Each of the following events shall constitute an “event of default” with respect to the bonds:
(A) If default occurs in the due and punctual payment of the principal of, or interest on, any bonds;
(B) If default occurs in the issuer’s observance of any of the covenants, agreements, or conditions on its part relating to the bonds set forth in this subchapter, any supplemental resolution, or in the bonds, and such default shall have continued for a period of 30 days after the issuer shall have been given written notice of such default by the Commission, the depository bank, the Construction Trust Fund depository bank, the bond registrar, any paying agent, or a holder of a bond; or
(C) If the issuer files a petition seeking organization or arrangement under the federal bankruptcy laws or any other applicable law of the United States of America.
(Ord. passed - -)