52-91 Gen Provisions - Sanitary Sewer Spec Oblig Bonds

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to be of such maturities and interest payment dates and to bear such interest as will, without further investment or reinvestment of either the principal amount thereof Or the interest earnings therefrom (likewise to be held in trust and committed, except as hereinafter provided), be sufficient together with moneys referred to in (i) above, for the payments at their maturities or redemption dates, of all Bond Service Charges thereon to the date of maturity or redemption, as the case may be, or if default in such payment shall have occurred on such date then to the date of the tender of such payment; provided, that if any Bonds or Notes are to be redeemed prior to the maturity thereof, notice of such redemption shall have been duly given or irrevocable provision satisfactory to the Fiscal Agent shall have been duly made for the giving of such notice. Any moneys held by the Fiscal Agent in accordance with the provisions of this Section shall be invested by the Fiscal Agent in direct obligations of the United States of America, maturing, or redeemable at the option of the Holder, at times and in amounts sufficient to meet the payment of Bond Service Charges on Bonds and Notes as directed in writing by the Issuer's Fiscal Officer. Any income or interest earned by, or increment to, the investments held under this Section shall, to the extent determined from time to time by the Fiscal Agent to be in excess of the amount required to be held by it for the purposes of this Section, be transferred at the time of such determination to the Issuer. Section 36. Limitation of Riahts. Nothing in this General Bond Legislation expressed or implied is intended or shall be construed to confer upon, or to give to, any person or entity, other than the Issuer, the Fiscal Agent and Registrar and the Holders of Bonds and Notes, any right, remedy or claim under or by reason of this General Bond Legislation or any covenant, condition or stipulation hereof, and all covenants, stipulations, promises and agreements in this General Bond Legislation by and on behalf of the Issuer or the Fiscal Agent and Registrar shall be for the sole and exclusive benefit of the Issuer, the Fiscal Agent and Registr~r and the Holders of the Bonds and Notes. Section 37. Notice. Except as otherwise herein provided, notice from one of the parties to the other under this General Bond Legislation shall be sufficient hereunder (a) if it is contained in a writing mailed by first class mail postage prepaid and (b) (i) if to the Issuer at 12650 Detroit Avenue, Lakewood, Ohio 44107 Attention: Fiscal Officer, or (ii) if to the Fiscal Agent and Registrar at The Huntington National Bank, 917 Euclid Avenue, Cleveland, Ohio 44115, or (iii) to any other address which may be designated from time to time by either party in writing delivered to the other party. Section 38. Modifications to General Bond Leaislation. (a) Modifications Not Reauirina Consent of Holders. The Issuer and the Fiscal Agent may without consent of, or notice to, any of the Holders of Bonds or Notes, enter into amending ordinances for anyone or more of the following purposes: (i) To cure any ambiguity, inconsistency, defect or omission in this Ordinance; (ii) To grant to or confer upon the Fiscal Agent and Registrar for the benefit of Holders of Bonds and Notes any additional rights, remedies, powers, or authority that may lawfully be granted to or conferred upon the Holders of Bonds and NoteS or the Fiscal Agent and Registrar; (iii) To add to the covenants and agreements of the Issuer contained in this Ordinance to be observed for the protection of the Holders, or to surrender or limit any right, power or authority reserved to or conferred upon the Issuer in this Ordinance; -29-