Ordinance 1818-91 - Laserfiche WebLink

Second: To the payment of principal or prepayment price (as the case may be) and interest then owing on the Lease Payments represented by the Certificates, including any interest on overdue interest, and in case such money shall be insufficient to pay the same in full, then to the payment of principal or prepayment price and interest ratably, without preference or priority of one over another or of any installment of interest over any other installment of interest; and Third: Once no Certificate is Outstanding, the payment of expenses of the City, including reasonable Counsel fees, actually incurred in connection with this financing, and remaining unpaid. Upon termination of this trust, the surplus, if any, shall be paid to the City or the person or persons lawfully entitled to receive the same as a court of competent jurisdiction may direct. Section 5. 10. Moneys Held by Trustee One Year After Due Date. Moneys or investments held by the Trustee in trust for the payment and discharge of any of the Certificates which remain unclaimed for one (1) year after the date when such Certificates shall have become due and payable, either at their stated maturity dates or by call for earlier prepayment, if such moneys were held by the Trustee at such date or for one year after the date of deposit of such moneys if deposited with the Trustee after the said date when such Certificates become due and payable, shall at the written request of the City be repaid by the Trustee to the City as the City's property, and the Trustee shall thereupon be released and discharged with respect thereto, and the owners of the Certifi- cates payable from such moneys shall look only to the City for the payment of such Certificates. Section 5. 11. Trustee's Right to Receiver. The Trustee shall, to the extent permitted by law, be entitled as of right to the appointment of a receiver; and the Trustee, the Owners and any receiver so appointed shall have such rights and powers and be subject to such limitations and restrictions as may be contained in or permitted by the law. Section 5. 12 . Trustee and Owners Entitled to All Remedies , Under Law; Remedies Not Exclusive. It is the purpose of this Article to provide to the Trustee and Owners all rights and reme- dies as may be lawfully granted; under the provisions of law but should any remedy herein granted be held unlawful, the Trustee and the Owners shall nevertheless be entitled to every remedy permitted. It is further intended that, insofar as lawfully possible, the provisions of this Article V shall apply to and be binding upon any trustee or receiver appointed. -18- D0T437 91/09/24