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. e Council. All funds crcated by this Ordinance shall be securcd in the manner and to the fullest extent requircd by law for the security of funds of the City. Section 10. DESIGNATION AS QUALIFIED TAX-EXEMYf BONDS. The City hereby designates the Bonds as "qualified tax-exempt bonds" as defined in section 265(b)(3) of the Internal Revenue Code of 1986, as amended (the "Code"). In furtherance of such designation, the City represents, covenants, and warrants the following: (a) during the calendar year in which the Bonds are issued, the City (including any subordinate entities) has not designated nor will designate bonds, which when aggregated with the Bonds, will result in more than $10,000,000 of "qualified tax- exempt bond~" being issued; (b) the City reasonably anticipates that the amount of tax-exempt obligations issued during the calendar year in which the Bonds are issued by the City (or any subordinate entities) will not exceed $10,000,000; and (c) .the City will take such action or refrain from such action as necessary in order that the Bonds will not be considered "private activity bonds" within the meaning of section 141 of the Code. Section 11. AMENDMENT OF ORDINANCE. (a) The holders of the Bonds aggregating in principal amount 51 % of the aggregate principal amount of then outstanding Bonds shall have the right from time to time to approve any amendment to this Ordinance which may be deemed necessary or desirable by the City; provided, however, that without the consent of the holders of all of the Bonds at the time outstanding, nothing herein contained shall permit or be construed to permit the amendment of the terms and conditions in this Ordinance or in the Bonds so as to: (1) Make any change in the maturity of the outstanding Bonds; (2) Reduce the rate of interest borne by any of the outstanding Bonds; (3) Reduce the amount of the principal payable on the outstanding Bonds; (4) Modify the terms of payment of principal of or interest on the outstanding Bonds or impose any conditions with respect to such payment; (5) Affect the rights of the holders of less than all of the Bonds then outstanding; (6) Change the minimum percentage of the principal amount of Bonds necessary for consent to such amendment. (b) if at any time the City shall desire to amend the Ordinance under this Section, the City shall cause notice of the proposed amendment to be [mailed to not less than 14 days before any action may be taken and] published in a financial newspaper or journal published in The City of New York, New York, once during each calendar week for at least two successive calendar weeks. Such notice shall briefly set forth the nature of the proposed amendment and shall state that a copy thereof is on file at the principal office of the Paying AgentlRegistrar for inspection by all holders of Bonds. Such publication is not required, however, if notice in writing is given to each holder of the Bonds. 13