2022-048 - Issuance of General Obligation Pension Bonds Taxable Series 2022

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majority in aggregate principal amount of all of the Bonds then outstanding that are required for the amendment (or 100% if such amendment is made in accordance with paragraph (b)), which instrument or instruments shall refer to the proposed amendment and which shall specifically consent to and approve such amendment, the City may adopt the amendment in substantially the same form. (e) Upon the adoption of any amendatory Ordinance pursuant to the provisions of this Section, this Ordinance shall be deemed to be modified and amended in accordance with such amendatory Ordinance, and the respective rights, duties, and obligations of the City and all Registered Owners of such affected Bonds shall thereafter be determined, exercised, and enforced, subject in all respects to such amendment. (f) Any consent given by the Registered Owner of a Bond pursuant to the provisions of this Section shall be irrevocable for a period of six months from the date of such consent and shall be conclusive and binding upon all future Registered Owners of the same Bond during such period. Such consent may be revoked at any time after six months from the date of said consent by the Registered Owner who gave such consent, or by a successor in title, by filing notice with the City, but such revocation shall not be effective if the Registered Owners the required amount of the affected Bonds then outstanding, have, prior to the attempted revocation, consented to and approved the amendment. (g) For the purposes of establishing ownership of the Bonds, the City shall rely solely upon the registration of the ownership of such Bonds on the Registration Books kept by the Paying Agent/Registrar. Section 13. DEPOSIT OF PROCEEDS; USE OF PREMIUM; INVESTMENTS; SECURITY OF FUNDS. (a) Deposit of Proceeds. On the Delivery Date, proceeds from the sale of the Bonds in the amount of $12,150,000.00 shall be deposited with the PFRRF pursuant to the terms of the Pension Obligation Agreement. (b) Use of Premium. The [net] premium received from the sale of the Bonds in the amount of $ shall be applied as follows: (i) the sum of $ shall be applied to pay costs of issuance incurred in connection with the issuance of the Bonds, including underwriter's discount, with any excess to be deposited into the Interest and Sinking Fund, and (ii) the sum of $ shall be deposited with the PFRRF pursuant to the terms of the Pension Obligation Agreement. (c) Investments. The City may place proceeds of the Bonds (including investment earnings thereon) and amounts deposited into the Interest and Sinking Fund in Permitted Investments. (d) Security of Funds. All deposits authorized or required by this Ordinance shall be secured to the fullest extent required by law for the security of public funds.