Ordinance 2012-384 - Laserfiche WebLink

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such default will be cured. The City shall demonstrate in each annual budget that there are sufficient proceeds of the Stormwater Utility Fee to pay the principal of and interest on the Bond and any Parity Obligations coming due in the fiscal year covered by such annual budget. The City shall provide the holder of the Bond with a copy of its approved annual budget within 30 days after the final adoption thereof and with such other financial information regarding the City as the holder of the Bond may reasonably request. ARTICLE VIII EVENTS OF DEFAULT Section 8.1. General. An "Event of Default" shall be deemed to have occurred under this Agreement if: (a) The City shall fail to make any payment of the principal of or interest on the Bond after the same shall become due and payable, whether by maturity, by acceleration at the discretion of the Bank as provided for in Section 8.2, or otherwise; or (b) The City shall default in the performance of or compliance with any term or covenant contained in the Loan Documents, other than a term or covenant a default in the performance of which or noncompliance with which is dealt with in Section 8.I(a) or (c) through (h) hereof, which default or non-compliance shall continue and not be cured within thirty (30) days after (i) notice thereof to the City by the Bank; or (ii) the Bank is notified of such noncompliance or should have been so notified pursuant to the provisions of Section 3 .1 (b) of this Agreement, whichever is earlier; or (c) Any representation or warranty made in writing by or on behalf of the City in any Loan Document shall prove to have been false or incorrect in any material respect on the date made or reaffirmed; or (d) The City admits in writing its inability to pay its debts generally as they become due or files a petition in bankruptcy or makes an assignment for the benefit of its creditors or consents to the appointment of a receiver or trustee for itself; or (e) The City is adjudged insolvent by a com1 of competent jurisdiction, or it is adjudged a bankrupt on a petition in bankruptcy filed by or against the City, or an order, judgment or decree is entered by any court of competent jurisdiction appointing, without the consent of the City, a receiver or trustee of the City or of the whole or any part of its property, and if the aforesaid adjudications, orders, judgments or decrees shall not be vacated or set aside or stayed within ninety (90) days from the date of entry thereof; or (I) The City shall file a petition or answer seeking reorganization or any arrangement under the federal bankruptcy laws or any other applicable law or statute of the United States of America or the State of Florida; or (g) The City shall default in the due and punctual payment or performance of covenants under any obligation for the payment of money to the Bank or any other subsidiary or affiliate of the Bank; or MfA 182,397,885vI3-5-12 13