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7.07. Official Statement. The Official Statement relating to the Bonds, dated <br /> • September 11, 2003, prepared and distributed on behalf of the City by Ehlers &Associates, Inc., <br /> is hereby approved. Ehlers&Associates, Inc., is hereby authorized of behalf of the City to <br /> prepare and distribute to the Purchaser a supplement to the Official Statement listing the offering <br /> price, the interest rates, other information relating to the Bonds required to be included in the <br /> Official Statement by Rule 15c2-12 adopted by the Securities and Exchange Commission under <br /> the Securities Exchange Act of 1934. Within seven business days from the date hereof, the City <br /> shall deliver to the Purchaser 50 copies of the Official Statement and such supplement. The <br /> officers of the City are hereby authorized and directed to execute such certificates as may be <br /> appropriate concerning the accuracy, completeness and sufficiency of the Official Statement. <br /> The officers of the City are hereby authorized and directed to execute such certificates as may be <br /> appropriate concerning the accuracy, completeness and sufficiency of the Official Statement. <br /> 7.08. Redemption of Refunded Bonds. The 1993A Refunded Bonds and the <br /> 1994B Refunded Bonds shall be called for redemption on February 1, 2004 and the 1995A <br /> Refunded Bonds shall be called for redemption on February 1, 2005, and the City Manager is <br /> hereby authorized and directed to take all actions necessary to redeem the Refunded Bonds. <br /> Section 8. 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 (as hereinafter defined). The City is the only"obligated person" in respect of <br /> the Bonds within the meaning of the Rule for purposes of identifying the entities in respect of <br /> which continuing disclosure must be made. <br /> If the City fails to comply with any provisions of this Section 8, any person aggrieved <br /> thereby, including the Owners of any Outstanding Bonds, may take whatever action at law or in <br /> equity may appear necessary or appropriate to enforce performance and observance of any <br /> agreement or covenant contained in this Section 8, including an action for a writ of mandamus or <br /> specific performance. Direct, indirect, consequential and punitive damages shall not be <br /> recoverable for any default hereunder to the extent permitted by law. Notwithstanding anything <br /> to the contrary contained herein, in no event shall a default under this Section 8 constitute a <br /> default under the Bonds or under any other provision of this resolution. <br /> As used in this Section 8, "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 <br /> 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 /> • -15- <br />