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• qualified 501(c)(3) bonds under Section 145 of the Code as private activity bonds for purposes of this <br /> representation) in an amount in excess of$10,000,000. <br /> 6.07. Official Statement. The Official Statement relating to the Bonds, dated <br /> may 31 2000, prepared and distributed on behalf of the City by Springsted Incorporated, is <br /> hereby approved. Springsted Incorporated is hereby authorized on behalf of the City to prepare and <br /> distribute to the Purchaser a supplement to the Official Statement listing the offering price, the interest <br /> rates, selling compensation, delivery date, the underwriters and such other information relating to the <br /> Certificates required to be included in the Official Statement by Rule 15c2-12 adopted by the <br /> Securities and Exchange Commission under the Securities Exchange Act of 1934. Within seven <br /> business days from the date hereof, the City shall deliver to the Purchaser 65 copies of the Official <br /> Statement and such supplement. The officers of the City are hereby authorized and directed to execute <br /> such certificates as may be appropriate concerning the accuracy, completeness and sufficiency of the <br /> Official Statement. <br /> Section 7. Continuing Disclosure. <br /> (a) Purpose and Beneficiaries. To provide for the public availability of certain <br /> information relating to the Bonds and the security therefor and to permit the original purchaser and other <br /> participating underwriters in the primary offering of the Bonds to comply with amendments to Rule <br /> 15c2-12 promulgated by the Securities and Exchange Commission (the "SEC")under the Securities <br /> Exchange Act of 1934 (17 C.F.R. § 240.15c2-12), relating to continuing disclosure(as in effect and <br /> interpreted from time to time, the"Rule"), which will enhance the marketability of the Bonds, the City <br /> hereby makes the following covenants and agreements for the benefit of the Owners (as hereinafter <br /> defined) from time to time of the Outstanding Bonds. The City is the only "obligated person" in respect <br /> of the Bonds within the meaning of the Rule for purposes of identifying the entities in respect of which <br /> continuing disclosure must be made. <br /> If the City fails to comply with any provisions of this Section 7, any person aggrieved <br /> thereby, including the Owners of any Outstanding Bonds, may take whatever action at law or in equity <br /> may appear necessary or appropriate to enforce performance and-observance-of any-agreement-or <br /> covenant contained in this Section 7, including an action for a writ of mandamus or specific <br /> performance. Direct, indirect, consequential and punitive damages shall not be recoverable for any <br /> default hereunder to the extent permitted by law. Notwithstanding anything to the contrary contained <br /> herein, in no event shall a default under this Section 7 constitute a default under the Bonds or under any <br /> other provision of this resolution. <br /> As used in this Section 7, "Owner" or"Bondowner" means, in respect of a Bond, the <br /> registered owner or owners thereof appearing in the bond register maintained by the Registrar or any <br /> "Beneficial Owner" (as hereinafter defined) thereof, if such Beneficial Owner provides to the Registrar <br /> • -18- <br />