|
<br />e
<br />
<br />e
<br />
<br />time to do and perform all such acts and things and to execute, acknowledge, and deliver in the name and under the
<br />seal and on behalf of the City, all such instruments, whether or not herein mentioned, as may be necessary or
<br />desirable in order to carry out the terms and provisions of this Ordinance, the Bonds, and the Official Statement.
<br />Prior to the initial delivery of the Bonds, the Mayor and Bond Counsel to the City are hereby authorized and directed
<br />to approve any technical changes or corrections to this Ordinance or to any of the instruments authorized by this
<br />Ordinance necessary in order to (i) correct any ambiguity or mistake or properly or more completely document the
<br />transactions contemplated and approved by this Ordinance, (ii) obtain a rating from any of the national bond rating
<br />agencies, or (iii) obtain the approval of the Bonds by the Texas Attorney General's office.
<br />
<br />Section 18. ORDINANCE A CONTRACT: AMENDMENTS. This Ordinance shall constitute a contract
<br />with the Owners, from time to time, of the Bonds, binding on the City and its successors and assigns, and shall not
<br />be amended or repealed by the City as long as any Bond remains outstanding except as permitted in this Section.
<br />The City may, without the consent of or notice to any owners, amend, change, or modify this Ordinance as may be
<br />required (i) by the provisions hereof, (ii) in connection with the issuance of any additional bonds, (iii) for the
<br />purpose of curing any ambiguity, inconsistency, or formal defect or omission herein, or (iv) in connection with any
<br />other change which is not to the prejudice of the Owners. The City may, with the written consent of the Owners ofa
<br />majority in aggregate principal amount of Bonds then outstanding affected thereby, and the insurer of any Bonds
<br />amend, change, modify, or rescind any provisions of this Ordinance; provided that without the consent of all of the
<br />Owners affected, no such amendment, change, modification, or rescission shall (i) extend the time or times of
<br />payment of the principal of and interest on the Bonds, reduce the principal amount thereof to the rate of interest
<br />thereon, or in any other way modify the terms of payment of the principal of or interest on additional bonds on a
<br />parity with the lien of the Bonds, (ii) give any preference of any Bond over any other Bond, (iii) extend any waiver
<br />of default to subsequent defaults, or (iv) reduce the aggregate principal amount of Bonds required for consent to any
<br />such amendment, change, modification, or rescission. Whenever the City shall desire to make any amendment or
<br />addition to or rescission of this Ordinance requiring consent of the Owners, the City shall cause notice of the
<br />amendment, addition, or rescission to be given as described above for a notice of redemption. Whenever at any time
<br />within one year after the date of the giving of such notice, the City shall receive an instrument or instruments in
<br />writing executed by the Owners of a majority in aggregate principal amount of the Bonds then outstanding affected
<br />by any such amendment, addition, or rescission requiring the consent of Owners of Bonds, which instrument or
<br />instruments shall refer to the proposed amendment, addition, or rescission described in such notice and shall
<br />specifically consent to and approve the adoption thereof in substantially the form of the copy thereof referred to in
<br />such notice, thereupon, but not otherwise, the City may adopt such amendment, addition, or rescission in
<br />substantially such form, 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 19. MISCELLANEOUS. (a) Titles Not Restrictive. The titles assigned to the various sections of
<br />this Ordinance are for convenience only and shall not be considered restrictive of the subject matter of any section or
<br />of any part of this Ordinance.
<br />
<br />(b) Inconsistent Provisions. All ordinances, orders, and resolutions, or parts thereof, which are in conflict or
<br />inconsistent with any provision of this Ordinance are hereby repealed and declared to be inapplicable, and the
<br />provisions of this Ordinance shall be and remain controlling as to the matters prescribed herein.
<br />
<br />(c) Severability. [f any word, phrase, clause, paragraph, sentence, part, portion, or provision of this
<br />Ordinance or the application thereof to any person or circumstances shall be held to be invalid, the remainder of this
<br />Ordinance shall nevertheless be valid and the Council hereby declares that this Ordinance would have been enacted
<br />without such invalid word, phrase, clause, paragraph, sentence, part, portion, or provisions.
<br />
<br />(d) Governine. Law. This Ordinance shall be construed and enforced in accordance with the laws of the
<br />State of Texas.
<br />
<br />17
<br />
|