1987-11-09 Regular Meeting - Laserfiche WebLink

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e e ~- authorizing such Bonds; and (iii) the proceeds of any Bonds issued to refund such Bonds. If Bonds are issued for more than one of the purposes 1 isted above, or for any other purpose, the Authori ty shall allocate such Bond proceeds pro rata in accordance with such uses. Section 7.02 In the event the City fails to pay any statement when it is due and payable, the Authority may give notice of such delinquency to the City and if all statements then due and uD?aid, including interest thereon, are not paid within thirty (30) days after the delivery of such notice, then the City agrees that (a) the Aut~ority shall be au thor i zed, at its opt ion, to file su i t for the collection thereof and to collect any amounts due and unpaid, together with interest thereon at the maximum legal rate and reasonable attorney's fees, and (b) the Authority may, at its option and in addition to all other available remedies, terminate the delivery of Water to the City under this Contract until all amounts due and unpaid are paid in full as herein specified. Section 7.03 In order to assure obtaining the lowest possible interest cost with respect to the Authority's Bonds, the City agrees that it is in its best interest to establish a reliable record of payment of the Au thor i ty' s rates and charges. Accord i ng ly, the City further agrees that it shall be uncond i tionally obI iga ted to pay all sums payable to the .l\u thor i ty hereunder and it shall pay the same without set-off, counterclaim, abatement, suspension, or diminution except as otherwise expressly provided herein, and this Contract shall not terminate, nor shall the City have any right to terminate this Contract, nor be entitled to the abatement of any payment or any reduc- tion thereof, nor shall the obligations hereunder of the City be other- wise affected for any reason that might be considered failure of consi- -26-