|
<br />e
<br />
<br />e
<br />
<br />the Owners. The Issuer may, with the written consent of the Owners of a
<br />majority in aggregate principal amount of Bonds then outstanding affected
<br />thereby, and the insurer of any Bonds amend, change, modify, or rescind
<br />any provisions of this Ordinance; provided that without the consent of all of
<br />the Owners affected, no such amendment, change, modification, or rescission
<br />shall (i) extend the tiple or times of payment of the principal of and interest
<br />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
<br />of or interest on additional bonds on a parity with the lien of the Bonds,
<br />(ii) give any preference of any Bond over any other Bond, (ill) extend any
<br />waiver of default to subsequent defaults, or (iv) reduce the aggregate
<br />principal amount of Bonds required for consent to any such amendment,
<br />change, modification, or rescission. Whenever the Issuer shall desire to
<br />make any amendment or addition to or rescission of this Ordinance requiring
<br />consent of the Owners, the Issuer shall cause notice of the amendment,
<br />addition, or rescission to be given as described above for a notice of
<br />redemption. Whenever at any time within one year after the date of the
<br />giving of such notice, the Issuer shall receive an instrument or instruments
<br />in writing executed by the Owners of a majority in aggregate. principal
<br />amount of the Bonds then outstanding affected by any such amendment,
<br />addition, or rescission requiring the consent of Owners of Bonds, which
<br />instrument or instruments shall refer to the proposed amendment, addition,
<br />or rescission described in such notice and shall specifically consent to and
<br />approve the adoption thereof in substantially the form of the copy thereof
<br />referred to in such notice, thereupon, but not otherwise, the Issuer may
<br />adopt such amendment, addition, or rescission in substantially such form,
<br />except as herein provided. No' Owner may thereafter object to the adoption
<br />of such amendment, addition, or rescission, or to any of the provisions
<br />thereof, and such amendment, addition, or rescission shall be fully effective
<br />for all purposes.
<br />
<br />SECTION 23. PAYMENT PROCEDURE PURSUANT TO MUNICIPAL
<br />BOND GUARANTY INSURANCE POLICY. As long as the bond guaranty
<br />insurance shall be in full force and effect, the City and the Paying
<br />Agent/Registrar agree to comply with the following provisions:
<br />
<br />(a) If payment of principal or interest due on the Bonds has
<br />not been made to the Paying Agent/Registrar in time to pay the registered
<br />owners of the Bonds, the Paying Agent/Registrar or any registered owner to
<br />whom such payment is due shall so notify AMBAC Indemnity Corporation, by
<br />telephonic or telegraphic notice, subsequently confirmed in writing, or
<br />written notice by registered or certified mail. Such notice shall specify the
<br />amount of the anticipated deficiency, the Bonds to which such deficiency is
<br />applicable, and whether such Bonds will be deficient as to principal or
<br />interest, or both. AMBAC Indemnity, on the later of the date due for
<br />payment or within one business day after receipt of notice of nonpayment,
<br />will deposit sufficient money with the United States Trust Company of New
<br />York, as insurance trustee for AMBAC Indemnity or any successor insurance
<br />trustee (the "Insurance Trustee").
<br />
<br />(b) The Paying Agent/Registrar shall, after glvmg notice to
<br />AMBAC Indemnity as provided in (a) above, make available to AMBAC
<br />
<br />22
<br />
|