05-26-09 Common Council Meeting Agenda & Packet

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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 2009 Bonds shall have all the rights, remedies and privileges set forth in the Act. SECTION 22. Amendments With Consent of Bondholders. Subject to the terms and provisions contained in this section and Sections 21 and 23, the owners of not less than a majority in aggregate principal amount of the 2009 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 any portion of the 2009 Bonds are sold to the Indiana Finance Authority through the SRF Program or to the Indiana Bond Bank, the City shall obtain the prior written consent of the Indiana Finance Authority or the Indiana Bond Bank, as the case may be; 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 2009 Bond or an advancement of the earliest redemption date on any 2009 Bond, without the consent of the holder of each 2009 Bond so affected; or (b) A reduction in the principal amount of any 2009 Bond or the redemption premium or the rate of interest thereon, or a change in the monetary medium in which such amounts are payable, without the consent of the holder of each 2009 Bond so affected; or (c) The creation of a lien upon or a pledge of the Net Revenues ranking prior to the pledge thereof created by this Ordinance, without the consent of the holders of all 2009 Bonds then outstanding; or (d) A preference or priority of any 2009 Bond over any other 2009 Bond, without the consent of the holders of a112009 Bonds then outstanding; or (e) A reduction in the aggregate principal amount of the 2009 Bonds required for consent to such supplemental ordinance, without the consent of the holders of a112009 Bonds then outstanding. If the City shall desire to obtain any such consent, it shall cause the Registrar to mail a notice, postage prepaid, to the addresses appearing on the Registration Record. Such notice shall briefly set forth the nature of the proposed supplemental ordinance and shall state that a copy thereof is on file at the office of the Registrar for inspection by all owners of the 2009 Bonds. The Registrar shall not, however, be subject to any liability to any owners of the 2009 Bonds by reason of its failure to mail such notice, and any such failure shall not affect the validity of such supplemental ordinance when consented to and approved as herein provided. Whenever at any time within one year after the date of the mailing of such notice, the City shall receive any instrument or instruments purporting to be executed by the owners of the 2009 Bonds of not less than a majority in aggregate principal amount of the 2009 Bonds then outstanding, which instrument or instruments shall refer to the proposed supplemental ordinance -27-