Ord 2002-054 - Laserfiche WebLink

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Section 15.03. Source of Funds for Redemption. The source of funds for payment of the principal of and interest on the bonds called for redemption and to be redeemed in advance of maturity pursuant to this Ordinance shall be from the funds placed in escrow with the Escrow Agent, pursuant to the Escrow Agreement approved in Section 10.02 of this Ordinance. Section 15.04. Disposition of Reserve Fund. The Reserve Fund for the Refunded Bonds was funded with proceeds of the City's Electric Utility System Revenue Bonds, Series 1986 (the "Series 1986 Bonds"). Therefore, to the extent that funds on deposit in the Reserve Fund for the Refunded Bonds are not deposited into the Escrow Fund or into the Reserve Fund for the Bonds, such funds shall be deposited into a construction fund to be used for the purposes for which the Series 1986 Bonds were authorized and issued. ARTICLE XVI AMENDMENTS; FURTHER PROCEDURES; SEVERABILITY Section 16.01. Amendments. The holders of Parity Revenue Obligations aggregating a majority in principal amount of the aggregate principal amount of then outstanding Parity Revenue Obligations 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 affected Parity Revenue Obligations at the time outstanding, nothing herein contained shall permit or be construed to permit the amendment of the terms and conditions in this Ordinance so as to: (1) Make any change in the maturity of the outstanding Parity Revenue Obligations; (2) Reduce the rate of interest borne by any of the outstanding Parity Revenue Obligations; (3) Reduce the amount of the principal payable on the outstanding Parity Revenue Obligations; (4) Modify the terms of payment of principal of or interest on the outstanding Parity Revenue Obligations, or impose any conditions with respect to such payment; (5) Affect the rights of the holders of less than all of the Parity Revenue Obligations then outstanding; (6) Change the minimum percentage of the principal amount of Parity Revenue Obligations necessary for consent to sllch 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 newspaper 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 shall 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 all Owners of Parity Revenue RISan Marcos\EUS Rfdg.02lDocslOrdinancelFinal.wpd 44