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• (1) the information described in paragraph (1) of subsection (b), to each then nationally <br /> recognized municipal securities information repository under the Rule and to any state information <br /> depository then designated or operated by the State of Minnesota as contemplated by the Rule (the <br /> "State Depository"), if any; <br /> (2) the information described in paragraphs (2) and (3) of subsection (b), to the Municipal <br /> Securities Rulemaking Board and to the State Depository, if any; and <br /> (3) the information described in subsection (b), to any rating agency then maintaining a rating of <br /> the Bonds and, at the expense of such Bondowner, to any Bondowner who requests in writing such <br /> information, at the time of transmission under paragraphs (1) or(2) of this subsection (c), as the case <br /> may be, or, if such information is transmitted with a subsequent time of release, at the time such <br /> information is to be released. <br /> (d) Term; Amendments; Interpretation. <br /> (1) The covenants of the City in this Section 7 shall remain in effect so long as any Bonds are <br /> Outstanding. Notwithstanding the preceding sentence, however, the obligations of the City under this <br /> Section 7 shall terminate and be without further effect as of any date on which the City delivers to the <br /> Registrar an opinion of Bond Counsel to the effect that, because of legislative action or final judicial or <br /> • administrative actions or proceedings, the failure of the City to comply with the requirements of this <br /> Section 7 will not cause participating underwriters in the primary offering of the Bonds to be in violation <br /> of the Rule or other applicable requirements of the Securities Exchange Act of 1934, as amended, or <br /> any statutes or laws successory thereto or amendatory thereof. <br /> (2) This Section 7 (and the form and requirements of the Disclosure Information) may be <br /> amended or supplemented by the City from time to time, without notice to (except as provided in <br /> paragraph (c)(3) hereof) or the consent of the Owners of any Bonds, by a resolution of the City <br /> Council filed in the office of the City Clerk of the City accompanied by an opinion of Bond Counsel, <br /> who may rely on certificates of the City and others and the opinion may be subject to customary <br /> qualifications, to the effect that: (i) such amendment or supplement (a) is made in connection with a <br /> change in circumstances that arises from a change in law or regulation or a change in the identity, nature <br /> or status of the City or the type of operations conducted by the City, or (b) is required by, or better <br /> complies with, the provisions of paragraph (b)(5) of the Rule; (ii) this Section 7 as so amended or <br /> supplemented would have complied with the requirements of paragraph (b)(5) of the Rule at the time of <br /> the primary offering of the Bonds, giving effect to any change in circumstances applicable under clause <br /> (i)(a) and assuming that the Rule as in effect and interpreted at the time of the amendment or <br /> supplement was in effect at the time of the primary offering; and (iii) such amendment or supplement <br /> does not materially impair the interests of the Bondowners under the Rule. <br /> • <br /> -22- <br />