Res55 1894 - Laserfiche WebLink

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(b) Waiver. No waiver of any default or breach of duty or contract by any bondholder shall extend to or shall affect any subsequent default or breach of duty or contract or shall impair any rights or remedies therein. (c) Delays. No delay or omission of any bond- holder to exercise any right or power accruing upon any default shall impair any such right or power or shall be construed to be a waiver of any such default or acquiescence thereto. (d) Enforcement. Every substantive right and every remedy conferred upon the bondholders may be enforced and exercised from time to time and as often as may be deemed expedient. (e) Status Quo. In case any suit, action or pro- ceeding to enforce any right or exercise any remedy shall be brought or taken and then discontinued or abandoned or shall be determined adversely to the_, bondholders, then, and in every such case, said City and such bondholders shall be restored to their for- mer positions and rights and remedies as if no such suit, action, or proceedings had been brought or taken. 40. Delivery of Bonds. The bonds to be issued hereunder, or the amount thereof, or the amount thereof necessary for said Project, shall be sold and delivered as the Council shall deter- mine. The City Treasurer shall deliver said bonds upon receipt of the purchase price and shall credit the proceeds to the spe- cial fund and account for the payment of the cost of acquisition and construction of the off-street parking facilities, but the purchaser shall not be required to see to the proper application thereof. 41. Transcript. The Clerk and Treasurer of the City are hereby authorized and directed to prepare and furnish to the pur- chasers of the bonds issued hereunder certified copies of all ordinances and resolutions of the Council relating to the off - street parking project and to the issuance of bonds and all other proceedings and records of the City, showing the right, power and authority to issue said bonds and to provide the security therefor, and such certified copies and certificates shall be deemed representations of the City as to all facts therein stated. 42. Interest During Construction Period. The proceeds from the sale of these bonds may be used to pay the interest on the bonds during the period of construction of the off - street parking facilities and for a period of six months thereafter, except that the total period during which interest is paid from -24-