Common use of Amendment of the Authority Agreement Clause in Contracts

Amendment of the Authority Agreement. (a) This Agreement may be amended in whole or in part. Any proposed amendment shall first be adopted by two-thirds of the Directors of the Board present and voting at a meeting of the Board. Any meeting for the consideration of an amendment shall be warned by the delivery to each Director, at least fifteen (15) days prior to the date of the meeting, of a notice stating the time, place and date of such meeting and including a full text of the proposed amendment or amendments. (b) If such a proposed amendment is adopted by the Board, it shall then be submitted to the legislative bodies of all of the member municipalities. Such proposed amendment shall become effective upon its adoption by a majority of the legislative bodies of the member municipalities. Member legislative bodies that do not vote on the amendments within sixty (60) days from receipt of the amendments from the Authority, shall be deemed to have approved the amendment. (c) No amendment shall substantially impair the rights of the holders of any bonds or other notes or other evidence of indebtedness or substantially affect any obligations under long-term contracts of the Authority then outstanding or in effect, or the rights of the Authority to procure the means for payment, continuation, or termination thereof.

Amendment of the Authority Agreement. (a) This Agreement may be amended in whole or in part. Any proposed amendment shall first be adopted by upon the affirmative vote of Directors representing at least two-thirds of the Directors all votes entitled to be cast on behalf of the Board present and voting at a meeting of the Boardall Directors. Any meeting for the consideration of an amendment shall be warned by the delivery to each Director, at least fifteen (15) days prior to the date of the meeting, of a notice stating the time, place and date of such meeting and including a full text of the proposed amendment or amendments. (b) If such a proposed amendment is adopted by the Board, it shall then be submitted to the legislative bodies of all of the member municipalitiesMembers. Such proposed amendment shall become effective upon its adoption by a majority of the legislative bodies of the member municipalitiesMembers. Member legislative bodies that do not vote on the amendments a proposed amendment within sixty (60) days from receipt of the amendments amendment from the Authority, Authority shall be deemed to have approved the amendment. (c) No amendment shall substantially impair the rights of the holders of any bonds or other bonds, notes or other evidence of indebtedness or substantially affect any obligations under long-term contracts of the Authority then outstanding or in effect, or the rights of the Authority to procure the means for payment, continuation, or termination thereofof such contracts.

Amendment of the Authority Agreement. (a) This Agreement may be amended in whole or in part. Any proposed amendment shall first be adopted by upon the affirmative vote of Directors representing at least two-thirds of the Directors all votes entitled to be cast on behalf of the Board present and voting at a meeting of the Boardall Directors. Any meeting for the consideration of an amendment shall be warned by the delivery to each Director, at least fifteen (15) days prior to the date of the meeting, of a notice stating the time, place and date of such meeting and including a full text of the proposed amendment or amendments. (b) If such a proposed amendment is adopted by the Board, it shall then be submitted to the legislative bodies of all of the member municipalitiesMembers. Such proposed amendment shall become effective upon its adoption by a majority of the legislative bodies of the member municipalitiesMembers. Member legislative bodies that do not vote on the amendments a proposed amendment within sixty (60) days from receipt of the amendments amendment from the Authority, shall be deemed to have approved the amendment. (c) No amendment shall substantially impair the rights of the holders of any bonds or other bonds, notes or other evidence of indebtedness or substantially affect any obligations under long-term contracts of the Authority then outstanding or in effect, or the rights of the Authority to procure the means for payment, continuation, or termination thereofof such contracts.