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Refunding of Outstanding Sewage Works Revenue Bonds of 2006, 2007B in the Principal Amount not to Exceed $28,000,000
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Refunding of Outstanding Sewage Works Revenue Bonds of 2006, 2007B in the Principal Amount not to Exceed $28,000,000
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Last modified
12/2/2015 12:24:16 PM
Creation date
12/2/2015 12:24:06 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
11/23/2015
Ord-Res Number
10406-15
Bill Number
71-15
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(e) A reduction in the aggregate principal amount of the 2015 Bonds required <br /> for consent to such supplemental ordinance. <br /> If the City shall desire to obtain any such consent, it shall cause the Registrar to mail a <br /> notice, postage prepaid, to the addresses appearing on the registration books held by the <br /> Registrar. Such notice shall briefly set forth the nature of the proposed supplemental ordinance <br /> and shall state that a copy thereof is on file at the office of the Registrar for inspection by all <br /> owners of the 2015 Bonds. The Registrar shall not, however, be subject to any liability to any <br /> owners of the 2015 Bonds by reason of its failure to mail such notice, and any such failure shall <br /> not affect the validity of such supplemental ordinance when consented to and approved as herein <br /> provided. <br /> Whenever at any time within one year after the date of the mailing of such notice, the <br /> City shall receive any instrument or instruments purporting to be executed by the owners of the <br /> 2015 Bonds of not less than sixty-six and two-thirds per cent (66-2/3%) in aggregate principal <br /> amount of the 2015 Bonds then outstanding, which instrument or instruments shall refer to the <br /> proposed supplemental ordinance described in such notice, and shall specifically consent to and <br /> approve the adoption thereof in substantially the form of the copy thereof referred to in such <br /> notice as on file with the Registrar, thereupon, but not otherwise, the City may adopt such <br /> supplemental ordinance in substantially such form, without liability or responsibility to any <br /> owners of the 2015 Bonds, whether or not such owners shall have consented thereto. <br /> No owner of any 2015 Bond shall have any right to object to the adoption of such <br /> supplemental ordinance or to object to any of the terms and provisions contained therein or the <br /> operation thereof, or in any manner to question the propriety of the adoption thereof, or to enjoin <br /> or restrain the City or its officers from adopting the same, or from taking any action pursuant to <br /> the provisions thereof. Upon the adoption of any supplemental ordinance pursuant to the <br /> provisions of this section, this Ordinance shall be, and shall be deemed, modified and amended <br /> in accordance therewith, and the respective rights, duties and obligations under this Ordinance of <br /> the City and all owners of 2015 Bonds then outstanding, shall thereafter be determined exercised <br /> and enforced in accordance with this Ordinance, subject in all respects to such modifications and <br /> amendments. Notwithstanding anything contained in the foregoing provisions of this Ordinance, <br /> the rights and obligations of the City and of the owners of the 2015 Bonds, and the terms and <br /> provisions of the 2015 Bonds and this Ordinance, or any supplemental ordinance, may be <br /> modified or altered in any respect with the consent of the City and the consent of the owners of <br /> all the 2015 Bonds then outstanding. <br /> SECTION 23. Amendments Without Consent of Bondholders. Without notice <br /> to or consent of the owners of the 2015 Bonds, the City may, from time to time and at any time, <br /> adopt such ordinances supplemental hereto as shall not be inconsistent with the terms and <br /> provisions hereof(which supplemental ordinances shall thereafter form a part hereof), <br /> (a) to cure any ambiguity or formal defect or omission in this Ordinance or in <br /> any supplemental ordinance; or <br /> - 18 - <br />
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