Refunding of Outstanding Sewage Works Revenue Bonds of 2006, 2007B in the Principal Amount not to Exceed $28,000,000

Home Browse Search

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 2015 Bonds, unless all of the 2015 Bonds are redeemed, retired, or defeased coincidentally with the delivery of such additional bonds or other obligations. (1) 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 (g) This Ordinance shall not be repealed or amended in any respect which will adversely affect the rights of the owners of any 2015 Bonds, nor shall the Common Council adopt any law, ordinance or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 2015 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 Fund as set forth in this Ordinance. The owners of the 2015 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 2015 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 2015 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 2015 Bond or an advancement of the earliest redemption date on any 2015 Bond; or (b) A reduction in the principal amount of any 2015 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 (c) The creation of a lien upon or a pledge of the revenues of the Sewage Works ranking prior to the pledge thereof created by this Ordinance; or (d) A preference or priority of any 2015 Bond or 2015 Bonds over any other 2015 Bond or 2015 Bonds; or 17