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05-26-09 Common Council Meeting Agenda & Packet
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05-26-09 Common Council Meeting Agenda & Packet
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5/21/2009 4:06:32 PM
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5/21/2009 4:06:25 PM
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City Council - City Clerk
City Council - Document Type
Agendas
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described in such notice, and shall specifically consent to and approve the adoption thereof in <br />substantially the form of the copy thereof referred to in such notice as on file with the Registrar, <br />thereupon, but not otherwise, the City may adopt such supplemental ordinance in substantially <br />such form, without liability or responsibility to any owners of the 2009 Bonds, whether or not <br />such owners shall have consented thereto. <br />No owner of any 2009.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 Council from adopting the same, or from taking any action pursuant to the <br />provisions thereof. Upon the adoption of any supplemental ordinance pursuant to the provisions <br />of his section, this Ordinance shall be, and shall be deemed, modified and amended in <br />accordance therewith, and the respective rights, duties and obligations under this Ordinance of <br />the City and all owners of 2009 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. <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 2009 Bonds, and the terms and <br />provisions of the 2009 Bonds and this Ordinance, or any supplemental ordinance, may be <br />modified or amended in any respect with the consent of the City and the consent of the owners of <br />all the 2009 Bonds then outstanding. <br />SECTION 23. Amendments Without Consent of Bondholders. The Council <br />may, from time to time and at any time, and without notice to or consent of the owners of the <br />2009 Bonds, adopt such ordinances supplemental hereto (which supplemental ordinances shall <br />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; <br />(b) To grant to or confer upon the owners of the 2009 Bonds any additional <br />rights, remedies, powers, authority or security that may lawfully be granted to or conferred upon <br />the owners of the 2009 Bonds; <br />(c) To procure a rating on the 2009 Bonds from a nationally recognized <br />securities rating agency designated in such supplemental ordinance, if such supplemental <br />ordinance, in the determination of the Council in its sole discretion, will not materially and <br />adversely affect the owners of the 2009 Bonds; <br />(d) To obtain or maintain bond insurance with respect to the 2009 Bonds; <br />hereof; or <br />(e) To provide for the refunding or advance refunding of the 2009 Bonds; <br />(f) To provide for the issuance of additional bonds as provided in Section 20 <br />-28- <br />
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