Laserfiche WebLink
Party and as liquidated damages from First Party to Second Party if First Party fails or refuse <br />to make the volume of conversions hereinabove provided for, and (2) for return tq First Party <br />if First Party completes its guaranteed volume of conversions, said deposit to be subject to <br />interim return to First Party in ratable amounts as partial conversions are effected or if'Sec <br />Party is unable to make delivery of Refunding Bonds; PROVIDED, further, it is agreed that said <br />Trustee Bank shall accept as evidence in this regard a certificate of the Escrow Bank (here- <br />inabove provided for).reciting the par amount of Refunding Bonds originally deposited with,it. <br />for conversion purposes, the date of instructions covering such deposit (Deposit Instructions <br />shall bear a date f'irom which the performance schedule can be calculated and a copy thereof <br />executed on behalf of Second Part and authenticated by First Party, shall be delivered to the <br />Trustee Bank), and the par value of Refunding Bonds remaining on deposit with it for conversion <br />as of the date named in the certificate, which said date shall conform to the conversion <br />schedule hereinabove specifically set forth; PROVIDED, further, that First Party shall have <br />a fixed and continuous right to complete its employment undertaking in accordance with the <br />schedules hereinabove in (1), (2), and (3) of this section set forth, if it sucessively meets <br />the conversion schedules guaranteed in (1)9 (2), and (3) of (A) of this Section, however, at <br />any time subsequent to the date.determined under (1) of (A) of this Section, Second Party shall <br />have a right to rescind or cancel any uncompleted portion of this contract of employment upon <br />sixty (64) days notice in writing to First Party, but, in that event, a calculation shall be <br />made as to the interest -due to maturity on the Original Bonds retired hereunder and the interest <br />due to maturity on the Refunding Bonds issued in lieu thereof and, as a condition precedent to <br />the rescission or cancellation, Second Party shall cause to be paid to First Party a sum equal <br />to such portion of the interest differential as may be necessary to pay the First Party the sum <br />it would have received if the contract of.employment-had been fully completed and had not been <br />rescinded or cancelled; <br />(B) That, in order for First Party to be able to supply necessary information to <br />inquiring bandhblders, Second Party does hereby agree it will permit First Party to. have access <br />to all information regarding its financial affairs; <br />(C) That any taxes heretofore levied for Original Bonds, as and when they are not <br />needed for payment thereon because of conversion hereunder, shall be paid into the Interest and <br />Sinking Fund Account of the Refunding Bonds issued in lieu thereof and as a fund in addition to <br />the sums hereinabove provided to be appropriated annually for the Refunding Bonds and shall be <br />used in the manner in which said Interest and Sinking Funds for Refunding Bonds are hereinabove <br />provided to be used; <br />(D) That, at any time Second Party may be so requested by First Party, such of said <br />Refunding Bonds (any'part-or.all•) as may be sold under the law shall be offered for sale in the <br />._4N' <br />manner provided by law, such sale•to be for the purpose of providing funds with which to call <br />for payment any of the Original Bonds which may be callable or with'which to pay such of the <br />Original Bonds as the owners thereof have agreed in writing to accept payment before maturity; <br />I <br />and, if a bid of par and interest, or better, is obtained for such Refunding. Bonds so offered, <br />it shall be considered that, to the extent of the par amount of Refunding Bonds for which such <br />bid is received, such bid shall be considered as standing in lieu of an actual conversion of an <br />equal par amount of Original Bonds for Refunding Bonds in determining the amount First Party is <br />entitled to be paid for se"ices hereunder; PROVIDED, however, that if any lower bid is reeeivei <br />which the Board of County Commissioners of Second Party desires to accept, and does so accept, <br />then, and in that event, such bid so accepted shall be considered as standing in lieu of an <br />actual conversion of an equal par amount of Original Bonds for Refunding Bonds in determlinjig_: <br />the amount First Party is entitled to be paid for services hereunder. <br />J <br />1 <br />1 <br />