Ord 2002-054 - Laserfiche WebLink

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Obligations. Such publication is not required, however, if notice in writing is given to each Owner of Parity Revenue Obligations. (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 Owners of at least a majority in aggregate principal amount of all Parity Revenue Obligations then outstanding, which instrument or instruments shall 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 Parity Revenue Obligations and all future Parity Revenue Obligations shall thereafter be determined, exercised and enforced hereunder, subject in all respects to such amendments. (e) Any consent given by the holder of a Parity Obligation pursuant to the provisions of this Section shall be irrevocable for a period of six months from the date of the first publication ofthe notice provided for in this Section, and shall be conclusive and binding upon all future holders of the same Parity Obligation, or Parity Obligation issued in the transfer, exchange or replacement of such Parity Obligation, during such period. Such consent may be revoked at any time after six months from the date of the first publication of such notice by the Owner who gave such consent, or by a successor in title, by filing notice thereof with the Paying Agent/Registrar and the City, but such revocation shall not be effective if the Owners of a majority in aggregate principal amount of the then outstanding Parity Revenue Obligations as in this Section defined have, prior to the attempted revocation, consented to and approved the amendment. (f) Notwithstanding any provision of this Section to the contrary, however, while any policy of municipal bond guaranty insurance is in effect with respect to payment of principal of or interest on the Bonds, either or both, no such amendment shall be valid or effective unless such amendment shall have been approved by the insurer named in each such policy. (g) For the purposes of this Section, the fact of holding of Parity Revenue Obligations issued in registered form without coupons and the amounts and numbers of such Parity Revenue Obligations and the date of their holding same shall be proved by the Registration Books of the Paying Agent/Registrar. For purposes of this Section, the Owner of a Parity Obligation in such registered form shall be the Owner thereof as shown on such Registration Books. The City may assume conclusively that such ownership continues until written notice to the contrary is served upon the City. (h) The foregoing provisions of this section notwithstanding, the City by action of the City Council may amend this Ordinance for anyone or more of the following purposes: (1) To add to the covenants and agreements of the City contained in this Ordinance, other covenants and agreements thereafter to be observed, grant additional rights or remedies to bondholders or to surrender, restrict or limit any right or power herein reserved to or conferred upon the City; (2) To make such provisions for the purpose of curing any ambiguity, or curing, correcting or supplementing any defective provisions contained in this Ordinance, or in regard to clarifying R:\San MarcoslEUS Rfdg.02IDocs\OrdinanceIFina1.wpd 45