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11-28-11 Council Agenda & Packet
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11-28-11 Council Agenda & Packet
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11/23/2011 1:59:12 PM
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City Council - City Clerk
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(c) The creation of a lien upon or a pledge of the Net Revenues ranking prior <br /> to the pledge thereof created by this Ordinance, without the consent of the holders of all 2012 <br /> Bonds then outstanding; or <br /> (d) A preference or priority of any 2012 Bond over any other 2012 Bond, <br /> without the consent of the holders of all 2012 Bonds then outstanding; or <br /> (e) A reduction in the aggregate principal amount of the 2012 Bonds required <br /> for consent to such supplemental ordinance, without the consent of the holders of all 2012 Bonds <br /> then outstanding. <br /> If the City shall desire to obtain any such consent, it shall cause the Registrar to mail a <br /> notice, postage prepaid, to the addresses appearing on the Registration Record. Such notice shall <br /> briefly set forth the nature of the proposed supplemental ordinance and shall state that a copy <br /> thereof is on file at the office of the Registrar for inspection by all owners of the 20I2 Bonds. <br /> The Registrar shall not, however, be subject to any liability to any owners of the 2012 Bonds by <br /> reason of its failure to mail such notice, and any such failure shall not affect the validity of such <br /> supplemental ordinance when consented to and approved as herein 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 /> 2012 Bonds of not less than a majority in aggregate principal amount of the 2012 Bonds then <br /> outstanding, which instrument or instruments shall refer to the proposed supplemental ordinance <br /> described in such notice, and shall specifically consent to and approve the adoption thereof in <br /> substantially the form of the copy thereof referred to in such notice as on file with the Registrar, <br /> thereupon, but not otherwise, the City may adopt such supplemental ordinance in substantially <br /> such form, without liability or responsibility to any owners of the 2012 Bonds, whether or not <br /> such owners shall have consented thereto. <br /> No owner of any 2012 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 Council from adopting the same, or from taking any action pursuant to the <br /> provisions thereof. Upon the adoption of any supplemental ordinance pursuant to the provisions <br /> of his section, this Ordinance shall be, and shall be deemed, modified and amended in <br /> accordance therewith, and the respective rights, duties and obligations under this Ordinance of <br /> the City and all owners of 2012 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. <br /> Notwithstanding anything contained in the foregoing provisions of this Ordinance, the <br /> rights and obligations of the City and of the owners of the 2012 Bonds, and the terms and <br /> provisions of the 2012 Bonds and this Ordinance, or any supplemental ordinance, may be <br /> modified or amended in any respect with the consent of the City and the consent of the owners of <br /> all the 2012 Bonds then outstanding. <br /> -27 - <br />
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