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• recognized municipal securities information repository under the Rule and to any state <br /> information depository then designated or operated by the State of Minnesota as contemplated by <br /> the Rule (the "State Depository"), if any; <br /> (2) the information described in paragraphs (2) and (3) of subsection(b), to the <br /> Municipal 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 <br /> rating of the Bonds and, at the expense of such Bondowner,to any Bondowner who requests in <br /> writing such information, at the time of transmission under paragraphs (1) or(2) of this <br /> subsection (c), as the case may be, or, if such information is transmitted with a subsequent time <br /> of release, at the time such 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 <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 /> -21- <br />