Res55 1894 - Laserfiche WebLink

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issued hereunder, and exchange such bond for such matured bond, and in such event such action shall not be deemed as a default hereunder. 37. Unconditi.onalObligation. Except only as provided herein for alteration of the bonds or this resolution, nothing in this resolution, or in the bonds or in the coupons, contained. shall affect or impair the obligation of said City, which is absolute and unconditional, to pay the principal of and interest on the bonds to the respective holders of the bonds and coupons at the respective dates of maturity, or upon call for redemption, as herein provided and out of the revenues herein pledged for such payment, or affect or impair the right of action, which is also absolute and unconditional, of such holders to institute suit to enforce such payment by virtue of the contract embodied in the bonds and coupons. 38. Bondholder..Remedies. Subject to any contractual limitations 'binding upon the holders of any of the bonds (includ- ing, but not limited to, any limitations upon the exercise of any remedy to the bondholders holding a specific proportion of per- centage of such bonds), any holder of bonds shall have the right, for the equal benefit and protection of all holders of bonds of said authorized issue similarly situated: (a) Accounting. By action or suit in equity to require said City and said Council'to account as if they were the trustee of an express trust; (b) Inj unction. By action or suit in equity to enjoin any acts or things which may be unlawful or in violation of the rights of the bondholders; or (c) Mandamus. By mandamus or other suit, action or proceeding at law or in equity to enforce his rights against said City and said City Council and any of its officers, agents and employees, and to require and com- pel said City or said Council or any such officers, agents or employees, to perform and carry out its and their duties and obligations under the law and its and their covenants and agreements with bondholders as provided in this resolution. 39. Nature of Remedies. As to remedies of the bondholders: (a) Cumulative. No remedy conferred hereby or by law upon any holder of bonds is intended to be ex- clusive of any other remedy, but each such remedy is cumulative and in addition to every other remedy and may be exercised without exhausting and without regard to any other remedy conferred hereby or by the law or by any other law. -23-