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<br />Bonds qualify for an exception from the rebate requirement pursuant to one of the spending <br />exceptions set forth in Section 1.148-7 of the Regulations and no “gross proceeds” of the Bonds <br />(other than amounts constituting a “bona fide debt service fund”) arise during or after the <br />expenditure of the original proceeds thereof. <br />9.04. Qualified Tax-Exempt Obligations. The City hereby designates the Bonds as <br />“qualified tax–exempt obligations” for purpose of Section 265(b) of the Code relating to the <br />disallowance of interest expenses for financial institutions. The City represents that in calendar <br />year 2015 it does not reasonably expect to issue tax–exempt obligations which are not private <br />activity bonds (not treating qualified 501(c)(3) bonds under Section 145 of the Code as private <br />activity bonds for purposes of this representation) in an amount in excess of $10,000,000. <br />9.05. Continuing Disclosure. (a) Purpose and Beneficiaries. To provide for the public <br />availability of certain information relating to the Bonds and the security therefor and to permit <br />the Purchaser and other participating underwriters in the primary offering of the Bonds to <br />comply with amendments to Rule 15c2-12 promulgated by the SEC under the Securities <br />Exchange Act of 1934 (17 C.F.R. § 240.15c2-12), relating to continuing disclosure (as in effect <br />and interpreted from time to time, the Rule), which will enhance the marketability of the Bonds, <br />the City hereby makes the following covenants and agreements for the benefit of the Owners (as <br />hereinafter defined) from time to time of the Outstanding Bonds. The City is the only obligated <br />person in respect of the Bonds within the meaning of the Rule for purposes of identifying the <br />entities in respect of which continuing disclosure must be made. If the City fails to comply with <br />any provisions of this section, any person aggrieved thereby, including the Owners of any <br />Outstanding Bonds, may take whatever action at law or in equity may appear necessary or <br />appropriate to enforce performance and observance of any agreement or covenant contained in <br />this section, including an action for a writ of mandamus or specific performance. Direct, <br />indirect, consequential and punitive damages shall not be recoverable for any default hereunder <br />to the extent permitted by law. Notwithstanding anything to the contrary contained herein, in no <br />event shall a default under this section constitute a default under the Bonds or under any other <br />provision of this resolution. As used in this section, Owner or Bondowner means, in respect of a <br />Bond, the registered owner or owners thereof appearing in the bond register maintained by the <br />Registrar or any Beneficial Owner (as hereinafter defined) thereof, if such Beneficial Owner <br />provides to the Registrar evidence of such beneficial ownership in form and substance <br />reasonably satisfactory to the Registrar. As used herein, Beneficial Owner means, in respect of a <br />Bond, any person or entity which (i) has the power, directly or indirectly, to vote or consent with <br />respect to, or to dispose of ownership of, such Bond (including persons or entities holding Bonds <br />through nominees, depositories or other intermediaries), or (ii) is treated as the owner of the <br />Bond for federal income tax purposes. <br />(b) Information To Be Disclosed. The City will provide, in the manner set forth in subsection <br />(c) hereof, either directly or indirectly through an agent designated by the City, the following <br />information at the following times: <br />(1) on or before twelve (12) months after the end of each fiscal year of the City, <br />commencing with the fiscal year ending December 31, 2015, the following financial <br />information and operating data in respect of the City (the Disclosure Information): <br />