ORDINANCES & RESOLUTIONS 1981 - Laserfiche WebLink

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or its legislative body in his or her individual capacity, and neither the members of the Commission or the legislative body of the Issuer nor any officer or employee of the Issuer executing the Bonds shall be liable personally on the Bonds or be subject to any personal liability or accountability by reason of the issuance of the Bonds. The holder of this Series 1981 Bond shall have no right to enforce the provisions of the Indenture or to institute action to enforce the covenants therein, or to take any action with respect to any event of default under the Indenture, or to institute, appear in or defend any suit or other proceedings with respect thereto, except as provided in the Indenture. In certain events, on the conditions, in the manner and with the effect set forth in the Indenture, the principal of all of the Series 1981 Bonds issued under the Indenture and then outstanding may become or may be declared due and payable before the stated maturity thereof, together with interest accrued thereon. The Indenture prescribes the manner in which it may be discharged, including a provision that the Series 1981 Bonds shall be deemed to be paid if Governmental Obligations, as defined therein, maturing as to principal and interest in such amounts and at such times as will provide sufficient funds to pay the principal of, premium, if any, and interest on the Series 1981 Bonds and all fees and expenses of Trustee and any paying agent, and all other liabilities of Company under the Agreement, shall have been deposited with Trustee, after which the Series 1981 Bonds shall no longer be secured by or entitled to the benefits of the Indenture, except for the purposes of registration and exchange of Series 1981 Bonds and of any such payment from such Governmental Obligations. The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of Company and Issuer and the rights of holders of the Bonds of all series at any time by Issuer with the consent of Company and two of the three bondholders (or the holder or holders of 51% of the aggregate principal amount of the Bonds outstanding should there be more than or less than 3 Bondholders) as defined in the Indenture. Any such consent or waiver by the holder of this Series 1981 Bond shall be conclusive and binding upon such holder and upon all future holders of this Series 1981 Bond and of any Series 1981 Bond issued upon the transfer or exchange of this Series 1981 Bond whether or not notation of such consent or waiver is made upon this Series 1981 Bond. The