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O-1990-1728
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O-1990-1728
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Last modified
11/2/2016 3:38:49 PM
Creation date
10/25/2006 4:08:53 PM
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Legislative Records
Legislative Type
Ordinance
Date
9/27/1990
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<br />e <br /> <br />e <br /> <br />(c) Whenever at any time not less than 30 days, and within one year, from the date of the <br />first publication of said notice or other service of written notice the City shall receive an instrument <br />or instruments executed by the holders of at least 51 % in aggregate principal amount of all Parity <br />Bonds then outstanding, which instrument or instruments shall refer to the proposed amendment <br />described in said notice and which specifically consent to and approve such amendment in <br />substantially the form of the copy thereof on file with the Paying AgentlRegistrar, the City Council <br />may pass the amendatory ordinance in substantially the same form. <br /> <br />(d) Upon the passage of any amendatory ordinance pursuant to the provisions of this <br />Section, this Ordinance shall be deemed to be amended in accordance with such amendatory <br />ordinance, and the respective rights, duties and obligations under this Ordinance of the City and <br />all the holders of then outstanding Parity Bonds shall thereafter be determined, exercised. and <br />enforced hereunder, subject in all respects to such amendments. <br /> <br />(e) Any consent given by the holder of a Parity Bond pursuant to the provisions of this <br />Section shall be irrevocable for a period of six months from the date of the first publication of <br />the notice provided for in this Section, and shall be conclusive and binding upon all future holders <br />of the same Parity Bond during such period. Such consent may be revoked at any time after six <br />months from the date of the first publication of such notice by the holder who gave such consent, <br />or by a successor in title, by filing notice thereof with the Paying Agent and the City, but such <br />revocation shall not be effective if the holders of 51 % in aggregate principal amount of the then <br />outstanding Parity Bonds as in this Section defined have, prior to the attempted revocation, <br />consented to and approve the amendment. <br /> <br />(t) For the purpose of this Section the fact of the holding of Parity Bonds issued in regis- <br />tered form without coupons and the amounts and numbers of such Parity Bonds and the date of <br />their holding same shall be proved by the Registration Books of the Paying AgentlRegistrar. For <br />purposes of this Section, the holder of a Parity Bond shall be the owner thereof as shown on such <br />Registration Books. The City may conclusively assume that such ownership continues until written <br />notice to the contrary is served upon the City. <br /> <br />(g) The foregoing provisions of this Section notwithstanding, the City by action of the City <br />Council may amend this Ordinance for anyone or more of the following purposes: <br /> <br />.(1) To add to the covenants and agreements of the City in this Ordinance <br />contained, other covenants and agreements thereafter to be observed, grant additional <br />rights or remedies to bondholders, or to surrender, restrict, or limit any right or power <br />herein reserved to or conferred upon the City; <br /> <br />(2) To make such provisions for the purpose of curing any ambiguity, or curing, <br />correcting, or supplementing any defective provision contained in this Ordinance, or in <br />regard to clarifying matters or questions arising under this Ordinance, as are necessary or <br />desirable and not contrary to or inconsistent with this Ordinance and which shall not <br />adversely affect the interests of the holders of the Parity Bonds; <br /> <br />21 <br />
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