it deems desirable and which does not materially reduce the operational integrity of any part of the Stormwater System. All such renewals, replacements, additions, modifications and improvements shall become part of the Stormwater System. 5.04. COLLECTION OF REVENUES. The Local Government shall use its best efforts to collect all rates, fees and other charges due to it. The Local Government shall establish liens on premises served by the Stormwater System for the amount of all delinquent rates, fees and other charges where such action is permitted by law. The Local Government shall use its best efforts to shut off water service furnished to persons who are delinquent beyond customary grace periods in the payment of Stormwater System rates, fees and other charges. ARTICLE VI - DEFAULTS AND REMEDIES 6.01. EVENTS OF DEFAULT. Each of the following events is hereby declared an event of default: (1) Failure to fund the Loan Repayment Reserve Account or to make any Monthly Loan Deposit or to make any installment of the Semiannual Loan Payment when it is due and such failure shall continue for a period of 30 days. (2) Except as provided in Subsections 6.01(1)and(7), failure to comply with the provisions of this Agreement or failure in the performance or observance of any of the covenants or actions required by this Agreement and such failure shall continue for a period of 60 days after written notice thereof to the Local Government by the Department. (3) Any warranty,representation or other statement by, or on behalf of,the Local Government contained in this Agreement or in any information furnished in compliance with,or in reference to, this Agreement, which is false or misleading. (4) An order or decree entered, with the acquiescence of the Local Government, appointing a receiver of any part of the Stormwater System or Gross Revenues thereof; or if such order or decree, having been entered without the consent or acquiescence of the Local Government, shall not be vacated or discharged or stayed on appeal within 60 days after the entry thereof. (5) Any proceeding instituted, with the acquiescence of the Local Government, for the purpose of effecting a composition between the Local Government and its creditors or for the purpose of adjusting the claims of such creditors, pursuant to any federal or state statute now or hereafter enacted, if the claims of such creditors are payable from Gross Revenues of the Stormwater System. 9