The city does hereby covenant with the owners from time to time of Obligations issued pursuant to this subchapter that it will not enact any ordinance or adopt any resolution which will impair (a) the rights of such owners under the resolutions which authorized such obligations; (b) the pledge of the Security to the payment of principal of, redemption and/or mandatory purchase premium, if any, and interest on obligations issued under the authority of this subchapter; or (c) the rights of the holders of any outstanding indebtedness of the city issued prior to the effective date of this subchapter. Furthermore, this subchapter shall not be construed so as to impair the rights of the holders of any outstanding indebtedness of the city issued prior to the effective date of this subchapter.
(Ord. 2002-68, passed 11-7-02)