Laserfiche WebLink
liability or responsibility to any owners of the Bonds, whether or not such owners shall have <br />consented thereto. <br />No owner of any Bond shall have any right to object to the adoption of such supplemental <br />ordinance or to object to any of the terms and provisions contained therein or the operation thereof, <br />or in any manner to question the propriety of the adoption thereof, or to enjoin or restrain the <br />Common Council from adopting the same, or from taking any action pursuant to the provisions <br />thereof. Upon the adoption of any supplemental ordinance pursuant to the provisions of this <br />section, this Ordinance shall be, and shall be deemed, modified and amended in accordance <br />therewith,and the respective rights,duties and obligations under this Ordinance of the City and all <br />owners of Bonds then outstanding shall thereafter be determined, exercised and enforced in <br />accordance with this Ordinance, subject in all respects to such modifications and amendments. <br />Notwithstanding anything contained in the foregoing provisions of this Ordinance, the <br />rights and obligations of the City and of the owners of the Bonds, and the terms and provisions of <br />the Bonds and this Ordinance,or any supplemental ordinance,may be modified or amended in any <br />respect with the consent of the City and the consent of the owners of all the Bonds then outstanding. <br />SECTION XXIV. Amendments Without Consent of Bondholders. The Common <br />Council may, from time to time and at any time,and without notice to or consent of the owners of <br />the Bonds, adopt such ordinances supplemental hereto (which supplemental ordinances shall <br />thereafter form a part hereof) provided, however, that if the BANs or Bonds are sold to the <br />Authority, the City shall obtain the prior written consent of the Authority before adopting any <br />ordinance or ordinances supplemental hereto: <br />a) To cure any ambiguity or formal defect or omission in this Ordinance or in <br />any supplemental ordinance; <br />b) To grant to or confer upon the owners of the Bonds any additional rights, <br />remedies, powers, authority or security that may lawfully be granted to or conferred upon the <br />owners of the Bonds; <br />c) To procure a rating on the Bonds from a nationally recognized securities <br />rating agency designated in such supplemental ordinance, if such supplemental ordinance, in the <br />determination of the Common Council in its sole discretion, will not materially and adversely <br />affect the owners of the Bonds; <br />d) To obtain or maintain bond insurance with respect to the Bonds; <br />e) To provide for the refunding or advance refunding of the Bonds; <br />f) To provide for the issuance of additional bonds as provided in Section XXI <br />hereof; <br />g) To provide for the sale of Bonds to the Authority as described in Section <br />XXVII hereof;or <br />h) To make any other change which, in the determination of the Common <br />Council in its sole discretion, is not to the material prejudice of the owners of the Bonds. <br />32 -