|
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 />a majority in aggregate principal amount of the Bonds then outstanding affected thereby, may amend,
<br />add to, or rescind any of the provisions of this Ordinance; provided that, without the consent of all
<br />Owners of then outstanding Bonds, no such amendment, addition, or recision shall (i) extend the
<br />time or times of payment of the principal of and interest on the Bonds, reduce the principal amount
<br />thereof, redemption price therefor, or the rate of interest thereon, or in any other way modify the
<br />terms of payment of the principal of or interest on the Bonds, (ii) give any preference to any Bond
<br />over any other Bond, or (iii) reduce the aggregate principal amount of Bonds required for consent
<br />to any such amendment, addition, or recision.
<br />Section 15.02. Further Procedures.
<br />The officers and employees of the City are hereby authorized and directed from time to time
<br />and at any time to do and perform all such acts and things and to execute, acknowledge and deliver
<br />in the name and on behalf of and under the corporate seal of the City all such instruments, whether
<br />mentioned herein or not, as may be necessary or desirable in order to carry out the terms and
<br />provisions of this Ordinance, the initial sale and delivery of the Bonds, the Paying Agent/Registrar
<br />Agreement, and the Official Statement. In addition, prior to the initial delivery of the Bonds, the
<br />Mayor, the City Manager or Director of Finance of the City, and Bond Counsel are hereby authorized
<br />and directed to approve any technical changes or corrections to this Ordinance or to any of the
<br />instruments authorized and approved by this Ordinance necessary in order to (i) correct any ambiguity
<br />or mistake or properly or more completely document the transactions contemplated and approved
<br />by this Ordinance and as described in the Official Statement, (ii) obtain a rating from any of the
<br />national bond rating agencies, or (iii) obtain the approval of the Bonds by the Attorney General of
<br />Texas. In the event that any officer of the City whose signature shall appear on any certificate shall
<br />cease to be such officer before the delivery of such certificate, such signature nevertheless shall be
<br />valid and sufficient for all purposes the same as if such officer had remained in office until such
<br />delivery.
<br />Section 15.03. Severability.
<br />If any section, article, paragraph, sentence, clause, phrase or word in this Ordinance, or
<br />application thereof to any person or circumstance is held to be invalid or unenforceable ,the
<br />remainder of this Ordinance and the application of such section, article, paragraph, sentence, clause,
<br />phrase or word to other persons and circumstances nevertheless shall be valid and enforceable; and
<br />it is hereby declared that this Ordinance would have been enacted without such invalid or
<br />unenforceable provision.
<br />Section 15.04. No Personal Liability.
<br />No covenant or agreement contained in the Bonds, this Ordinance or any corollary instrument
<br />shall be deemed to be the covenant or agreement of any member of the City Council or any officer,
<br />agent, employee or representative of the City Council in his or her individual capacity, and neither
<br />SANMARCOS/W W W SRev2008: Ordinance 49
<br />
|