2023/04/05 Council Agenda Packet

provide, new bonds so modified as to conform, in the opinion of the Council, to any modification of this ordinance contained in any such supplemental ordinance, may be prepared and delivered without cost to the holders of any affected Parity Bonds then outstanding, upon surrender for cancellation of such bonds with all unmatured coupons and all matured coupons not fully paid, in equal aggregate principal amounts. Section 19. Bond Insurance; Surety Bond. In the event that the Approved Bid for the Bonds specifies that one or more maturities for the Bonds shall be insured, the City hereby authorizes and directs the Bond Registrar to hold the Bond Insurance Policy if so directed by the Insurer. Section 20. Severability. If any provision in this ordinance is declared by any court of competent jurisdiction to be contrary to law, then such provision shall be null and void and shall be deemed separable from the remaining provision of this ordinance and shall in no way affect the validity of the other provisions of this ordinance or of the Bonds. -61- 506242089.1