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,, <br />• ., <br />~r <br />' 11.5. The gross and net revenues of the dispen- <br />sary will be used and applied only as prescribed in paragraph <br />7 hereof and its subdivisions. The Village will at all <br />.times maintain operating policies concerning the purchase <br />.and sale of merchandise and do and perform all other acts <br />and things necessary to assure that the net revenues col.- <br />. lected will be at least sufficient to meet all payment of <br />principal and interest on the bonds and to. establish and <br />maintain the reserve therefor above defined. <br />11.6. In the event that moneys in said "Liquor <br />Dispenary Fund" shall at any time be insufficient to pay <br />principal and interest then due on bonds payable from the <br />.Sinking and Interest Account, said money shall first be <br />applied to pay pro rata the accrued interest on all such <br />bonds then outstanding, and the balance shall be applied <br />in payment of maturing principal, in order of the serial <br />numbers, lowest numbers first, of the bonds which are then <br />due and payable except that as between bonds of different <br />.series maturing on the same date, the bonds of the series <br />first issued shall be paid first. <br />11.7.. The appropriation and pledge of revenues <br />hereinabove made to the Liquor Dispensary Fund and its <br />subaccounts shall at all times constitute an irrevocable <br />pledge and prior lien upon the net revenues of the munici- <br />pal liquor store and appropriation for the benefit and <br />security of the holders of bonds issued hereunder, and <br />the Village will not issue any additional bonds or other <br />evidences of indebtedness or incur or suffer to be incurred <br />any obligation payable from said revenues on a parity of <br />lien with the bonds herein authorized, except as expressly. <br />authorized in paragraphs 9 and 10. <br />11.8. Each and all of the foregoing provisions <br />of this resolution which in any wise tend to secure or assure <br />prompt and full payment of the principal of and interest on <br />bonds issued hereunder will be promptly and faithfully per- <br />formed and carried out by the Village and its officers and <br />agents. <br />11.9. The holders of 20% or more in aggregate <br />principal amount of bonds under this resolution and at <br />any time outstanding may, either by law or in equity, by <br />suit, action, or other proceedings, protect and enforce <br />the rights of all holders of bonds issued hereunder and <br />then outstanding, or enforce and compel the performance <br />of any and all of the covenants and duties herein specified <br />to be performed by the Village or its officers and agents. <br />-15- <br />