Authorizing the Issuance of Revenue Bonds re: improvements to the Waterworks, not to exceed Twenty-Two Million Five hundred thousand dollars (22,500,000); including the issuance of notes in anticipation of Bonds.

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(e) The provisions of this Ordinance shall constitute a contract by and between the City and the owners of the 1997 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 1997 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interest or premium, if any, thereon remains unpaid, except as expressly provided herein, this Ordinance shall not be repealed or amended in any respect which will.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. (f) The provisions of this Ordinance shall be construed to create a trust in the proceeds of the sale of the 1997 Bonds for the uses and purposes herein set forth, and the owners of the 1997 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 1997 Bonds shall have all the rights, remedies and privileges set forth in the Act. SECTION 22. Amendments~ith_Oonsent of Rondhnlders. Subject to the terms and provisions contained in this section and Sections 21 and 23, the owners of not less than sixty- six and two-thirds percent (F6 2/3 %) in aggregate principal amount of the 1997 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 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 1997 Bond or an advancement of the earliest redemption date on any 1997 Bond, without the consent of the holder of each 1997 Bond so affected; or (b) A reduction in the principal amount of any 1997 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 1997 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 1997 Bonds then outstanding; or -23-