Res 2023-208R approving a Resolution by the Board of Directors of the Alliance Regional Water Authority authorizing the issuance of Alliance Regional Water Authority bond anticipation note (Regional Water Supply Contract Project), Series 2023

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Note may be modified or amended at any time without notice to or the consent of any Registered Owner of the Note, solely for any one or more of the following purposes: (i) To add to the covenants and agreements of the Board contained in this Resolution, other covenants and agreements thereafter to be observed, or to surrender any right or power reserved to or conferred upon the Board in this Resolution; (ii) To cure any ambiguity or inconsistency, or to cure or correct any defective provisions contained in this Resolution, upon receipt by the Board of an opinion of counsel, that the same is needed for such purpose, and will more clearly express the intent of this Resolution; (iii) To supplement the security for the Note or change the form of the Note or make such other changes in the provisions hereof as the Board may deem necessary or desirable and which shall not, in the judgment of the Board, materially adversely affect the interests of the owners of the Note; (iv) To make any changes or amendments requested by any Rating Authority then rating or requested to rate the Note, as a condition to the issuance or maintenance of a rating, which changes or amendments do not, in the judgment of the Board, materially adversely affect the interests of the owners of the Note; (v) To make such other changes in the provisions hereof as the Board may deem necessary or desirable and which shall not, in the judgment of the Board, materially adversely affect the interests of the owners of the Note; or (vi)To assign the Contract to a trustee. (b) Amendments With Consent. Subject to the other provisions of this Resolution, the Registered Owners of the Note aggregating 51% in outstanding principal amount shall have the right from time to time to approve any amendment, other than amendments described in Subsection (a) of this Section, to this Resolution which may be deemed necessary or desirable by the Board; provided, however, that nothing herein contained shall permit or be construed to permit, without the approval of the owners of the Note, the amendment of the terms and conditions in this Resolution or in the Note so as to: (1) Make any change in the maturity of the Note; (2) Reduce the rate of interest borne by the Note; (3) Reduce the amount of the principal payable on the Note; (4) Modify the terms of payment of principal of or interest on the Note, or impose any conditions with respect to such payment; (5) Affect the rights of the owners of less than all of the Note; or 13 ARWA\BAN\2023:Authorizing Resolution