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Autthorizing the acquistion, construction, and installation of certain improvements and extensions to sewage works, the issuance and sale of additional revenue bonds
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Autthorizing the acquistion, construction, and installation of certain improvements and extensions to sewage works, the issuance and sale of additional revenue bonds
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6/25/2009 8:45:24 AM
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6/25/2009 8:45:23 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
6/22/1998
Ord-Res Number
8919-98
Bill Number
51-98
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outstanding shall have the right, from time to time, anything contained in this Ordinance to the <br />contrary notwithstanding, to consent to and approve the adoption by the City of such ordinance or <br />ordinances supplemental hereto as shall be deemed necessary or desirable by the City for the purpose <br />of modifying, altering, amending, adding to or rescinding in any particular any of the terms or <br />provisions contained in this Ordinance, or in any supplemental ordinance; provided, however, that <br />if the 1998 Bonds are sold to the Bond Bank or the State, the City shall obtain the prior written <br />consent of the State; and provided, further, that nothing herein contained shall permit or be construed <br />as permitting: <br />(a) An extension of the maturity of the principal of or interest on any bond <br />issued pursuant to this Ordinance; or <br />(b) A reduction in the principal amount of any bond or the redemption <br />premium or the rate of interest thereon; or <br />(c) The creation of a lien upon or a pledge of the net revenues of the <br />sewage works ranking prior to the pledge thereof created by this Ordinance; or <br />(d) A preference or priority of any bond or bonds issued pursuant to this <br />Ordinance over any other bond or bonds issued pursuant to the provisions of this Ordinance; <br />or <br />(e) A reduction in the aggregate principal amount of the bonds required <br />for consent to such supplemental ordinance. <br />The owners of not less than sixty-six and two-thirds percent (66-2/3%) in aggregate <br />principal amount of the bonds outstanding at the time of adoption of such supplemental ordinance <br />shall have consented to and approved the adoption thereof by written instrument to be maintained <br />on file in the office of the Controller of the City. No owner of any bond issued pursuant to this <br />Ordinance shall have any right to object to the adoption of such supplemental ordinance or to object <br />to any of the terms and provisions contained therein or the operation thereof, or in any manner to <br />question the propriety of the adoption thereof, or to enjoin or restrain the City or its officers from <br />adopting the same, or from taking any action pursuant to the provisions thereof. Upon the adoption <br />of any supplemental ordinance pursuant to the provisions of this Section, this Ordinance shall be, <br />and shall be deemed, modified and amended in accordance therewith, and the respective rights, <br />duties and obligations under this Ordinance of the City and all owners of bonds issued pursuant to <br />-27- <br />::ODMA\PCDOCS\SBDOCS 1 \ i 494713 <br />
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