435

OverviewVersionsHelp

Facsimile

Transcription

Status: Complete

409

Net Revenues of the Dormitory System, exclusive of the facilities to be sold or the use of which is to be abandoned and inclusive of the facilities that may be provided in replacement thereof, with any other revenues pledged as security for the bonds, shall be, in the fiscal year next succeeding such sale or abandonment, not less than one and thirty-five hundredths (1.35) times the average Principal and Interest Requirements on account of all bonds then outstanding under the provisions of this Resolution.

Notwithstanding any other provision of this Resolution, the Board may discontinue the operation of either or both Battle-Vance-Pettigrew and Smith Halls, or may sell or dispose of eithe or both of said Halls, if and whenever the Board or the Executive Committee shall determine by resolution that no net income can thereafter be reasonably anticipated therefrom. The proceeds of any sale made under the authority of this Section shall be deposited to the credit of the Dormitory System Bond and Interest Sinking Fund Account of 1963.

ARTICLE VIII.

Remedies.

Section 801. In case the time for the payment of any coupon or the interest on any temporary bond without coupons shall be extended, whether or not such extension be by or with the consent of the Board, such coupon or such interest so extended shall not be entitled in case of default hereunder to the benefit or security of this Resolution except subject to the prior payment in full of the principal of all bonds then outstanding and of all coupons and interest the time for the payment of which shall not have been extended.

Section 802. Each of the following events is hereby declared "an event of default", that is to say: If

(a) payment of the principal and premium, if any, of any of the bonds shall not be made when the same shall become due and payable, either at maturity or by proceedings for redemption or otherwise; or

(b) payment of any instalment of interest shall not be made within thirty (30) days after the same shall become due and payable; or

(c) the Board shall discontinue for more than thirty (30) days or unreasonably delay or fail to carry on with reasonable dispatch the construction of the Project or any Additional Facilities for which bonds shall be issued under the provisions of this Resolution; or

(d) the Board shall for any reason be rendered incapable of fulfilling its obligations thereunder; or

(e) the Dormitory System or any part thereof, except in the circumstances mentioned in the fourth sentence of Section 709 of this Resolution, shallbe de stroyed or damaged and shall not be promptly repaired, replaced or reconstructed (whether such failure promptly to repair, replace or reconstruct the same be due to the impracticability of such repair, replacement or reconstruction or to lack of funds therefor or for any other reason); or

(f) final judgment for the payment of money shall be rendered against the Board as a result of the ownership, control or operation of the Dormitory System and any such judgment shall not be discharged within sixty (60) days from the entry thereof or an appeal shall not be taken therefrom or from the order, decree or process upon which or pursuant to which such judgment shall have been granted or entered, in such manner as to set aside or stay the execution of or levy under such judgment, order, decree or process or the enforcement thereof; or

Notes and Questions

Nobody has written a note for this page yet

Please sign in to write a note for this page