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Ordinance 1858-92
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Ordinance 1858-92
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Ordinances
Ordinance Number
1858-92
Date
2/12/1992
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prepayment provisions of any Certificates, and (3) this Article <br /> VIII, by a supplemental indenture approved by the Owners of at <br /> least 66-2/3% in aggregate principal amount of the Certificates <br /> then Outstanding; provided, that no amendment shall be made which <br /> affects the rights of some but fewer than all the Outstanding <br /> Certificates without the consent of the Owners of Certificates <br /> representing a majority in aggregate principal amount of the Lease <br /> Payments so affected, and provided further that no amendment shall : <br /> (a) extend the fixed maturity of the principal component <br /> of Lease Payments represented by any Certificates or reduce the <br /> rate of interest thereon, or extend the time of payment of interest <br /> from their due date, or reduce the amount of principal thereof, or <br /> reduce any premium payable on the prepayment thereof, without the <br /> consent of the Owner of each Certificate so effected; or <br /> (b) reduce the aforesaid percentage of Certificate <br /> owners required to approve such proceeding or action without the <br /> consent of the Owners of all of the Outstanding Certificates, and <br /> provided further that no amendment shall become effective without <br /> a consent by the City thereto being placed on file with the <br /> Trustee, which consent shall not be unreasonably withheld. <br /> Section 8. 03 . Amendment of Lease. If the City proposes to <br /> amend the Lease, the Trustee, as assignee of Lessor's rights <br /> thereunder, may consent thereto; provided, that if such proposal <br /> would amend the Lease in such a way as would, in the opinion of the <br /> Trustee, adversely affect the interests of the Owners, the proposed <br /> amendment shall not become effective without the consent thereto <br /> of the Owners of at least a majority in aggregate principal amount <br /> of the Certificates then Outstanding; provided, that the Trustee <br /> shall not, without the unanimous consent of all owners of <br /> Certificates then Outstanding, consent to any amendment which would <br /> (1) decrease the amounts payable under the Lease, (2) change the <br /> date of payment or prepayment provisions under the Lease, or (3) <br /> change any provisions with respect to amendment; and further <br /> provided, that no amendment shall be consented to which affects the <br /> rights of some but fewer than all the Outstanding Certificates <br /> without the consent of the Owners of Certificates representing at <br /> least 66-2/3% in aggregate principal amount of the Lease Payments <br /> so affected. Notice of any amendment to the Lease shall be given <br /> to Moody's Investor Services, 99 Church Street, New York, NY <br /> 10007, Attention: Public Finance. <br /> Section 8 . 04 . Trustee Authorized to Join in Amendments and <br /> Supplements; Reliance on Counsel . The Trustee is authorized to <br /> join with the Certificate Owners in the execution and delivery of <br /> any supplemental agreement or amendment permitted by this Article <br /> VIII and in so doing shall be fully protected by an opinion of <br /> counsel that such supplemental indenture or amendment is so <br /> C-24 KR173 92/01/27 <br />
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