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without the express consent of the owners of the Bonds affected, <br />reduce the principal amount of any Bond, reduce the interest rate <br />payable thereon, advance the earliest redemption date, extend its <br />,ftw maturity or the times for paying interest thereon or change the <br />monetary medium in which principal and interest is payable, nor <br />shall any such modification or amendment reduce the percentage of <br />consent required for amendment or modification. <br />Any act done pursuant to a modification or amendment so <br />consented to shall be binding upon all the owners of the Bonds and <br />shall not be deemed an infringement of any of the provisions of <br />this Resolution or of the Act, and may be done and performed as <br />fully and freely as if expressly permitted by the terms of this <br />Resolution, and after such consent relating to such specified <br />matters has been given, no owner shall have any right or interest <br />to object to such action or in any manner to question the propriety <br />thereof or to enjoin or restrain the Commission or any officer <br />thereof from taking any action pursuant thereto. <br />If the Commission shall desire to obtain any such <br />consent, it shall cause the Registrar to mail a notice, postage <br />prepaid, to the respective owners of the Bonds at their addresses <br />appearing on the registration books held by the Registrar. Such <br />notice shall briefly set forth the nature of the proposed <br />supplemental resolution and shall state that a copy thereof is on <br />file at the office of the Registrar for inspection by all owners of <br />the Bonds. The Registrar shall not, however, be subject to any <br />liability to any owners of the Bonds by reason of its failure to <br />mail the notice described in this Section 19, and any such failure <br />shall not affect the validity of such supplemental resolution when <br />consented to and approved as provided in this Section 19. <br />Whenever at any time within one year after the date of <br />the mailing of such notice, the Commission shall receive an <br />instrument or instruments purporting to be executed by the owners <br />of the Bonds of not less than sixty percent (60 %) in aggregate <br />principal amount of the Bonds then outstanding (exclusive of Bonds, <br />if any, owned by the Commission or the City), which instrument or <br />instruments shall refer to the proposed supplemental resolution <br />described in such notice, and shall specifically consent to and <br />approve the adoption thereof in substantially the form of the copy <br />thereof referred to in such notice as on file with the Registrar, <br />thereupon, but not otherwise, the Commission may adopt such <br />supplemental resolution in substantially such form, without <br />liability or responsibility to any owners of the Bonds, whether or <br />not such owner shall have consented thereto. <br />Whenever in this Resolution the consent of and notice to <br />any owners of Bonds is required, the consent of and notice to AMBAC <br />Indemnity Corporation, One State Street Plaza, New York, New York <br />10004, shall also be required. <br />-2- <br />