Ord 1986-125 - Laserfiche WebLink

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Section 27. AMENDMENT OF ORDINANCE. The holders of Bonds and Additional Bonds aggregating in principal amount 51% of the aggregate principal amount of then outstanding Bonds and Additional Bonds shall have the right from time to time to approve Any amendment to this Ordinance which may be deemed necessary or desirable by the City, provided, however, that without the consent of the holders of all of the Bonds and Additional Bonds at the time outstanding. nothing herein contained shall permit or be construed to permit the amendment of the terms and conditions in this Ordinance or so as to: (1) Additional Bonds; (2) Reduce the rate of interest borne by any of the outstanding Bonds or Additional Bonds; Make any change in the maturity of the outstanding Bonds or (3) Reduce the amount of the principal payable on the outstanding Bonds or Additional Bonds; (4) Modify the terms of payment of principal of or interest on the outstanding Bonds or Additional Bonds, or impose any conditions with respect to such payment; (5) Affect the rights of the holders of less than all of the Bonds and Additional Bonds then outstanding; (6) Change the minimum percentage of the principal amount of Bonds and Additional Bonds necessary for consent to such amendment. (b) If at any time the City shall desire to amend the Ordinance under this Section, the City shall cause notice, of the proposed amendment to be published in a financial newspsper or journal published in the City of New York, New York, once during each calendar week for at least two successive calendar weeks. Such notice shan briefly set forth the nature of the proposed amendment and shall state that a copy thereof is on file at the principal office of the Paying Agent/Registrar for inspection by an Holders of Bonds and Additional Bonds. Such publication is not required, however, if notice in writing is given to each Holder of Bonds and Addi tional Bonds. (c) Whenever at any time not less than thirty days, and within one year, from the date of the first publication of said notice or other service of written notice the City shall receive an instrument or instruments executed by the Holders of at least 51 % in aggregate principal amount of all Bonds and Additional Bonds then outstanding, which instrument or instruments shan refer to the proposed amendment described in said notice and which specifically consent to and approve such amendment in substantially the form of the copy thereof on file with the Paying Agent/Registrar, the City Council may pass the amendatory ordinance in substantially the same form. (d) Upon the passage of any amendatory ordinance pursuant to the provisions of this Section, this Ordinance shall be deemed to be amended in accordance with such amendatory ordinance, and the respective rights, duties and obligations under this Ordinance of the City and all the holders of then outstanding 1O37f -30-