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Bonds. This section, or any provision hereof, shall be null and void if the City (1) obtains an <br /> opinion of nationally recognized bond counsel to the effect that those portions of the Rule which <br /> require this section, or any such provision, are invalid, have been repealed retroactively or <br /> otherwise do not apply to the Bonds; and (2) notifies each then existing NRMSIR and the SID, if <br /> any, of such opinion and the cancellation of this section. <br /> Notwithstanding any other provision of this ordinance, the City may amend this <br /> Section 16, and any provision of this Section 16 may be waived, provided that the following <br /> conditions are satisfied: <br /> 1. If the amendment or waiver relates to the provisions of Sections 16.B or C, <br /> it may only be made in connection with a change in circumstances that arises from a change in <br /> legal requirements, change in law, or change in the identity, nature or status of the City with <br /> respect to the Bonds, or the type of business conducted; <br /> 2. The undertaking, as amended or taking into account such waiver, would, in <br /> the opinion of nationally recognized bond counsel, have complied with the requirements of the <br /> Rule at the time of the original issuance of the Bonds, after taking into account any amendments <br /> or interpretations of the Rule, as well as any change in circumstances; and <br /> 3. The amendment or waiver either (i) is approved by the Registered Owners <br /> of the Bonds or (ii) does not, in the opinion of nationally recognized bond counsel, materially <br /> impair the interests of the Registered Owners or Beneficial Owners of the Bonds. <br /> In the event of any amendment or waiver of a provision of this Section 16, the City shall <br /> describe such amendment in the next annual report, and shall include, as applicable, a narrative <br /> explanation of the reason for the amendment or waiver and its impact on the type (or in the case <br /> of a change of accounting principles, on the presentation) of financial information or operating <br /> data being presented by the City. In addition, if the amendment relates to the accounting <br /> principles to be followed in preparing financial statements, (i) notice of such change shall be given <br /> in the same manner as for a material event under subsection C, and (ii) the annual report for the <br /> year in which the change is made should present a comparison (in narrative form and also, if <br /> -16- DOTOF7.DOC 96/03/12 <br />