06-08-20 Agenda Packet - Laserfiche WebLink

Home Browse Search

without the prior written consent of the Authority if such undertaking would involve, commit, or use the revenues of the Sewage Works. e) Except as provided in Section 20 hereof, so long as any of the Refunding Bonds are outstanding, no additional bonds or other obligations pledging any portion of the revenues of the Sewage Works shall be authorized, executed, or issued by the City except such as shall be made subordinate and junior in all respects to the Refunding Bonds, unless all of the Refunding Bonds are redeemed, retired, or defeased coincidentally with the delivery of such additional bonds or other obligations. f) The City shall take all action or proceedings necessary and proper to require connection of all property where liquid and solid waste, sewage, night soil, or industrial waste is produced with available sanitary sewers. The City shall,insofar as possible,cause all such sanitary sewers to be connected with the Sewage Works. g) This Ordinance shall not be repealed or amended in any respect which will adversely affect the rights of the owners of any Refunding Bonds, nor shall the Common Council adopt any law, ordinance or resolution which in any way adversely affects the rights of such owners so long as any of said bonds or the interest thereon remains unpaid. h) The provisions of this Ordinance shall be construed to create a trust in the proceeds of the sale of the Refunding Bonds for the uses and purposes herein set forth. The provisions of this Ordinance shall also be construed to create a trust in the portion of the Net Revenues herein directed to be set apart and paid into the Sinking Fund and for the uses and purposes of said Sinking Fund as set forth in this Ordinance. The owners of the Refunding Bonds shall have all of the rights, remedies and privileges set forth under the Act in the event of default in the payment of the principal of or interest on any of the Refunding Bonds or in the event of default with respect to any of the provisions of this Ordinance or the Act. SECTION 22. Amendments With Consent of Bondholders. Subject to the terms and provisions contained in this section, and not otherwise, the owners of not less than sixty-six and two-thirds percent (66-2/3%) in aggregate principal amount of the Refunding Bonds then outstanding shall have the right, from time to time, anything contained in this Ordinance to the contrary notwithstanding, to consent to and approve the adoption by the City of such ordinance or ordinances supplemental hereto as shall be deemed necessary or desirable by the City for the purpose of modifying, altering, amending, adding to or rescinding in any particular any of the terms or provisions contained in this Ordinance, or in any supplemental ordinance; provided, however, that nothing herein contained shall permit or be construed as permitting: a) An extension of the maturity of the principal of or interest or premium, if any, on any Refunding Bond or an advancement of the earliest redemption date on any Refunding Bond; or b) A reduction in the principal amount of any Refunding Bond or the redemption premium or the rate of interest thereon, or a change in the monetary medium in which such amounts are payable; or 19 -