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amount of the principal thereof, or reduce any premium payable on the redemption thereof, <br /> without the consent of the holder of each bond so affected; or <br /> (2) Reduce the aforesaid percentage of bondholders required to <br /> approve any such supplemental ordinance, without the consent of the holders of all of the Parity <br /> Bonds then outstanding. <br /> It shall not be necessary for the consent of bondholders under this subsection B to approve <br /> the particular form of any proposed supplemental ordinance, but it shall be sufficient if such <br /> consent shall approve the substance thereof <br /> C. Upon the adoption of any supplemental ordinance pursuant to the <br /> provisions of this section, this ordinance shall be deemed to be modified and amended in <br /> accordance therewith, and the respective rights, duties and obligations of the City under this <br /> ordinance and all holders of Parity Bonds outstanding hereunder shall thereafter be determined, <br /> exercised and enforced thereunder, subject in all respects to such modification and amendments, <br /> and all terms and conditions of any such supplemental ordinance shall be deemed to be part of the <br /> terms and conditions of this ordinance for any and all purposes. <br /> D. Parity Bonds executed and delivered after the execution of any <br /> supplemental ordinance passed pursuant to the provisions of this section may have a notation as <br /> to any matter provided for in such supplemental ordinance, and if such supplemental ordinance <br /> shall so provide, new bonds so modified as to conform, in the opinion of the Council, to any <br /> modification of this ordinance contained in any such supplemental ordinance, may be prepared and <br /> delivered without cost to the holders of any affected Parity Bonds then outstanding, upon <br /> surrender for cancellation of such bonds with all unmatured coupons and all matured coupons not <br /> fully paid, in equal aggregate principal amounts. <br /> Section 22. Severability. If any one or more of the covenants or agreements provided <br /> in this ordinance to be performed on the part of the City shall be declared by any court of <br /> competent jurisdiction to be contrary to law, then such covenant or covenants, agreement or <br /> agreements, shall be null and void and shall be deemed separable from the remaining covenants <br /> -43- FWWOBU.DOC 97/03/04 <br />