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Ord 2009-034
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Ord 2009-034
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Last modified
8/6/2009 8:18:22 AM
Creation date
6/22/2009 10:59:17 AM
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City Clerk
City Clerk - Document
Ordinances
City Clerk - Type
Certificates of Obligation
Number
2009-34
Date
6/16/2009
Volume Book
182
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OR TORT, FOR DAMAGES RESULTING IN WHOLE OR IN PART FROM ANY BREACH BY <br />THE CITY, WHETHER NEGLIGENT OR WITHOUT FAULT ON ITS PART, OF ANY <br />COVENANT SPECIFIED IN THIS ARTICLE, BUT EVERY RIGHT AND REMEDY OF ANY <br />SUCH PERSON, IN CONTRACT OR TORT, FOR OR ON ACCOUNT OF ANY SUCH <br />BREACH, NOTWITHSTANDING ANY PROVISION OF THIS ORDINANCE TO THE <br />CONTRARY, SHALL BE LIMITED TO AN ACTION FOR MANDAMUS OR SPECIFIC <br />PERFORMANCE. <br />(c) No default by the City in observing or performing its obligations under this Article <br />shall comprise a breach of or default under the Ordinance for purposes of any other provision of this <br />Ordinance. <br />(d) Nothing in this Article is intended or shall act to disclaim, waiver, or otherwise limit <br />the duties of the City under federal state securities laws. <br />(e) The provisions of this Article may be amended by the City from time to time to adapt <br />to changed circumstances that arise from a change in legal requirements, a change in law, or a change <br />in the identity, nature, status, or type of operations of the City, but only if (1) the provisions of this <br />Article, as so amended, would have permitted an underwriter to purchase or sell Certificates in the <br />primary offering of the Certificates in compliance with the Rule, taking into account any amendments <br />or interpretations of the Rule to the date of such amendment, as well as such changed circumstances, <br />and (2) either (a) the Owners of a majority in aggregate principal amount (or any greater amount <br />required by any other provision of this Ordinance that authorizes such an amendment) of the <br />Outstanding Certificates consent to such amendment or (b) a person that is unaffiliated with the City <br />(such as nationally recognized bond counsel) determines that such amendment will not materially <br />impair the interests ofthe Owners and beneficial owners of the Certificates. The City may also repeal <br />or amend the provisions of this Article if the SEC amends or repeals the applicable provisions of the <br />Rule or any court of final jurisdiction enters judgment that such provisions of the Rule are invalid, but <br />in either case only if and to the extent that the provisions of this sentence would not prevent an <br />underwriter from lawfully purchasing or selling Certificates in the primary offering of the Certificates. <br />If the City so amends the provisions of this Article, it shall include with any amended financial <br />information or operating data next provided in accordance with Section 12.02 an explanation, in <br />narrative form, of the reasons for the amendment and of the impact of any change in the type of <br />financial information or operating data so provided. <br />ARTICLE XIII <br />AMENDMENTS; FURTHER PROCEDURES; AND SEVERABILITY <br />Section 13.01. Amendments. <br />This Ordinance shall not be amended or repealed by the City while any Certificate remains <br />outstanding, except as permitted by this Section. The City, without the consent of or notice to any <br />Owner, from time to time and at any time, may amend this Ordinance in any manner not <br />detrimental to the interests of the Owners, including the curing of any ambiguity, inconsistency, or <br />formal defect or omission herein. In addition, the City, with the written consent of Owners holding <br />San Marcos CTRCO 2009: Ordinance 36
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