|
<br />e
<br />
<br />e
<br />
<br />investments are together certified by an independent public accounting finn of national reputation to be of such
<br />amounts, maturities, and interest payment dates and to bear such interest as will, without further investment or
<br />reinvestment of either the principal amount thereof or the interest earnings therefrom, be sufficient to make such
<br />payment. At such times as a Certificate shall be deemed to be paid hereunder, as aforesaid, they shall no longer be
<br />entitled to the benefits of this Ordinance, except for the purposes of any such payment from such money or
<br />Governmental Obligations.
<br />
<br />SECTION 17. ORDINANCE A CONTRACT: AMENDMENTS. This Ordinance shall constitute a
<br />contract with the Owners, from time to time, of the Certificates, binding on the City and its successors and assigns,
<br />and shall not be amended or repealed by the City as long as any Certificate remains outstanding except as pennitted
<br />in this Section. The City may, without the consent of or notice to any Owners, amend, change, or modify this
<br />Ordinance as may be required (i) by the provisions hereof, (ii) in connection with the adoption of any Parity Bonds
<br />Ordinances, (Hi) for the purpose of curing any ambiguity, inconsistency, or fonnal defect or omission herein, or (iv)
<br />in connection with any other change which is not to the prejudice of the Owners. The City may, with the written
<br />consent of the Owners ofa majority in aggregate principal amount of Certificates then outstanding affected thereby,
<br />amend, change, modify, or rescind any provisions of this Ordinance; provided, however, that without the consent of
<br />all of the Owners affected, no such amendment, change, modification, or rescission shall (i) extend the time or times
<br />of payment of the principal of and interest on the Certificates, reduce the principal amount thereof to the rate of
<br />interest thereon, or in any other way modify the tenns of payment of the principal of or interest on bonds or
<br />certificates on a parity with the lien of the Certificates, (ii) give any preference of any Certificate over any other
<br />Certificate, (Hi) extend any waiver of default to subsequent defaults, or (iv) reduce the aggregate principal amount of
<br />Certificates required for consent to any such amendment, change, modification, or rescission. When the City desires
<br />to make any amendment or addition to or rescission of this Ordinance requiring consent of the Owners, the City
<br />shall cause notice of the amendment, addition, or rescission to be given as described above for a notice of
<br />redemption. When at any time within one year after the date of the giving of such notice, the City shall receive an
<br />instrument or instruments in writing executed by the appropriate number of Owners of the Certificates then
<br />outstanding affected by any such amendment, addition, or rescission requiring the consent of Owners, which
<br />instrument or instruments shall refer to the proposed amendment, addition, or rescission described in such notice and
<br />shall specifically consent to and approve the adoption thereof in substantially the fonn of the copy thereof referred
<br />to in such notice, thereupon, but not otherwise, the City may adopt such amendment, addition, or rescission in
<br />substantially such fonn, except as herein provided. No Owner may thereafter object to the adoption of such
<br />amendment, addition, or rescission, or to any of the provisions thereof, and such amendment, addition, or rescission
<br />shall be fully effective for all purposes.
<br />
<br />SECTION 18. CONTINUING DISCLOSURE. (a) Annual Reports. The City shall provide annually to
<br />each nationally-recognized municipal securities infonnation repository ("NRMSIR") and to any state infonnation
<br />depository ("SID"), within six months after the end of each fiscal year ending in or after 2000, financial infonnation
<br />and operating data with respect to the City of the general type included in the final Official Statement authorized by
<br />Section 15 of this Ordinance, being the infonnation described in Exhibit B hereto. Any financial statements so to be
<br />provided shall be (I) prepared in accordance with the accounting principles described in Exhibit B hereto and (2)
<br />audited, if the City commissions an audit of such statements and the audit is completed within the period during
<br />which they must be provided. If the audit of such fmancial statements is not complete within such period, the City
<br />shall provide audited fmancial statements for the applicable fiscal year to each NRMSIR and any SID when and if
<br />the audit report on such statements becomes available.
<br />
<br />If the City changes its fiscal year, it will notify each NRMSIR and any SID of the change (and of the date
<br />of the new fiscal year end) prior to the next date by which the City otherwise would be required to provide financial
<br />infonnation and operating data pursuant to this Section.
<br />
<br />The financial infonnation and operating data to be provided pursuant to this Section may be set forth in full
<br />in one or more documents or may be included by specific reference to any document (including an official statement
<br />or other offering document) if it is available from the Municipal Securities Rulemaking Board (the "MSRB") that
<br />theretofore has been provided to each NRMSIR and any SID or filed with the Securities and Exchange Commission
<br />(the "SEC").
<br />
<br />15
<br />
|