(A) Subject to the terms and provisions contained in this section, and not otherwise, the holders of not less than 66-2/3% in aggregate principal amount of the bonds issued pursuant to this chapter and then outstanding shall have the right, from time to time, anything contained in this chapter to the contrary notwithstanding, to consent to and approve the adoption by the town of such ordinance or ordinances supplemental hereto as shall be deemed necessary or desirable by the town for the purpose of modifying, altering, amending, adding to or rescinding in any particular any of the terms or provisions contained in this chapter, or in any supplemental ordinance; provided, however, that nothing herein contained shall permit or be construed as permitting:
(1) An extension of the maturity of the principal of or interest on any bond issued pursuant to this chapter; or
(2) A reduction in the principal amount of any bond or the redemption premium or the rate of interest thereon; or
(3) The creation of a lien upon or a pledge of the revenues of the sewage works ranking prior to the pledge thereof created by this chapter; or
(4) A preference or priority of any bond or bonds issued pursuant to this chapter over any other bond or bonds issued pursuant to the provisions of this chapter; or
(5) A reduction in the aggregate principal amount of the bonds required for consent to such supplemental ordinance.
(B) The holders of not less than 66-2/3% in aggregate principal amount of the bonds outstanding at the time of adoption of such supplemental ordinance shall have consented to and approved the adoption thereof by written instrument to be maintained on file in the office of the Clerk-Treasurer of the town. No holder of any bond issued pursuant to this chapter shall have any right to object to the adoption of such supplemental ordinance or to object to any of the terms and provisions contained therein or the operation thereof, or to enjoin or restrain the town or its officers from adopting the same, or from taking any action pursuant to the provisions thereof. Upon the adoption of any supplemental ordinance pursuant to the provisions of this section, this chapter shall be, and shall be deemed, modified and amended in accordance therewith, and the respective rights, duties and obligations under this chapter of the town and all holders of bonds issued pursuant to the provisions of this chapter then outstanding shall thereafter be determined exercised and enforced in accordance with this chapter, subject in all respects to such modifications and amendments. Notwithstanding anything contained in the foregoing provisions of this chapter, the rights and obligations of the town and of the holders of the bonds authorized by this chapter, and the terms and provisions of the bonds and this chapter, or any supplemental ordinance may be modified or altered in any respect with the consent of the town and the consent of the holders of all the bonds issued pursuant to this chapter then outstanding.
(1989 Code, § 32.18) (Ord. SB-83, passed 9-21-1983)