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10190-12 Refinance Waterworks revenue of 2002
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10190-12 Refinance Waterworks revenue of 2002
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Last modified
10/12/2012 12:35:11 PM
Creation date
10/12/2012 12:35:02 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
10/8/2012
Ord-Res Number
10190-12
Bill Number
53-12
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the City, except such as shall be made junior and subordinate in all respects to the 2012B Bonds, <br /> unless all of the 2012B Bonds are defeased, redeemed or retired coincidentally with the delivery <br /> of such additional bonds or other obligations. Such subordinate obligations shall be subject to the <br /> provisions of Section 20(d). <br /> (f) The provisions of this Ordinance shall constitute a contract by and <br /> between the City and the owners of the 2012B Bonds, all the terms of which shall be enforceable <br /> by any such owner by any and all appropriate proceedings in law or in equity. After the issuance <br /> of the 2012B Bonds and so long as any of the principal thereof or interest or premium, if any, <br /> thereon remains unpaid, except as expressly provided herein, this Ordinance shall not be <br /> repealed or amended in any respect which, in the determination of the Council in its sole <br /> discretion, will materially and adversely affect the rights of such owners, nor shall the Council or <br /> any other body of the City adopt any law, ordinance or resolution which, in the determination of <br /> the Council in its sole discretion, in any way materially and adversely affects the rights of such <br /> owners. <br /> The provisions of this Ordinance shall be construed to create a trust in the proceeds of the sale of <br /> the 2012B Bonds for the uses and purposes herein set forth, and the owners of the 2012B Bonds <br /> shall retain a lien on such proceeds until the same are applied in accordance with the provisions <br /> of this Ordinance and the Act. The provisions of this Ordinance shall also be construed to create <br /> a trust in the Net Revenues herein directed to be set apart and paid into the Sinking Fund for the <br /> uses and purposes of that Fund as set forth in this Ordinance. The owners of the 2012B Bonds <br /> shall have all the rights, remedies and privileges set forth in the Act. <br /> SECTION 22. Amendments With Consent of Bondholders. Subject to the terms and <br /> provisions contained in this section and Sections 21 and 23, the owners of not less than a <br /> majority in aggregate principal amount of the 2012B Bonds and then outstanding shall have the <br /> right, from time to time, to consent to and approve the adoption by the Council of such ordinance <br /> or ordinances supplemental hereto, as shall be deemed necessary or desirable by the City for the <br /> purpose of amending in any particular any of the terms or provisions contained in this Ordinance, <br /> or in any supplemental Ordinance; provided, however, nothing herein contained shall permit or <br /> be construed as permitting: <br /> (a) An extension of the maturity of the principal of or interest or premium, if <br /> any, on any 2012 Bond or an advancement of the earliest redemption date on any 2012 Bond, <br /> without the consent of the holder of each 2012 Bond so affected; or <br /> (b) A reduction in the principal amount of any 2012 Bond, the redemption <br /> premium, the Reserve Requirement therefor or the rate of interest thereon, or a change in the <br /> monetary medium in which such amounts are payable, without the consent of the holder of each <br /> 2012 Bond so affected; or <br /> (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 2012B <br /> Bonds then outstanding; or <br /> - 25 - <br />
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