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• (not treating qualified 501(c)(3)bonds under Section 145 of the Code as private activity bonds <br /> for purposes of this 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 <br /> and distribute to the Purchaser a supplement to the Official Statement listing the offering price, <br /> the interest rates, selling compensation, delivery date, the underwriters and such other <br /> information relating to the Certificates required to be included in the Official Statement by Rule <br /> 15c2-12 adopted by the Securities and Exchange Commission under the Securities Exchange Act <br /> of 1934. Within seven business days from the date hereof, the City shall deliver to the Purchaser <br /> 40 copies of the Official Statement and such supplement. The officers of the City are hereby <br /> authorized and directed to execute such certificates as may be appropriate concerning the <br /> accuracy, completeness and sufficiency of the 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 <br /> and other participating underwriters in the primary offering of the Bonds to comply with <br /> amendments to Rule 15c2-12 promulgated by the Securities and Exchange Commission (the <br /> "SEC") under the Securities Exchange Act of 1934 (17 C.F.R. § 240.15c2-12), relating to <br /> • continuing disclosure (as in effect and interpreted from time to time, the"Rule"), which will <br /> enhance the marketability of the Bonds, the City hereby makes the following covenants and <br /> agreements for the benefit of the Owners (as hereinafter defined) from time to time of the <br /> Outstanding Bonds. The City is the only"obligated person" in respect of the Bonds within the <br /> meaning of the Rule for purposes of identifying the entities in respect of which continuing <br /> disclosure must be made. <br /> If the City fails to comply with any provisions of this Section 7, any person <br /> aggrieved thereby, including the Owners of any Outstanding Bonds, may take whatever action at <br /> law or in equity may appear necessary or appropriate to enforce performance and observance of <br /> any agreement or covenant contained_ in this Section 7, including an action for a writ of <br /> mandamus or specific performance. Direct, indirect, consequential and punitive damages shall <br /> not be recoverable for any default hereunder to the extent permitted by law. Notwithstanding <br /> anything to the contrary contained herein, in no event shall a default under this Section 7 <br /> constitute a default under the Bonds or under any other provision of this resolution. <br /> As used in this Section 7, "Owner" or`Bondowner"means, in respect of a Bond, <br /> the registered owner or owners thereof appearing in the bond register maintained by the Registrar <br /> or any"Beneficial Owner"(as hereinafter defined) thereof, if such Beneficial Owner provides to <br /> the Registrar evidence of such beneficial ownership in form and substance reasonably <br /> satisfactory to the Registrar. As used herein, `Beneficial Owner"means, in respect of a Bond, <br /> 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(b) is treated as the owner of the <br /> -18- <br />