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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />1211 <br />13I <br />14 <br />151 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />SECTION 4. The <br />City agrees that <br />in the <br />event <br />one <br />or more current Members of <br />the SBIAA should <br />fail to <br />make <br />the <br />necessary payments as required for the payment and repayment of <br />the principal of and interest and redemption premium on the <br />Financing, that portion allocable to any such defaulting Member <br />or Members of the SBIAA may be assumed by the City either in <br />whole or in cooperation with one (1) or more nondefaulting <br />Member or Members. Under such circumstances the amount of the <br />Financing for which the City shall be responsible for the <br />repayment thereof will be increased by a proportionate amount as <br />required to reallocate the delinquent amounts not paid by a <br />defaulting Member or defaulting Members of the SBIAA. The City <br />further acknowledges and agrees that in the event all other <br />Members of the SBIAA should default in their respective <br />obligations to pay all amounts when due, either pursuant to the <br />terms of the Financing or with respect to the other debts, <br />obligations and administrative and operating expenses of the <br />SBIAA, the City may assume, either separately or in cooperation <br />with one (1) or more nondefaulting Member or Members, the total <br />principal amount of the Financing, plus interest and redemption <br />premium thereon, and all debts, obligations and administrative <br />and operating expenses incurred by the SBIAA whether such has <br />become due and payable either at the time of adoption of this <br />Resolution or at a latter date if payment is required pursuant <br />to the JPA Agreement. <br />Eel <br />