|
<br />e
<br />
<br />e
<br />
<br />Initial Purchaser, [Insurance Company], the Paying AgentlRegistrar, and the registered owners of
<br />the Bonds, any right, remedy, or claim under or by reason of this Ordinance or any covenant,
<br />condition, or stipulation hereof, and all covenants, conditions, stipulations, promises, and agreements
<br />in this Ordinance contained by and on behalf of the City shall be for the sole and exclusive benefit
<br />of the City, the Initial Purchaser, [Insurance Compauy], the Paying AgentlRegistrar, and the owners
<br />of the Bonds.
<br />
<br />Section 24. ORDINANCE A CONTRACT; AMENDMENTS. This Ordinance shall
<br />constitute a contract with the owners, from time to time, of the Bonds, binding on the Issuer and
<br />its successors and assigns, and shall not be amended or repealed by the Issuer as long as any Bond
<br />remains outstanding except as permitted in this Section. The Issuer may, without the consent of
<br />or notice to any owners, amend, change, or modify this Ordinance as may be required (i) by the
<br />provisions hereof, (ii) in connection with the issuance of any additional bonds, (iii) for the purpose
<br />of curing any ambiguity, inconsistency, or formal defect or omission herein, or (iv) in connection
<br />with any other change which is not to the prejudice of the owners. The Issuer may, with the
<br />written consent of the owners of a majority in aggregate principal amount of Bonds then
<br />outstanding affected thereby, and the insurer of any Bonds amend, change, modify, or rescind any
<br />provisions of this Ordinance; provided that without the consent of all of the owners affected, no
<br />such amendment, change, modification, or rescission shall (i) extend the time or times of payment
<br />of the principal of and interest on the Bonds, reduce the principal amount thereof to the rate of
<br />interest thereon, or in any other way modify the terms of payment of the principal of or interest
<br />on additional bonds on a parity with the lien of the Bonds, (ii) give any preference of any Bond
<br />over any other Bond, (iii) extend any waiver of default to subsequent defaults, or (iv) reduce the
<br />aggregate principal amount of Bonds required for consent to any such amendment, change,
<br />modification, or rescission. Whenever the Issuer shall desire to make any amendment or addition
<br />to or rescission of this Ordinance requiring consent of the owners, the Issuer shall cause notice of
<br />the amendment, addition, or rescission to be given as described above for a notice of redemption.
<br />Whenever at any time within one year after the date of the giving of such notice, the Issuer shall
<br />receive an instrument or instruments in writing executed by the owners of a majority in aggregate
<br />principal amount of the Bonds then outstanding affected by any such amendment, addition, or
<br />rescission requiring the consent of owners of Bonds, which instrument or instruments shall refer
<br />to the proposed amendment, addition, or rescission described in such notice and shall specifically
<br />consent to and approve the adoption thereof in substantially the form of the copy thereof referred
<br />to in such notice, thereupon, but not otherwise, the Issuer may adopt such amendment, addition,
<br />or rescission in substantially such form, except as herein provided. No owner may thereafter object
<br />to the adoption of such amendment, addition, or rescission, or to any of the provisions thereof,
<br />and such amendment, addition, or rescission shall be fully effective for all purposes.
<br />
<br />20
<br />
|