Reso 2010-1538 - Laserfiche WebLink

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(which includes any increases in the outstanding amount under any line of credit or similar arrangement), unless (i) Available Revenues of the City during each of the two Fiscal Years most recently concluded prior to the incurrence of such debt equals or exceeds 150% of the Maximum Annual Debt Service on all Debt Obligations, including the proposed debt, secured by and/or payable from such Available Revenues; and (ii) the Maximum Annual Debt Service requirements on all Debt Obligations, including the proposed debt, secured by and/or payable from Non-Ad Valorem Revenues will not exceed 20% of governmental fund revenues (defined as general fund, special fund, debt service fund and capital projects funds) of the City for the Fiscal Year most recently concluded prior to the incurrence of such proposed debt, exclusive of (i) ad valorem revenues restricted to payment of debt service on any debt and (ii) any debt proceeds. ARTICLE VIII EVENTS OF DEFAULT Section 8.1 General. An "Event of Default" shall be deemed to have occurred under this Agreement if: (a) The City shall fail to make any payment of the principal of or interest on the Bonds after the same shall become due and payable, whether by maturity, by acceleration at the discretion of the Bank as provided for in Section 8.2, or otherwise; or (b) The City shall default in the performance of or compliance with any term or covenant contained in the Loan Documents, other than a term or covenant a default in the performance of which or noncompliance with which is dealt with in Section 8.1 (a) or (c) through (h) hereof, which default or non-compliance shall continue and not be cured within thirty (30) days after (i) notice thereof to the City by the Bank; or (ii) the Bank is notified of such noncompliance or should have been so notified pursuant to the provisions of Section 3 .1 (b) of this Agreement, whichever is earlier; or (c) Any representation or warranty made in writing by or on behalf of the City in any Loan Document shall prove to have been false or incorrect in any material respect on the date made or reaffirmed; or (d) The City admits in writing its inability to pay its debts generally as they become due or files a petition in bankruptcy or makes an assignment for the benefit of its creditors or consents to the appointment of a receiver or trustee for itself; or (e) The City is adjudged insolvent by a court of competent jurisdiction, or it is adjudged a bankrupt on a petition in bankruptcy filed by or against the City, or an order, judgment or decree is entered by any court of competent jurisdiction appointing, without the consent of the City, a receiver or trustee of the City or of the whole or any part of its property, and if the aforesaid adjudications, orders, judgments or decrees shall not be vacated or set aside or stayed within ninety (90) days from the date of entry thereof; or {MI883440_2} 13