§ 23-131. Amendments to division.

(a)

Without bondholders' consent. The city reserves the right to amend this division from time to time and at any time, for the purpose of curing any ambiguity or of curing, correcting or supplementing any defective provision contained in this division, or making such provisions with regard to matters or questions arising pursuant to this division as the city council may deem necessary or desirable and not inconsistent with this division and which shall not adversely affect the interest of the holders of bonds, or for the purpose of adding to the covenants and agreements contained in this division, or to the gross revenues pledged in this division, other covenants and agreements thereafter to be observed and additional gross revenues thereafter appropriated to the fund, for the purpose of surrendering any right or power reserved to or conferred upon the city in this division or for the purpose of authorizing the issuance of additional bonds in the manner and subject to the terms and conditions prescribed in section 23-129. Any such amendment may be adopted by ordinance, without the consent of the holders of any of the bonds.

(b)

With bondholders' consent. With the consent of holders of bonds as provided in subsection (c) of this section, the city may from time to time and at any time amend this division by adding any provisions hereto or changing in any manner or eliminating any of the provisions of this division, or of any amending ordinance, except that no amendment shall be adopted at any time without the consent of the holders of all bonds which are then outstanding if it would extend the maturities of any such bonds, would reduce the rate or extend the time of payment of interest thereon, would reduce the amount or extend the time of payment of the principal or redemption premium thereof, would give to any bond or bonds any privileges over any other bond or bonds, would reduce the sources of gross revenues appropriated to the fund, would authorize the creation of a pledge of said revenues prior to or on a parity with the bonds (except as is authorized by section 23-129), or would reduce the percentage in principal amount of such bonds required to authorize or consent to any such amendment.

(c)

Notice and consent. Any amendment adopted pursuant to subsection (b) of this section shall be made by ordinance published in a financial newspaper of national circulation published in New York, New York, and shall become effective only upon the filing of written consents with the city clerk, signed by the holders of not less than two-thirds in principal amount of the bonds, which are then outstanding or, in the case of an amendment not affecting all outstanding bonds, by the holders of not less than two-thirds in principal amount of the bonds adversely affected by such amendment. Any written consent to an amendment may be embodied in and evidenced by one or any number of concurrent written instruments of substantially similar tenor signed by bondholders in person or by agent duly appointed in writing and shall become effective when delivered to the city clerk. Any consent by the holder of any bond shall bind him and every future holder of the same bond with respect to any amendment adopted by the city pursuant to such consent; provided that any bondholder may revoke his consent with reference to any bond by written notice received by the city clerk before the amendment has become effective. In the event that unrevoked consents of the holders of the required amount of bonds have not been received by the clerk within one year after the publication of any amendment, the amendment and all consents theretofore received shall be of no further force and effect.

(d)

Proof. Proof of the execution of any consent, or of a writing appointing any agent to execute the same, or of the ownership by any person of bonds shall be sufficient for any purpose of this division and shall be conclusive in favor of the city if made in the manner provided in this subsection (d). The fact and date of the execution by any person of any such consent or appointment may be proved by the affidavit of a witness of such execution or by the certificate of any notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the person signing it acknowledged to him the execution thereof. The amount of bonds held by any person by or for whom a consent is given, and the distinguishing numbers of such bonds, and the date of his holding the same, may be proved by a certificate executed by any trust company, bank or other depository, wherever situated, if such certificate is deemed satisfactory by the city clerk, showing that at the date therein mentioned such person had on deposit with such depository, or exhibited to it, the bonds therein described; or such facts may be proved by the certificate or affidavit of the person executing such consent, if such certificate or affidavit is deemed satisfactory by the city clerk. The city may conclusively assume that such ownership continues until written notice to the contrary is received by the city clerk. The fact and date of execution of any such consent and the amount and distinguishing numbers of bonds held by the person executing the same may also be proved in any other manner which the city council may deem sufficient; but the council may nevertheless, in its discretion, require further proof in cases where it deems further proof desirable.

(Code 1981, § 3.08.060; Ord. No. 1219, § 51, 4-26-11)