Laserfiche WebLink
• (d) Term: Amendments: Interpretation. <br /> (1) The covenants of the City in this Section 7 shall remain in effect so long as any <br /> Bonds are Outstanding. Notwithstanding the preceding sentence, however, the obligations of the <br /> City under this Section 7 shall terminate and be without further effect as of any date on which the <br /> City delivers to the Registrar an opinion of Bond Counsel to the effect that,because of legislative <br /> action or final judicial or administrative actions or proceedings, the failure of the City to comply <br /> with the requirements of this Section 7 will not cause participating underwriters in the primary <br /> offering of the Bonds to be in violation of the Rule or other applicable requirements of the <br /> Securities Exchange Act of 1934, as amended, or any statutes or laws successory thereto or <br /> 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 <br /> Counsel, who may rely on certificates of the City and others and the opinion may be subject to <br /> customary qualifications, to the effect that: (i) such amendment or supplement (a) is made in <br /> connection with a change in circumstances that arises from a change in law or regulation or a <br /> change in the identity, nature or status of the City or the type of operations conducted by the <br /> City, or(b) is required by, or better complies with, the provisions of paragraph (b)(5) of the Rule; <br /> (ii) this Section 7 as so amended or supplemented would have complied with the requirements of <br /> • paragraph (b)(5) of the Rule at the time of the primary offering of the Bonds, giving effect to any <br /> change in circumstances applicable under clause (i)(a) and assuming that the Rule as in effect <br /> and interpreted at the time of the amendment or supplement was in effect at the time of the <br /> primary offering; and (iii) such amendment or supplement does not materially impair the <br /> interests of the Bondowners under the Rule. <br /> If the Disclosure Information is so amended, the City agrees to provide, <br /> contemporaneously with the effectiveness of such amendment, an explanation of the reasons for <br /> the amendment and the effect, if any, of the change in the type of financial information or <br /> operating data being provided hereunder. <br /> (3) This Section 7 is entered into to comply with the continuing disclosure provisions of <br /> the Rule and should be construed so as to satisfy the requirements of paragraph(b)(5) of the <br /> Rule. <br /> Mayor <br /> Attest: <br /> City Cler <br /> • <br /> -22- <br />