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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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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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9/24/2009 2:28:11 PM
Creation date
7/27/2009 3:45:48 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
6/23/1997
Ord-Res Number
8801-97
Bill Number
52-97
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(e) The provisions of this Ordinance shall constitute a contract by and <br />between the City and the owners of the 1997 Bonds, all the terms of which shall <br />be enforceable by any such owner by any and all appropriate proceedings in law <br />or in equity. After the issuance of the 1997 Bonds and so long as any of the <br />principal thereof or interest or premium, if any, thereon remains unpaid, except as <br />expressly provided herein, this Ordinance shall not be repealed or amended in any <br />respect which will. adversely affect the rights of such owners, nor shall the Council <br />or any other body of the City adopt any law, ordinance or resolution which in any <br />way adversely affects the rights of such owners. <br />(f) The provisions of this Ordinance shall be construed to create a trust <br />in the proceeds of the sale of the 1997 Bonds for the uses and purposes herein set <br />forth, and the owners of the 1997 Bonds shall retain a lien on such proceeds until <br />the same are applied in accordance with the provisions of this Ordinance and the <br />Act. The provisions of this Ordinance shall also be construed to create a trust in <br />the Net Revenues herein directed to be set apart and paid into the Sinking Fund for <br />the uses and purposes of that Fund as set forth in this Ordinance. The owners of <br />the 1997 Bonds shall have all the rights, remedies and privileges set forth in the <br />Act. <br />SECTION 22. Amendments~ith_Oonsent of Rondhnlders. Subject to the terms <br />and provisions contained in this section and Sections 21 and 23, the owners of not less than sixty- <br />six and two-thirds percent (F6 2/3 %) in aggregate principal amount of the 1997 Bonds and then <br />outstanding shall have the right, from time to time, to consent to and approve the adoption by the <br />Council of such ordinance or ordinances supplemental hereto, as shall be deemed necessary or <br />desirable by the City for the purpose of amending in any particular any of the terms or provisions <br />contained in this Ordinance, or in any supplemental Ordinance; provided, however, that nothing <br />herein contained shall permit or be construed as permitting: <br />(a) An extension of the maturity of the principal of or interest or <br />premium, if any, on any 1997 Bond or an advancement of the earliest redemption <br />date on any 1997 Bond, without the consent of the holder of each 1997 Bond so <br />affected; or <br />(b) A reduction in the principal amount of any 1997 Bond or the <br />redemption premium or the rate of interest thereon, or a change in the monetary <br />medium in which such amounts are payable, without the consent of the holder of <br />each 1997 Bond so affected; or <br />(c) The creation of a lien upon or a pledge of the Net Revenues ranking <br />prior to the pledge thereof created by this Ordinance, without the consent of the <br />holders of all 1997 Bonds then outstanding; or <br />-23- <br />
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