Authorizing Issuance of Revenue Bonds concerning construction of Improvements to Waterworks, not to exceed $2,050,000

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(e) Except as otherwise specifically provided in Section 20 of this Ordinance and in the Prior Ordinances, so long as any of the 1999 Bonds are outstanding, no additional bonds or other obligations pledging any portion of the revenues of the works shall be issued by the City, except such as shall be made junior and subordinate in all respects to the 1999 Bonds, unless all of the 1999 Bonds are defeased, redeemed or retired coincidentally with the delivery of such additional bonds or other obligations. Such subordinate obligations shall be subject to the provisions of Section 20(d). (f) The provisions of this Ordinance shall constitute a contract by and between the City and the owners of the 1999 Bonds, all the terms of which shall be enforceable by any such owner by any and all appropriate proceedings in law or in equity. After the issuance of the 1999 Bonds and so long as any of the principal thereof or interest or premium, if any, thereon remains unpaid, except as expressly provided herein, this Ordinance shall not be repealed or amended in any respect which will adversely affect the rights of such owners, nor shall the Council or any other body of the City adopt any law, ordinance or resolution which in any way adversely affects the rights of such owners; provided, however, that if the 1999 Bonds are sold to the Indiana Bond Bank or the State of Indiana to finance Eligible Costs, the City shall obtain the prior written consent of the State of Indiana prior to any amendment of this Ordinance. (g) The provisions of this Ordinance shall be construed to create a trust in the proceeds of the sale of the 1999 Bonds for the uses and purposes herein set forth, and the owners ofthe 1999 Bonds shall retain a lien on such proceeds until the same are applied in accordance with the provisions of this Ordinance and the Act. The provisions of this Ordinance shall also be construed to create a trust in the Net Revenues herein directed to be set apart and paid into the Sinking Fund for the uses and purposes of that Fund as set forth in this Ordinance. The owners of the 1999 Bonds shall have all the rights, remedies and privileges set forth in the Act. SECTION 22. Amendments With Consent ofBondholders. Subject to the terms and provisions contained in this section and Sections 21 and 23, the owners ofnot less than sixty-six and two-thirds percent (66 2/3%) in aggregate principal amount of the 1999 Bonds and then outstanding shall have the right, from time to time, to consent to and approve the adoption by the Council of such ordinance or ordinances supplemental hereto, as shall be deemed necessary or desirable by the City for the purpose of amending in any particular any of the terms or provisions contained in this Ordinance, or in any supplemental Ordinance; provided, however, that if the 1999 Bonds are sold to the State of Indiana or the Indiana Bond Bank to finance Eligible Costs, the City shall obtain the prior written consent of the State of Indiana; provided, further, 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 1999 Bond or an advancement of the earliest redemption -24-