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CC RES 09-038 RESOLUTION CALLING A HEARING FOR THE ARBORS ALLEY ROADWAY AND UTLITY IMRPOVEMENT PROJECT
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CC RES 09-038 RESOLUTION CALLING A HEARING FOR THE ARBORS ALLEY ROADWAY AND UTLITY IMRPOVEMENT PROJECT
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RES 2009
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CC RES 09-038 RESOLUTION CALLING A HEARING FOR THE ARBORS ALLEY ROADWAY AND UTLITY IMRPOVEMENT PROJECT
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0 (C) the termination of the obligations of the City under this Section 8 <br /> pursuant to subsection(d); <br /> (D) any change in the accounting principles pursuant to which the <br /> financial statements constituting a portion of the Disclosure Information are <br /> prepared; and <br /> (E) any change in the fiscal year of the City. <br /> (c) Manner of Disclosure. The City agrees to make available the information <br /> described in subsection (b) to the following entities by telecopy, overnight delivery, mail or other <br /> means, as appropriate: <br /> (1) the information described in paragraph (1) of subsection (b), to each then <br /> nationally recognized municipal securities information repository under the Rule and to <br /> any state information depository then designated or operated by the State of Minnesota as <br /> contemplated by the Rule(the"State Depository"), if any; <br /> (2) the information described in paragraphs (2) and (3) of subsection(b), to <br /> the 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 <br /> maintaining a rating of the Bonds and, at the expense of such Bondowner, to any <br /> • Bondowner who requests in writing such information, at the time of transmission under <br /> paragraphs (1) or(2) of this subsection (c), as the case may be, or, if such information is <br /> transmitted with a subsequent time of release, at the time such information is to be <br /> released. <br /> (d) Term; Amendments; Interpretation. <br /> (1) The covenants of the City in this Section 8 shall remain in effect so long <br /> as any Bonds are Outstanding. Notwithstanding the preceding sentence,however, the <br /> obligations of the City under this Section 8 shall terminate and be without further effect <br /> as of any date on which the City delivers to the Registrar an opinion of Bond Counsel to <br /> the effect that,because of legislative action or final judicial or administrative actions or <br /> proceedings, the failure of the City to comply with the requirements of this Section 8 will <br /> not cause participating underwriters in the primary offering of the Bonds to be in <br /> violation of the Rule or other applicable requirements of the Securities Exchange Act of <br /> 1934, as amended, or any statutes or laws successory thereto or amendatory thereof. <br /> (2) This Section 8 (and the form and requirements of the Disclosure <br /> Information) may be amended or supplemented by the City from time to time, without <br /> notice to (except as provided in paragraph (c)(3) hereof) or the consent of the Owners of <br /> any Bonds, by a resolution of the City Council filed in the office of the City Clerk of the <br /> City accompanied by an opinion of Bond Counsel, who may rely on certificates of the <br /> City and others and the opinion may be subject to customary qualifications, to the effect <br /> • that: (i) such amendment or supplement (a) is made in connection with a change in <br /> circumstances that arises from a change in law or regulation or a change in the identity, <br /> -22- <br />
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