1986-019 - Laserfiche WebLink

Home Browse Search

a reduction in the rate of interest thereon or in the amount of the principal obligation, or affect the unconditional promise of the Issuer to pay the principal of and interest on the Bonds as the same shall come due from the Pledged Funds, or reduce the percentage of the Registered Owners of the Bonds required to con- sent to any material modification or amendment hereof, without the consent in writing of the Registered Owners of all such Bonds. For the purpose of this Section, to the extent any Bonds are insured by a municipal bond insurance policy issued by AMBAC, and AMBAC is not then in default under such policy or is not then bankrupt, insolvent or in receivership, AMBAC shall be deemed to be the Registered Owner of any Bonds so insured (a) at all times for the purpose of giving any approval or consent to the execu- tion and delivery of any supplemental or amendatory resolution which under this resolution requires the written approval or con- sent of the Registered Owners of not less than 60% in aggregate principal amount of the Bonds outstanding, and (b) following a default in the payment, when due, of principal, redemption premium, if any, and/or interest on the Bonds." SECTION 4. SEVERABILITY OF INVALID PROVISIONS. If any one or more of the provisions herein contained shall be held contrary to any express provision of law or contrary to the policy of express law, though not expressly prohibited, or against public policy, or shall for any reason whatsoever be held invalid, then such provisions shall be null and void and shall be deemed separable from the remaining provisions and shall in no way affect the validity of any of the other provisions hereof. SECTION 5. REPEALING CLAUSE. All resolutions or harts thereof of the Board in conflict with the provisions herein con- tained are, to the extent of such conflict, hereby superseded and repealed. SECTION 6. EFFECTIVE DATE. This resolution shall take effect immediately upon its adoption. -11-