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111. Notice of any default known to the Paying Agent/Registrar within five Business Days after knowledge thereof; IV. Prior notice of the advance refunding or redemption of any of the Bonds, including the principal amount, maturities and CUSIP numbers thereof; v. Notice of the resignation or removal of the Paying Agent/Bond Registrar and the appointment of, and acceptance of duties by, any successor thereto; VI. Notice of the commencement of any proceeding by or against the Issuer commenced under the United States Bankruptcy Code or any other applicable banlcruptcy, insolvency, receivership, rehabilitation or similar law (an "Insolvency Proceeding"); VII. Notice of the making of any claim in connection with any Insolvency Proceeding seeking the avoidance as a preferential transfer of any payment of principal of, or interest on, the Bonds; VIII. A full original transcript of all proceedings relating to the execution of any amendment or supplement to the Ordinance; and IX. All reports, notices and correspondence to be delivered under the terms of the Ordinance. ARTICLE XV AMENDMENTS; FURTHER PROCEDURES; AND SEVERABILITY Section 15.01. Amendments. This Ordinance shall not be amended or repealed by the City while any Bond remains outstanding, except as permitted by this Section. The City, without the consent of or notice to any Owner, from time to time and at any time, may amend this Ordinance in any manner not detrimental to the interests of the Owners, including the curing of any ambiguity, inconsistency, or formal defect or omission herein. In addition, the City, with the written consent of Owners holding a majority in aggregate principal amount of the Bonds then outstanding affected thereby, may amend, add to, or rescind any of the provisions of this Ordinance; provided that, without the consent of all Owners of then outstanding Bonds, no such amendment, addition, or recission shall (i) extend the time or times of payment of the principal of and interest on the Bonds, reduce the principal amount thereof, redemption price therefor, or the rate of interest thereon, or in any other way modify the terms of payment of the principal of or interest on the Bonds, (ii) give any preference to any Bond over any other Bond, or (iii) reduce the aggregate principal amount of Bonds required for. consent to any such amendment, addition, or recission. Section 15.02. Further Procedures. The officers and employees of the City are hereby authorized and directed from time to time and at any time to do and perform all such acts and things and to execute, acknowledge and deliver in the name and on behalf of and under the corporate seal of the City all such instruments, whether mentioned herein or not, as may be necessary or desirable in order to carry out the terms and provisions of this Ordinance, the initial sale and delivery of the Bonds, the Paying Agent/Registrar Agreement, and the Official Statement. In addition, prior to the initial delivery of the Bonds, the Mayor, the City Manager or Director of Finance of the City, and Bond Counsel are hereby authorized and directed to approve any technical changes or corrections to this Ordinance or to any of the instruments authorized and approved by this Ordinance San Marcos WS 2005A Ordinance 11-16-2005 38