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exchange for the outstanding Original Bonds now held by the Bond Bank, in order to evidence <br /> the modification of such Call Rights and the receipt of the Call Rights Modification Credit <br /> (clauses (a) and (b), collectively, the "Transaction"), is in the best interests of the City and is <br /> consistent with and in furtherance of the purposes for which the City was created and exists. <br /> Accordingly, the City is hereby authorized to modify the Call Rights and to execute and deliver <br /> the Amended Bonds, all in accordance with the terms and conditions of this Supplemental <br /> Ordinance. <br /> SECTION II. The Amended Bonds. In accordance with the Act and for the purpose of <br /> the Transaction, the City shall execute and deliver its amended bonds designated as the "City of <br /> South Bend, Indiana, Amended Waterworks Revenue Bonds of 2009, Series B", in an original <br /> aggregate principal amount not to exceed the aggregate principal amount of the Original Bonds <br /> which are currently outstanding (the "Amended Bonds"), and exchange the Amended Bonds for <br /> all of the outstanding Original Bonds. <br /> SECTION III. Except where inconsistent with the provisions of this Supplemental <br /> Ordinance, the terms and conditions of the Amended Bonds shall be the same as those of the <br /> outstanding Original Bonds as provided in the Original Ordinance; provided, however, if <br /> requested by the Bond Bank, the Amended Bonds may be issued as one or more term bonds <br /> subject to mandatory sinking fund redemption payments. The form of the Amended Bonds shall <br /> be substantially in the form set forth in the Original Ordinance, with such conforming changes as <br /> shall be necessary to reflect the terms and conditions set forth in this Supplemental Ordinance <br /> and in the Amended Purchase Agreement (as defined herein), including the modification of the <br /> Call Rights. The Amended Bonds shall be executed and delivered in the same manner and in <br /> accordance with the terms and conditions of the Original Ordinance and the Act. <br /> SECTION IV. Redemption Provisions of the Amended Bonds. Notwithstanding <br /> anything in the Original Ordinance, the Original Purchase Agreement or the Original Bonds to <br /> the contrary, (a) if in the best interests of the City as determined by the Controller of the City (the <br /> "Controller"), the Call Rights may be modified so that the Amended Bonds shall be subject to <br /> redemption at the option of the City on any date on or after the first optional redemption date on <br /> the Refunding Bond Bank Bonds (if any), at a redemption price equal to the principal amount <br /> thereof so called for redemption plus accrued interest to the date fixed for redemption, or(b) if in <br /> the best interests of the City as determined by the Controller, the Call Rights may be waived so <br /> that the Amended Bonds shall not be subject to optional redemption prior to maturity. <br /> SECTION V. Application of Call Rights Modification Credit. The Common Council <br /> hereby agrees that the Call Rights Modification Credit shall be applied to reduce one or more <br /> semi-annual debt service payments on the Original Bonds, and that such reductions of one or <br /> more semi-annual debt service payments shall be evidenced by the Amended Bonds. Prior to the <br /> undertaking of the Refunding Program, the Controller is authorized to select the manner by <br /> which the City desires to apply the Call Rights Modification Credit to the debt service <br /> payment(s) on the Amended Bonds, and to notify the Bond Bank, in writing, of such <br /> determination. The determination of the manner for applying the Call Rights Modification Credit <br /> shall be set forth in a schedule to be attached to the Amended Purchase Agreement (as defined <br /> herein). The Common Council of the City hereby further authorizes the Mayor, the City Clerk <br /> 3 <br />