Official Statement Airport Commission City and County of San ...

moneys, funds and properties pledged thereunder for the equal and ratable benefit of all Holders of Bonds of such
Series.
Defeasance
Payment of any Bonds may be provided for by the deposit with the Trustee, in trust, of moneys,
noncallable Government Obligations, noncallable Government Certificates, certain types of pre-refunded municipal
obligations or any combination thereof. Provided that the moneys and the maturing principal and interest income on
any securities so deposited will be sufficient and available without reinvestment to pay when due the principal, whether
at maturity or upon fixed redemption dates, or purchase price and premium, if any, and interest on such Bonds, and
provision for any required notice of redemption prior to maturity has been made, such Bonds will no longer be deemed
outstanding under the 1991 Master Resolution. No Bond may be so provided for if, as a result thereof or of any other
action in connection with which the provision for payment of such Bond is made, the interest payable on any taxexempt
Bond is made subject to federal income taxes.
Modification or Amendment of the 1991 Master Resolution
The 1991 Master Resolution and the rights and obligations of the Commission and of the Holders of
the Bonds may be modified or amended at any time by a Supplemental Resolution with the written consent, without a
meeting, of the Holders of a majority in aggregate Principal Amount of the outstanding Bonds of all Series affected.
No such modification or amendment may (i) extend the stated maturity of or time or change the currency for paying the
principal or purchase price of, premium, if any, or interest on any Bond or reduce the Principal Amount or purchase
price of or the redemption premium or rate of interest payable on any Bond without the consent of the Holder of such
Bond; (ii) except as expressly permitted by the 1991 Master Resolution, prefer or give a priority to any Bond over any
other Bond without the consent of the Holder of each Bond then outstanding not receiving such preference or priority;
or (iii) permit the creation of a lien not expressly permitted by the 1991 Master Resolution upon or pledge of Net
Revenues ranking prior to or on a parity with the lien of the 1991 Master Resolution or reduce the aggregate Principal
Amount of Bonds then outstanding the consent of the Holders of which is required to authorize such Supplemental
Resolution, without the consent of the Holders of all Bonds then outstanding.
The 1991 Master Resolution and the rights and obligations of the Commission and of the Holders of
the Bonds may also be modified or amended at any time by a Supplemental Resolution, without the consent of any
Bondholders, for one or more of the following purposes:
(a) to cure any ambiguity or formal defect or omission in the 1991 Master Resolution;
(b) to correct or supplement any provision of the 1991 Master Resolution which may be
inconsistent with any other provision of the 1991 Master Resolution or to make any other
provisions with respect to matters or questions arising thereunder that will not have a
material adverse effect on the interests of the Holders;
(c) to grant or confer upon the Holders any additional rights, remedies, powers or authority that
may lawfully be granted or conferred upon them;
(d) to secure additional revenues or provide additional security or reserves for payment of any
Bonds;
(e) to preserve the excludability of interest on any Bonds from gross income for purposes of
federal income taxes, or to change the tax covenants set forth in the 1991 Master
Resolution, pursuant to an opinion of nationally recognized bond counsel that such action
will not affect adversely such excludability;
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