10-26-09 Common Council Meeting Agenda & Packet

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(j) The provisions of this Ordinance shall be construed to create a trust in the proceeds of the sale of the bonds herein authorized for the uses and purposes herein set forth, and the owners of the bonds shall retain a lien on such respective proceeds until the same are applied in accordance with the provisions of this Ordinance and of the Act. The provisions of this Ordinance shall also be construed to create a trust in the portion of the net revenues herein directed to be set apart and paid into the Sewage Works Sinking Fund for the uses and purposes of said fund as in this Ordinance set forth: The owner of said bonds shall have all of the rights, remedies and privileges set forth in the provisions of the Act, including the right to have a receiver appointed to administer said Sewage Works in the event of default in the payment or the principal of or interest on any of the bonds herein authorized or in the event of default in respect to any of the provisions of this Ordinance or the Act. The Common Council reserves the right, however, to amend this .Ordinance from time to time to preserve the Tax Exemption described in Section XTk hereof without the approval of any owner of the bonds so long as the Common Council. certifies that such amendment does not violate subsection (i) of Section XVII; provided, however, that if the Bonds are sold to the Authority, the City shall obtain the prior written consent of the Authority. Section 10. The following shall be added as the last sentence to the section of the Bond Ordinance labeled Section XXI. Supplemental Ordinances: Notwithstanding anything in this Section XXI of this Ordinance, as to any series of Bonds sold to the Authority pursuant to Section VIII of this Ordinance, no supplemental ordinance shall be adopted unless consented to in writing by the Authority. Section 11. All remaining terms and provisions of the Bond Ordinance remain in full force and effect. ***** -17- BDDBOl 586349Sv1