No. 0925 authorizing the issuance/sale of special taxing district bonds of the SB redevelopment district for purpose of raising money for property acquisition and redevelopment in the Studebaker Corridor Dev Area

Home Browse Search

as provided in the Resolution, shall be a legal holiday or a day on which banking institutions in the City or the city in which the Paying Agent is located are typically closed, such payment may be made or act performed or right exercised on the next succeeding day not a legal holiday or a day on which such banking institutions are typically closed, with the same force and effect as if done on the nominal date provided in this Resolution, and no interest shall accrue for the period after such nominal date. SECTION 15. The Commission may, without the consent of, or notice to, any of the owners of the Bonds, adopt a supplemental resolution for any one or more of the following purposes: (a) To cure any ambiguity or formal defect or omission in this Resolution; (b) To grant to or confer upon the owners of the Bonds any additional benefits, rights, remedies, powers, or authority or security that may lawfully be granted to or conferred upon the owners of the Bonds; (c) To modify, amend or supplement this Resolution to permit the qualification of the Bonds for sale under the securities laws of the United States of America or of any of the states of the United States of America; (d) To provide for the refunding or advance refunding of the Bonds; or (e) To procure a rating on the Bonds from a nationally recognized securities rating agency designated in such supplemental resolution, if such supplemental resolution will not adversely affect the owners of the Bonds. SECTION 16. This Resolution, and the rights and obligations of the Commission and the owners of the Bonds may be modified or amended at any time by supplemental resolutions adopted by the Commission with the consent of the owners of the Bonds holding at least sixty percent (60 %) in aggregate principal amount of the outstanding Bonds (exclusive of Bonds, if any, owned by the Commission or the City); provided, however, that no such modification or amendment shall, without the express consent of the owners of the Bonds affected, reduce the principal amount of any Bond, reduce the interest rate payable thereon, advance the earliest redemption date, extend its maturity or the times for E paying interest thereon, permit a privilege or priority of any Bond or Bonds over any other Bond or Bonds, create a lien securing any Bonds other than a lien ratably securing all of the Bonds outstanding, or change the monetary medium in which -19- \ rlhill\ studbakr \corrproj \lufnlbnd;la;Apri1 6, 1990;