Ordinance 941-83 - Laserfiche WebLink

Bond proceeds, or income therefrom, not expended upon completion of the Project, may be used, first, to make additions and improve- ments to the System as deemed necessary by the City Council; and second, to pay the principal of and interest on any Parity Bonds. Section 15 . Amendments. A. The Council from time to time and at any time may pass an ordinance or ordinances supplemental hereof, which ordinance or ordinances thereafter shall become a part of this ordinance, for any one or more or all of the following purposes: ( 1) To add to the covenants and agreements of the City in this ordinance, other covenants and agreements thereafter to be observed, which shall not adversely affect the interests of the holders of any Parity Bonds, or to surrender any right or power herein reserved. (2 ) To make such provisions for the purpose of curing any ambiguities or of curing, correcting or supplementing any defective provision contained in this ordinance or any ordinance authorizing future Parity Bonds in regard to matters or questions arising under such ordinances as the Council may deem necessary or desirable and not inconsistent with such ordinances and which shall not adversely affect, in any material respect, the interest of the holders of Parity Bonds. Any such supplemental ordinance may be adopted without the consent of the holders of any Parity Bonds at any time out- standing, notwithstanding any of the provisions of subsection B of this section. B. With the consent of the holders of not less than 65% in aggregate principal amount of the Parity Bonds at the time out- standing, the Council may pass an ordinance or ordinances supple- mental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of -31- WMD20 83/05/02