There is hereby vested in the Council the power to issue serial
ad valorem land bonds upon any district created under this code.
(Prior code § 9-332)
No assessment or diagram shall be required. A preliminary first
report may be made for the purpose of providing information as to
the apportionment of estimated assessments.
(Prior code § 9-333)
If the proceedings are had pursuant to Article VI of this code,
then upon completion of the work, the person appointed by the Council
to be in charge of the work shall prepare and file with the Council
a declaration that the work has been completed according to the contract
therefor, together with an itemized statement of the cost of the work
and of the expenses incidental to said proceedings, estimated to the
conclusion of the proceedings.
(Prior code § 9-334)
The amount of any contribution shall be stated therein as well
as the balance for which bonds are to be issued.
(Prior code § 9-335)
When the bonds have been issued, they shall be delivered to
the contractor upon his or her paying to the City the moneys due it
for incidental expenses as stated in the declaration.
(Prior code § 9-336)
The Council may provide in the resolution of intention that the contractor shall be paid in cash from advances to be made to the project or from the proceeds of the sale of the bonds, in which event the bonds shall be issued as provided for the issuance of acquisition bonds in Section 3.76.1660 of this code.
(Prior code § 9-337)
If the proceedings are had pursuant to Article VII of this code, then upon the entry of all interlocutory judgments in any eminent domain proceedings brought pursuant thereto, proceedings shall be had substantially as provided in Section 3.76.1620 of this code.
(Prior code § 9-338)
If proceedings are had pursuant to Articles VIII or X of this
code, then in the resolution ordering the acquisitions or improvements,
the Council shall determine the estimated cost of the acquisitions
and improvements and of the expenses incidental thereto, and the total
estimated amount of the bonds to be issued.
(Prior code § 9-339)
If proceedings shall be had for the taking of immediate possession of the property to be acquired, and funds are not then available therefor, the person in charge of the proposed acquisitions shall prepare and file with the City an estimate of the amount of money necessary to be deposited in court for immediate possession, and other funds necessary for incidental costs, and proceedings shall be had for the issuance and sale of bonds therefor as provided for the issuance of acquisition bonds in Section 3.76.1660 of this code.
(Prior code § 9-340)
The Council may either provide for the retirement of possession
bonds out of the proceeds of the bonds of the project, or issue only
an amount of additional bonds as is necessary to provide for the additional
costs of the project after having credited the proceeds of the possession
bonds upon the final costs of the project and expenses incidental
thereto.
(Prior code § 9-341)
Excepting in proceedings had pursuant to Articles XIII or X
of this code, the Clerk shall publish notice of a time and place of
hearing on the declaration filed in relation to the issuance of bonds.
(Prior code § 9-342)
The notice shall:
A.
Refer
to the resolution of intention by number and name for a description
of the work to be done or acquisitions or improvements to be had and
for the boundaries of the assessment district;
B.
Give
notice to all persons interested that it is proposed to hear the report
and issue bonds pursuant to this article; and
C.
That
any person feeling aggrieved by any act or determination done or made
in the proceedings or claiming that any previous acts or proceedings
were irregular, defective, erroneous or faulty, or claiming that the
work or improvement has not been performed according to the contract
in a good and substantial manner, or claiming that any portion of
the work or improvement for any reason was omitted or illegally included
in the contract, or having any objections or reasons why bonds should
not be issued in the amount set forth in the declaration and statement
on file, may appear before the Council at the time and place so fixed
by it and be heard.
(Prior code § 9-343)
The contractor or assigns, and any other person or persons interested
in the matter, may appear and be heard upon any of the matters referred
to in the notice.
(Prior code § 9-344)
In the final determination of the Council upon the hearing,
or in the resolution ordering the acquisitions or improvements when
the proceedings are had pursuant to Articles VIII or X of this code,
the Council shall order the issuance of bonds. The resolution shall
state the total principal amount of the bonds and the amounts to mature
in each year during their term. The bonds may be made to mature on
July 2nd over a period of not to exceed 40 years from their date.
(Prior code § 9-345)
If the proceeds of the bonds for any reason are less than the
total final costs of the acquisitions and improvements and expenses
incidental thereto, additional bonds may be issued by filing with
the Clerk a declaration or statement of the amount necessary therefor
and by giving notice and holding a hearing and determining the amount
of bonds to be issued therefor as provided herein for the issuance
of bonds upon declaration, notice and hearing. The bonds shall be
deemed a division of the bonds of the main issue.
(Prior code § 9-346)
Semiannual interest coupons shall be attached to the bonds and
be payable on the second days of January and July of each year, excepting
that the first coupons shall be for interest from their date to the
second day of January next succeeding four months after the date of
the bonds.
(Prior code § 9-347)
Each bond will continue to bear interest after maturity at the
rate stated therein; provided it is presented at maturity or date
of redemption fixed for call prior to maturity, and payment thereof
is refused upon the sole ground that there are not sufficient moneys
in the redemption fund with which to pay same.
(Prior code § 9-348)
A fund to be named Bond Plan D, Series No._____, Bond Fund,
shall be created and maintained for each issue of bonds. Moneys collected
for the payment of the bonds shall be deposited in the fund and be
used solely to pay the principal and interest of the bonds and premiums
on and cost of calling bonds before their maturity. Any balance after
the bonds have been paid shall be transferred to the general fund.
(Prior code § 9-349)
The bonds may be made callable in inverse numerical order, in
which event they shall so state on their face. A premium may be provided
to be paid to the holder of the bonds in the event of their call,
in an amount or amounts as is prescribed in the resolution providing
for the issuance of the bonds, not to exceed 5% of the principal amount
thereof.
(Prior code § 9-350)
Interest shall not accrue on the bonds called for redemption after the redemption date specified in the notice of redemption, subject to the provisions of Section 3.76.1760 of this code.
(Prior code § 9-351)
The Director of Finance shall cause notice to be given by registered
mail to the last-known holder or holders of the bonds called. He or
she shall also publish a notice in a financial paper published in
San Francisco or in New York. Both publication and mailing shall be
at least 30 days prior to the day fixed for redemption.
(Prior code § 9-352)
The notice of redemption shall:
A.
State
the redemption date;
B.
State
the redemption price;
C.
State
the numbers and dates of maturity of the bonds to be redeemed; provided,
however, that whenever any call includes all of the bonds of a maturity
the numbers of the bonds of the maturity need not be stated;
D.
Require
that the bonds be surrendered with all interest coupons maturing on
or subsequent to the redemption date (except that no coupons need
be surrendered on bonds registered as to both principal and interest)
at the office of the Director of Finance;
E.
Require
that bonds which at the time of call are registered so as to be payable
otherwise than to bearer shall be accompanied by appropriate instruments
of assignment to the City duly executed; and
F.
Give
notice that further interest on the bonds called will not accrue after
the designated redemption date.
(Prior code § 9-353)
The actual receipt by the holder of any bond of notice of redemption
shall not be a condition precedent to redemption, and failure to receive
notice shall not affect the validity of the proceedings for the redemption
of the bonds or the cessation of interest on the date fixed for redemption.
(Prior code § 9-354)
A certificate by the Director of Finance that notice of call and redemption has been given to owners of bonds as provided in Section 3.76.1770 of this code shall be conclusive as against all parties, and no bondholder whose bond is called for redemption may object thereto or to the cessation of interest on the redemption date fixed by any claim or showing that he or she had failed to actually receive notice.
(Prior code § 9-354)
When notice of redemption has been given substantially as provided in Section 3.76.1800 of this code, and when the amount necessary for the redemption of the bonds called is in the bond fund, the bonds designated shall become due and payable on the date fixed for the redemption thereof, and, upon presentation and surrender of the bonds and all interest coupons maturing after the redemption date, to the Director of Finance, and, if any of the bonds be registered, upon the appropriate assignment thereof, the bonds shall be redeemed and paid at the redemption price out of the bond fund.
(Prior code § 9-356)
All bonds redeemed and all interest coupons thereof shall be
canceled forthwith and shall not be reissued.
(Prior code § 9-357)
For each district in which bonds have been issued pursuant to
this article, the Council shall annually, until all of the bonds and
interest thereon shall have been paid in full, at the time of levying
the taxes for general City purposes, levy an ad valorem assessment
upon all taxable lands within the assessment district in an amount
clearly sufficient, together with any moneys which are or may be in
the redemption fund, and after making adequate allowance for estimated
delinquencies, to pay all of the principal of and interest on the
bonds which shall become payable before the proceeds of another levy
shall be available therefor.
(Prior code § 9-358)
The annual special assessment levies shall be collected upon
the tax roll on which general City taxes are collected, shall be in
addition to all other taxes levied for general City purposes, and
shall be levied, computed, entered, collected and enforced in the
same manner and by the same persons and at the time, and with the
same penalties and interest, as are other taxes for City purposes,
shall be payable together with and not separately from other City
taxes and all laws applicable to the levy, collection and enforcement
of taxes for City purposes are hereby made applicable to the special
assessment levies, and properties on which the levy is delinquent
shall be subject to redemption within one year from the date of sale
by operation of law in the same manner as real property is redeemed
for delinquent general City taxes, and if not redeemed shall in like
manner pass to the purchaser.
(Prior code § 9-359)
If the levy on any land is omitted in any year, it shall be
assessed for the omitted amount in a year or years after the omission
is discovered.
(Prior code § 9-360)
The Council may annually, at or prior to the time the levy is
made, or at any other time as it shall determine, transfer to a bond
fund amounts as it shall determine, or it may pledge revenues not
prohibited by law for the security and payment of the principal and
interest of the bonds, premiums on and costs of calling bonds, and
for costs of administration, maintenance, operation, improvement,
extension, repair and replacement of the improvements.
(Prior code § 9-361)
If, in the judgment of the Council, varying benefits will be
derived by the different parcels of land lying within the assessment
district, the district may be divided into zones according to benefits.
(Prior code § 9-362)
The district may be divided into as many zones, up to the total
number of parcels of land in the district, as may be deemed proper,
and each zone shall be composed of and include all of the lands within
the district which will be benefited in like measure.
(Prior code § 9-363)
The Council shall also determine the percentage of the sum to
be raised each year by the levy and collection of the ad valorem assessments
in the district for the payments of the principal and interest of
the bonds, or other method of apportionment, which will be raised
from the lands in each zone.
(Prior code § 9-364)
When the district is divided into zones, the resolution of intention
shall so state, giving the percentages or other method of apportionment
to be used to determine the amounts to be raised from the lands in
each zone.
(Prior code § 9-365)
Each zone shall be designated by a different letter or number
and shall be plainly shown on the map or plat of the assessment district
filed in the office of the City Clerk and referred to in the resolution
of intention, either by separate boundaries, coloring or other convenient
and graphic method, so that all persons interested may with accuracy
ascertain within which zone any parcel of land is located.
(Prior code § 9-366)
It shall be sufficient, in all cases where the assessment district
is to be divided into zones according to benefits, if the resolution
of intention states the fact and refers to the plat or map for the
boundaries and all details concerning the zones.
(Prior code § 9-367)
All bonds issued and all ad valorem assessments levied and collected
pursuant to the provisions of this article shall by their issuance
be conclusive evidence of the regularity, validity and legal sufficiency
of all proceedings, acts and determinations in anywise pertaining
thereto, and after the bonds are issued, no levies for paying the
principal or interest on the bonds shall be held invalid or illegal,
or be set aside by reason of any error, informality, irregularity,
omission or defect in the proceedings not amounting to a want of due
process of law.
(Prior code § 9-368)
When any court of competent jurisdiction shall determine that
any contract purporting to have been made, or any proceedings, steps
or actions purporting to have been taken, or any bond or bonds issued,
or any levy of assessment made, under this article, is or are void,
invalid or unenforceable for any reason, or shall for any cause enjoin
the issuance of any bonds proposed to be issued under this article,
the court shall also determine that a reassessment proceedings shall
be had as provided in this article.
(Prior code § 9-369)
The Council may also order a reassessment proceedings when it
shall determine the existence of voidness, invalidity or unenforceability,
or that the validity thereof is questionable or that the questioning
of the validity thereof is threatened, or that the public interest
will be served thereby.
(Prior code § 9-370)
In that event, the Council shall adopt a resolution so declaring
which shall state the amount of any work performed, improvements made,
acquisitions had, and the expenses incidental thereto, and the estimated
cost of any to be had.
(Prior code § 9-371)
The proposal to reassess shall be noticed and heard and a reassessment ordered as provided in Section 3.76.1690 of this code. To the extent applicable the provisions of Section 3.76.360 of this code shall apply.
(Prior code § 9-372)
If the invalidity is not in the bonds themselves, the Council
may so declare in the reassessment proceedings. In that event, the
reassessment proceedings shall be and constitute the proceedings providing
the legal authority for the issuance of the outstanding bonds, and
the redemption fund created in any reassessment proceedings shall
constitute a trust fund for their payment.
(Prior code § 9-373)
If the invalidity is in the bonds themselves or if the Council
shall so determine in the reassessment proceedings, new bonds shall
be issued and exchanged for the outstanding bonds. The new bonds shall
mature in the amounts and at the times provided for the outstanding
bonds, as nearly as may be. If the Council shall so determine, it
may assign different bonds and allot maturities as it shall deem equitable.
(Prior code § 9-374)
If any part of the outstanding bonds have matured or will mature
before the time for providing for the servicing of the new bonds,
or if interest shall have accrued or will so accrue, the Council may
provide for the issuance of additional new bonds in the amount thereof
and for their maturity. If the holders of the outstanding bonds or
coupons, or any other holders of outstanding bonds or coupons shall
have refused to accept exchange of bonds therefor, the Council shall
sell additional bonds in the amount thereof and deposit the proceeds
in the redemption fund. The outstanding bonds shall forthwith become
due and payable without premium, and shall no longer bear interest.
(Prior code § 9-375)
The supplemental security and remedy provisions of Part 13 (commencing
at Section 8800) of Division 10 of the Streets and Highways Code shall
apply. This section is adopted pursuant to Section 43240 of the Government
Code.
(Prior code § 9-376)
All of the provisions of this article shall constitute a contract
between the City and the holders of the bonds. From and after the
sale and delivery of any of the bonds, no amendment alteration or
modification of the bonds or of the coupons appertaining thereto or
of this article, which shall impair, impede or lessen the rights of
the holders of the bonds or the coupons appertaining thereto then
outstanding shall be made without the prior written consent or, alternatively,
the prior consent given at the bondholders' meeting, of the holders
of at least 66-2/3 percent of the aggregate principal amount of bonds
of the affected series then outstanding, unless the amendment, alteration
or modification be herein authorized.
(Prior code § 3-777)
Any amendment, alteration or modification which shall have received the consent of the holders of the percentage of said outstanding bonds as provided in Section 3.76.2050 of this code shall be binding on the holders of all of the bonds and coupons appertaining thereto, either attached to or detached from the bonds. If any alteration, amendment or modification shall affect less than all of an issue of outstanding bonds, then the provisions of Section 3.76.1930 of this code shall apply only to the series affected by the amendment, alteration or modification.
(Prior code § 9-379)
If the City shall desire to or shall be required to obtain the
consent of the bondholders to a proposed action, the Council may adopt
a resolution calling a meeting of the bondholders affected by the
proposed action for the purpose of considering the action, the consent
to which is desired or required.
(Prior code § 9-379)
The place, date and hour of holding the meeting and the date
or dates of publishing and mailing notice shall be determined by the
Council in its discretion.
(Prior code § 9-380)
Notice specifying the purpose, place, date and hour of the meeting
shall be given by mail and by publication at least once not less than
30 nor more than 60 days prior thereto in one or more financial papers
published in San Francisco or New York. The notice shall set forth
the nature of the proposed action, consent to which is desired or
required.
(Prior code § 9-381)
The Director of Finance shall mail notice by registered mail
to the last-known holders of bearer bonds, as shown by the records
in his or her office, and to the registered owners of any registered
bonds, at their addresses shown on the bond registry books.
(Prior code § 9-382)
The Director of Finance shall prepare and deliver to the chairperson
of the meeting a list of the names and addresses of the registered
owners of the bonds as shown on the bond registry books, and, to the
extent known by him or her, a list of the names and addresses of the
owners of bearer bonds, together with a statement of the maturities,
series and numbers of the bonds held and deposited by each and no
bondholder shall be entitled to vote at the meeting unless his or
her name appears upon the lists or unless, at the meeting, he or she
shall present his or her bond or bonds or a certificate of deposit
thereof.
(Prior code § 9-383)
A holder of bearer bonds may deposit his or her bonds with a
bank, trust company, investment banker, bond dealer or broker within
or without the State, and obtain from the depository a certificate
of deposit which shall constitute proof of ownership and entitled
the depositor named therein to vote upon filing it with the Director
of Finance who shall add it to the list of owners. The Director of
Finance may designate a depository where bonds may be deposited which
shall be an agency for that purpose.
(Prior code § 9-384)
No bondholder shall be permitted to vote with respect to a larger
aggregate principal amount of bonds than is set against his or her
name on the list, unless he or she shall produce the additional bonds
upon which he or she desires to vote or a certificate of deposit.
(Prior code § 9-385)
Attendance and voting by bondholders at the meeting may be by proxy. Owners of registered bonds may, by an instrument in writing under their hands, appoint any person as their proxy to vote at the meeting for them, and that instrument when presented at the meeting shall be sufficient to entitle that person to vote as the proxy of the registered owner. Any person may vote as the proxy of the owner of a bearer bond on presentation of the bond or certificate of deposit thereof and an instrument in writing under the hand of the bondholder appointing the person as his or her proxy to vote at the meeting for him or her, or if the instrument in writing has been delivered to the agency designated by the City at the time the bond was delivered to the agency as provided for in Section 3.76.2120 of this code and the person's name appears on the list delivered by the Director of Finance to the chairperson of the meeting, the certificate of deposit may verify him or her as the proxy of the owner of the bearer bond.
(Prior code § 9-386)
The Council shall present at the meeting a certificate, signed
and verified by the Director of Finance, stating the maturities, series
and numbers of all bonds owned by, or held for account of, the City
directly or indirectly. No person shall be permitted at the meeting
to vote or consent with respect to any bond which it shall be established
at or prior to the meeting is owned by the City directly or indirectly,
and no bond referred to as "issuer-owned bond" shall be counted in
determining whether a quorum is present at the meeting.
(Prior code § 9-387)
A representation of at least 66-2/3 percent in aggregate principal
amount of the bonds affected by the proposed action and then outstanding
(exclusive of issuer-owned bonds, if any) shall be necessary to constitute
a quorum at the meeting of bondholders, but less than a quorum may
adjourn the meeting, from time to time, and the meeting may be held
as so adjourned without further notice, whether the adjournment shall
have been by a quorum or less than a quorum.
(Prior code § 9-388)
The Council shall, by an instrument in writing, appoint a temporary
chairperson of the meeting, and the meeting shall be organized by
the election of a permanent chairperson and a secretary.
(Prior code § 9-389)
At the meeting, each bondholder shall be entitled to one vote
for every $1,000.00 principal amount of bonds with respect to which
he or she shall be entitled to vote, and the vote may be given in
person or by proxy. The Council, by its duly authorized representative,
may attend the meeting of the bondholders, but shall not be required
to do so.
(Prior code § 9-390)
At the meeting, there shall be submitted for the consideration
and action of the bondholders a statement of proposed action, consent
to which is desired or required, and if the action shall be consented
to and approved by the bondholders in person or by proxy holding at
least 66-2/3 percent in aggregate amount of the bonds affected by
the proposed action and then outstanding (exclusive of issuer-owned
bonds), the chairperson and the secretary of the meeting shall so
certify in writing to the Council, and the certificate shall constitute
complete evidence of the consent of the bondholders.
(Prior code § 9-391)
The actual receipt by a bondholder of the notice required to be given by Section 3.76.2090 of this code shall not be a condition precedent to the undertaking, notice of which is required to be given, and failure to receive notice shall not affect the validity of the proceedings thereat or prevent the notice from having the effect intended by the giving of notice, provided that notice has been published and has also been mailed to bondholders to the extent known to the Director of Finance. No irregularity in the form of the notice shall affect its validity provided notice has been given. A certificate signed by the chairperson and secretary of the meeting shall be conclusive evidence and the only competent evidence of the matters stated in the certificate relating to the proceedings taken at the meeting, as against all parties and it shall not be open to a bondholder to show that he or she failed to receive notice.
(Prior code § 9-392)
The certificate shall be filed in the office of the Director
of Finance and shall be kept on file so long as the bonds and the
interest thereon are outstanding and unpaid. A duplicate original,
if there is one, and if not, then a reproduced copy thereof including
the signatures thereon, shall be filed with the City Clerk who shall
likewise keep it filed with the papers of the proceedings authorizing
the issuance of the affected bonds.
(Prior code § 9-393)
One or more of the following events shall constitute an event
of default:
A.
Principal.
If default shall be made in the due and punctual payment of the principal
of a bond when and as the same shall become due and payable whether
at maturity as therein expressed, by proceedings for redemption, by
declaration or otherwise; or
B.
Interest.
If default shall be made in the due and punctual payment of an installment
of interest of a bond when and as the interest installment shall become
due and payable; or
C.
Covenants.
If default shall be made in the observation of any of the covenants,
agreements or conditions on its part herein or in the bonds contained,
any of the defaults shall have continued for a period of 30 days;
or
D.
Bankruptcy.
If the City shall file a petition or answer seeking reorganization
or arrangement under the Federal bankruptcy laws or other applicable
laws or statutes of the United States of America, or if a court of
competent jurisdiction shall approve a petition, filed with or without
the consent of the City seeking reorganization under the Federal bankruptcy
laws or other applicable laws or statutes of the United States of
America, or if under the provisions of other law for the relief or
aid of debtors any court of competent jurisdiction shall assume custody
or control of the City or of the whole or any substantial part of
its property.
(Prior code § 9-394)
Upon the happening of an event of default, the holders of not
less than 66-2/3 percent in aggregate principal amount of the bonds
at the time outstanding shall be entitled, upon notice in writing
to the City, to declare the principal of all of the bonds then outstanding
and the interest accrued thereon to be due and payable immediately,
and upon any declaration the same shall become and shall be immediately
due and payable.
(Prior code § 9-395)
All of any gross revenues pledged to the payment and security
of the bonds, including all sums in all of the funds provided therefor
upon the date of the happening of an event of default, and all sums
thereafter received by the City shall be applied by it, upon presentation
of the several bonds and coupons, and the stamping thereon of the
payment if only partially paid, or upon the surrender thereof if fully
paid, in the following order:
A.
Costs and Expenses. To the payment of the costs and expenses of the bondholders in declaring an event of default, including reasonable compensation to their agents, attorneys and counsel, and to the payment of the costs and expenses of the Director of Finance in carrying out the provisions of Sections 3.76.2220 through 3.76.2250, inclusive, of this code, including reasonable compensation to his or her agents, attorneys and counsel;
B.
Interest on Undue Bonds. In case the principal of the bonds shall not have become due and shall not then be due and payable, to the payment of the interest in default, first in the order of registration under Sections 3.76.1320 through 3.76.1360, inclusive, of this code, and then in the order of maturity of the installments of the interest;
C.
Principal and Interest on Due Bonds. In case the principal of the bonds shall have become and shall be then due and payable, to the payment of the principal and interest of the bonds, first, in the order of registration under Sections 3.76.1320 through 3.76.1360, inclusive, of this code, and then in the order of the maturity of the installments of principal and interest;
D.
Insufficient Funds. In case the moneys shall be insufficient to pay in full the whole amount so owing and unpaid upon the bonds, under subsection B or C of this section, then the moneys shall be applied to the payment, first, of interest, and then of principal, ratably to the aggregate of the interest or principal then due to the persons entitled thereto without discrimination or preference.
(Prior code § 9-396)
The City may refund any defaulted bonds by the issuance of new
bonds maturing after the maturity of the last bond issued under this
article, but otherwise on a parity as to payment with the bonds issued
under this article, and sell the bonds and use the proceeds to pay
the defaulted bonds, in which event the action shall be deemed to
avoid or cure a default under this article. With the consent of the
bondholder, the refunding bonds may be exchanged for the bonds refunded.
(Prior code § 9-397)
Subject to any contractual limitations binding upon the holders
of the bonds (including but not limited to, limitations upon the exercise
of a remedy to the bondholders holding a specific proportion or percentage
of the bonds), the holders of bonds shall have the right, for the
equal benefit and protection of all holders of bonds similarly situated,
in addition to those provided in the bond law:
A.
Accounting.
By action or suit in equity to require the City and the City Council
and other officers, agents and employees to account as the trustee
of an express trust;
B.
Injunction.
By action or suit in equity to enjoin acts or things which may be
unlawful or violate the rights of the bondholders; or
C.
Mandamus.
By mandamus or other suit, action or proceeding at law or in equity
to enforce his or her rights against the City and its City Council
and other officers, agents and employees, and to require and compel
it or them to perform and carry out its and their duties and obligations
under the law and its and their covenants and agreements with bondholders.
(Prior code § 9-398)
As to remedies of the bondholders:
A.
Cumulative.
No remedy conferred by this section or by the law is intended to be
exclusive of any other remedy, but each remedy is cumulative and in
addition to every other remedy and may be exercised without exhausting
and without regard to any other remedy conferred by this section or
by the law or by any other law;
B.
Waiver.
No waiver of a default or breach of duty or contract by any bondholder
shall extend to or shall affect a subsequent default or breach of
duty or contract or shall impair rights or remedies thereof;
C.
Delays.
No delay or omission of a bondholder to exercise a right or power
accruing upon a default shall impair the right or power or shall be
construed to be a waiver of the default or acquiescence thereof;
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; and
E.
Status
Quo. In case an action, suit or proceeding to enforce a right or exercise
a remedy shall be brought or taken and then discontinued or abandoned,
or shall be determined adversely to the bondholders, then, and in
every case, the City and the bondholders shall be restored to their
former positions and rights and remedies as if no suit action, or
proceedings had been brought or taken.
(Prior code § 9-399)
