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No. 2390 a bond resolution authorizing the issuance of City of South Bend, Indiana, Redevelopment District Tax Increment Revenue Bonds of 2007 (Douglas Road Economic Development Area project)
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No. 2390 a bond resolution authorizing the issuance of City of South Bend, Indiana, Redevelopment District Tax Increment Revenue Bonds of 2007 (Douglas Road Economic Development Area project)
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(f) Any other purpose which in the judgment of the Commission does <br />not adversely affect the interests of the owners of the Bonds. <br />SECTION 20. Modification and Amendment. This Resolution and the rights <br />and obligations of the Commission and the owners of the Bonds may be modified or amended at <br />any time by supplemental resolutions adopted by the Commission with the consent of the owners <br />of the Bonds holding at least sixty percent (60%) in aggregate principal amount of the <br />outstanding Bonds (exclusive of Bonds, if any, owned by the Commission or the City); provided, <br />however, that no such modification or amendment shall, without the express consent of the <br />owners of the Bonds affected, reduce the principal amount of any Bond, reduce the interest rate <br />or premium payable thereon, advance the earliest redemption date, extend its maturity or the <br />times for paying interest thereon, permit a privilege or priority of any Bond or Bonds over any <br />other Bond or Bonds, create a lien securing any Bonds other than a lien ratably securing all of <br />the Bonds outstanding, or change the monetary medium in which principal and interest are <br />payable, nor shall any such modification or amendment reduce the percentage of consent <br />required for amendment or modification. <br />Any act done pursuant to a modification or amendment so consented to shall be <br />binding upon all the owners of the Bonds and shall not be deemed an infringement of any of the <br />provisions of this Resolution or of the Act, and may be done and performed as fully and freely as <br />if expressly permitted by the terms of this Resolution, and after such consent relating to such <br />specified matters has been given, no owner shall have any right or interest to object to such <br />action or in any manner to question the propriety thereof or to enjoin or restrain the Commission <br />or any officer thereof from taking any action pursuant thereto. <br />If the Commission shall desire to obtain any such consent, it shall cause the <br />Registrar to mail a notice, postage prepaid, to the respective owners of the Bonds at their <br />addresses appearing on the registratio~l books held by the Registrar. Such notice shall briefly set <br />forth the nature of the proposed supplemental resolution and shall state that a copy thereof is on <br />file at the office of the Registrar for inspection by all owners of the Bonds. The Registrar shall <br />not, however, be subject to any liability to any owners of the Bonds by reason of its failure to <br />mail the notice described in this Section 20, and any such failure shall not affect the validity of <br />such supplemental resolution when consented to and approved as provided in this Section 20. <br />Whenever at any time within one year after the date of the mailing of such notice, <br />the Commission shall receive an instrument or instruments purporting to be executed by the <br />owners of the Bonds of not less than sixty percent (60%) in aggregate principal amount of the <br />Bonds then outstanding (exclusive of Bonds, if any, owned by the Commission or the City), <br />which instrument or instruments shall refer to the proposed supplemental resolution described in <br />such notice, and shall specifically consent to and approve the adoption thereof in substantially <br />the form of the copy thereof referred to in such notice as on file with the Registrar, thereupon, <br />but not otherwise, the Commission may adopt such supplemental resolution in substantially such <br />form, without liability or responsibility to any owners of the Bonds, whether or not such owner <br />shall have consented thereto. <br />BDDB01 4912282v3 - 25 - <br />
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