Laserfiche WebLink
(i) payment of the principal of or interest on the Promissory Note is not made by the <br /> City when due;or <br /> (ii) the City defaults in the performance of any other of its covenants. in this <br /> Ordinance, and such default continues for 30 days after written notice from CWCB specifying <br /> such default. <br /> (b) Remedies for Events of Default. Upon the occurrence and continuance of an Event of <br /> Default,the CWCB may protect and enforce its rights by proper legal or equitable.remedy deemed most <br /> effectual including mandamus, specific performance of any covenants, injunctive relief or requiring the <br /> City Council to act as if it were the trustee of an express trust,or any combination of such remedies. <br /> Section 9. Approval of Documents. The Mayor(or in the Mayor's absence the Mayor Pro Tern)and <br /> City Clerk shall, and they are hereby authorized and directed to take all actions necessary or appropriate to <br /> effectuate the provisions of this Ordinance,including,but not limited to,the execution of the Loan Contract,the <br /> Promissory Note,the Security Agreement(as set forth in Appendix 2 to the Loan Contract)and such additional <br /> agreements, certificates and affidavits as may be reasonably required. The execution by the Mayor of the City <br /> of any document authorized herein shall be conclusive proof of the approval by the City of the terms thereof. <br /> Section 10. Amendment of Ordinance. This Ordinance may be amended only with the prior written <br /> consent of CWCB. <br /> Section 11. Limitation of Actions. In accordance with Section 11-57-212, C.R.S., no legal or <br /> equitable action can be brought with respect to any legislative acts or proceedings in connection with the <br /> authorization and execution of the Loan Contract or issuance and delivery of the Promissory Note more than 30 <br /> days after the date of passage of this Ordinance. <br /> Section 12. Ratification of Prior Actions. All actions heretofore taken (not inconsistent with the <br /> provisions of this Ordinance)by the City Council or by the officers and employees of the City directed toward <br /> the issuance of the Promissory Note for the purposes herein set forth are hereby ratified, approved and <br /> confirmed. <br /> Section 13. Headings. The headings to the various sections and paragraphs to this Ordinance have <br /> been inserted solely for the convenience of the reader,are not a part of this Ordinance,and shall not be used in <br /> any manner to interpret this Ordinance. <br /> Section 14. Ordinance Irrepealable. After the Promissory Note has.been issued,this Ordinance shall <br /> constitute a contract between CWCB and the City, and shall be and remain irrepealable until the Promissory <br /> Note and the interest accruing thereon shall have been fully paid,satisfied and discharged,as herein provided. <br /> Section 15. Severability. It is hereby expressly declared that all provisions hereof and their application <br /> are intended to be and are severable. In order to implement such intent, if any provision hereof or the <br /> application thereof is determined by a court or administrative body to be invalid or unenforceable, in whole or <br /> in part, such determination shall not affect, impair or invalidate any other provision hereof or the application of <br /> the provision in question to any other situation; and if any provision hereof or the application thereof is <br /> determined by a court or administrative body to be valid or enforceable only if its application is limited, its <br /> application shall be limited as required to most fully implement its purpose. <br /> Section 16. Repealer. All orders, bylaws, resolutions and ordinances of the City, or parts thereof, <br /> inconsistent or in conflict with this Ordinance are hereby repealed to the extent only of such inconsistency or <br /> conflict. <br /> Section 17. Effective Date; Recording and Authentication. This Ordinance shall be in full force and <br /> effect 30 days after publication, following final passage. This Ordinance shall be recorded in a book kept for <br /> that purpose, shall be authenticated by the signatures of the Mayor and the City Clerk,and shall be published in <br /> accordance with law. <br /> INTRODUCED,READ IN FULL,PASSED ON FIRST READING and ordered published on the 14TH <br /> day of March,2016 in accordance with the City Charter. <br /> [SEAL] OtTY OF/Rif CITY OF LAMAR,COLORADO <br /> 9,p <br /> Attest: <br /> S`cq� By#4, <br /> 4,4 <br /> ger Stagner <br /> ByC'r/ 1," 4.x.0 <br /> • o99' M _ ili. s <br /> COLORPo APPENDIX 5 <br />