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10052-10 Sewage Works Revenue Bonds
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10052-10 Sewage Works Revenue Bonds
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Last modified
1/25/2011 11:43:40 AM
Creation date
11/22/2010 4:15:13 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
11/8/2010
Ord-Res Number
10052-10
Bill Number
66-10
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owners of the 2010 Bonds by reason of its failure to mail such notice, and any such failure shall <br />not affect the validity of such supplemental ordinance when consented to and approved as herein <br />provided. <br />Whenever at any time within one year after the date of the mailing of such notice, the <br />City shall receive any instrument or instruments purporting to be executed by the owners of the <br />2010 Bonds of not less than sixty-six and two-thirds per cent (66-2/3%) in aggregate principal <br />amount of the 2010 Bonds then outstanding, which instrument or instruments shall refer to the <br />proposed supplemental ordinance described in such notice, and shall specifically consent to and <br />approve the adoption thereof in substantially the form of the copy thereof referred to in such <br />notice as on file with the Registrar, thereupon, but not otherwise, the City may adopt such <br />supplemental ordinance in substantially such form, without liability or responsibility to any <br />owners of the 2010 Bonds, whether or not such owners shall have consented thereto. <br />No owner of any 2010 Bond shall have any right to object to the adoption of such <br />supplemental ordinance or to object to any of the terms and provisions contained therein or the <br />operation thereof, or in any manner to question the propriety of the adoption thereof, or to enjoin <br />or restrain the City or its officers from adopting the same, or from taking any action pursuant to <br />the provisions thereof. Upon the adoption of any supplemental ordinance pursuant to the <br />provisions of this section, this Ordinance shall be, and shall be deemed, modified and amended <br />in accordance therewith, and the respective rights, duties and obligations under this Ordinance of <br />the City and all owners of 2010 Bonds then outstanding, shall thereafter be determined exercised <br />and enforced in accordance with this Ordinance, subject in all respects to such modifications and <br />amendments. Notwithstanding anything contained in the foregoing provisions of this Ordinance, <br />the rights and obligations of the City and of the owners of the 2010 Bonds, and the terms and <br />provisions of the 2010 Bonds and this Ordinance, or any supplemental ordinance, may be <br />modified or altered in any respect with the consent of the City and the consent of the owners of <br />all the 2010 Bonds then outstanding. <br />Without notice to or consent of the owners of the 2010 Bonds, the City may, from time to <br />time and at any time, adopt such ordinances supplemental hereto as shall not be inconsistent with <br />the terms and provisions hereof (which supplemental ordinances shall thereafter form a part <br />hereof), <br />(a) to cure any ambiguity or formal defect or omission in this Ordinance or in <br />any supplemental ordinance; or <br />(b) to grant to or confer upon the owners of the 2010 Bonds any additional <br />rights, remedies, powers, authority or security that may lawfully be granted to or <br />conferred upon the owners of the 2010 Bonds; or <br />(c) to procure a rating on the 2010 Bonds from a nationally recognized <br />securities rating agency designated in such supplemental ordinance, if such supplemental <br />ordinance will not adversely affect the owners of the 2010 Bonds; or <br />(d) to make any other change which is not to the prejudice of the owners of <br />the 2010 Bonds; or <br />-20- <br />
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