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<br />. <br /> <br />. <br /> <br />. <br /> <br />Section 22. Cancellation of Bonds. All Bonds <br />surrendered to the Fiscal Agent or any Paying Agent for payment <br />at maturity or, in the case of call and redemption prior to <br />maturity, at the redemption date, shall upon payment therefor <br />be cancelled immediately and transmitted to the Treasurer or <br />destroyed by the Fiscal Agent at the direction of the Agency, <br />If Bonds are destroyed a certificate of destruction shall <br />forthwith be transmitted to the Treasurer. Any Bonds purchased <br />by the Fiscal Agent shall be cancelled immediately and <br />transmitted to the Treasurer or destroyed. All of the <br />cancelled Bonds not destroyed shall remain in the custody of <br />the Treasurer until destroyed pursuant to due authorization. <br /> <br />Section 23. Amendments. This Resolution, and the rights <br />and obligations of the Agency and of the Owners of the Bonds <br />may be modified or amended at any time by supplemental <br />resolution adopted by the Agency: (a) without ~e consent of <br />Bondholders, if the modification or amendment is for the <br />purpose of adding covenants and agreements further to secure <br />Bond payment, to prescribe further limitations and restrictions <br />on Bond issuance, to surrender rights or privileges of the <br />Agency, to make modifications not affecting any outstanding <br />series of Bonds only with the consent of the Fiscal Agent, for <br />the purpose of curing any ambiguities, defects or inconsistent <br />provisions in this Resolution or to insert such provisions <br />clarifying matters or questions arising under this Resolution <br />as are necessary and desirable to accomplish the same, provided <br />that the modifications or amendments do not adversely affect <br />the rights of the Owners of any outstanding Bonds; (b) for any <br />purpose with the consent of the Bondholders holding sixty <br />percent (60%) in aggregate principal amount of the outstanding <br />Bonds, exclusive of Bonds, if any, owned by the Agency or the <br />City, and obtained as hereinafter set forth; provided, however, <br />that no modificatio~ or amendment shall, without the express <br />consent of the registered owner of the Bond affected, reduce <br />the principal amount of any Bond, reduce the interest rate <br />payable on it, extend its maturity or the times for paying <br />interest, change the monetary medium in which principal and <br />interest is payable, or create a mortgage pledge. or lien upon <br />the revenues superior to or on a parity with the pledge and <br />lien created 'for the Bonds and any Parity Bonds or reduce the <br />percentage of consent required for amendment or modification. <br /> <br />Any act done pursuant to a modification or amendment <br />consented to by the Bondholders shall be binding upon the <br />Owners of all of the Bonds and shall not be deemed an <br />infringement of any of the provisions of this Resolution or of <br />the Law, whatever the character of the act may be, and may be <br />done and performed as fully and freely as if expressly <br />permitted by the terms of this Resolution, and after consent <br />has been given, no Bondholder, whether attached to a Bond or <br />detached therefrom, shall have any right or interest to object <br /> <br />0715p/2281/04 <br /> <br />-23- <br />