Laserfiche WebLink
Section 8. Continuing Disclosure. <br />8.01. City Com liance with Provisions of Continuing Disclosure Certificate. The City <br />hereby covenants and agrees that it will comply with and carry out all of the provisions of the <br />Continuing Disclosure Certificate. Notwithstanding any other provision of this Resolution, failure <br />of the City to comply with the Continuing Disclosure Certificate is not an event of default with <br />respect to the Bonds; however, any Bondholder may take such actions as may be necessary and <br />appropriate, including seeking mandate or specific performance by court order, to cause the City <br />to comply with its obligations under this section. <br />8.02. Execution of Continuing Disclosure Certificate. "Continuing Disclosure <br />Certificate" means that certain Continuing Disclosure Certificate executed by the Mayor and City <br />Administrator and dated the date of issuance and delivery of the Bonds, as originally executed and <br />as it may be amended from time to time in accordance with the terms thereof. <br />Section 9. Defeasance. When the Bonds and all interest thereon, have been discharged as <br />provided in this section, all pledges, covenants and other rights granted by this resolution to the <br />holders of the Bonds will cease, except that the pledge of the full faith and credit of the City for <br />the prompt and full payment of the principal of and interest on the Bonds will remain in full force <br />and effect. The City may discharge Bonds which are due on any date by depositing with the <br />Registrar on or before that date a sum sufficient for the payment thereof in full or by depositing <br />irrevocably in escrow, with a suitable institution qualified by law as an escrow agent for this <br />purpose, cash or securities which are backed by the full faith and credit of the United States of <br />America, or any other security authorized under Minnesota law for such purpose, bearing interest <br />payable at such times and at such rates and maturing on such dates and in such amounts as shall <br />be required and sufficient, subject to sale and/or reinvestment in like securities, to pay said <br />obligation(s), which may include any interest payment on such Bond and/or principal amount due <br />thereon at a stated maturity (or if irrevocable provision shall have been made for permitted prior <br />redemption of such principal amount, at such earlier redemption date). If any Bond should not be <br />paid when due, it may nevertheless be discharged by depositing with the Registrar a sum sufficient <br />for the payment thereof in full with interest accrued to the date of such deposit. <br />The motion for adoption of the foregoing resolution was duly seconded by Member Hull, <br />and upon vote being taken thereon, the following voted in favor thereof: Mueller, Gunn, <br />Meehlhause, Hull, Bergeron <br />and the following voted against the same: None <br />whereupon said resolution was declared duly passed and adopted. <br />MU210-280-685657.v2 13 <br />