O-1991-1755 - Laserfiche WebLink

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e e permits and authorizations applicable to or necessary with respect to the System. (k) No Competition. To the extent it legully may, it will not operate, grant any franchise, or permit the acquisition, construction, or operation of, any facilities which would be in competition with the System, and to the extent that it legally may, the City will prohibit any such competing facilities. SECTION 17. AMENDMENT OF ORDINANCE. (a) The holders of the Parity Bonds aggregating in principal amount 51% of the aggregate principal amount of then outstanding Parity Bonds shnll 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 Parity 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 Parity Bonds so as to: (1) Make any change in the maturity of the outstanding Parity Bonds; (2) Reduce the rate of interest borne by any of the ou ts tanding' Purity Bonds; (3) Reduce the amount of the principal', payable on the ou ts tanding Purity Bonds; (4) Modify the terms of payment of principal of or interest on the outstanding Parity Bonds or impose any conditions with respect to such payment; (5) Affect the rights of the holders of less than all of the Parity Bonds then outstanding; (6) Change the minimum percentage of the principal amount of Parity 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 he 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 sholl briefly set forth the nature of the proposed amendment and shull state that a copy thereof is on file at the principal office of the Paying Agentl Registrar for inspection by all holders of Parity Bonds. Such publication is not required, however, If notice in writing is given to each holder of the Previously Issued Parity Bonds, Honds, and Additional Bonds'. (c) Whenever at any lime not less than 30 days, and within one year, from the date of the first publication of, said notice or other service of written notice the City shall receive all instrument or Instruments executed 20