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• the Bonds within the meaning of the Rule for purposes of identifying the entities in <br /> respect of which continuing 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 <br /> whatever action at law or in equity may appear necessary or appropriate to enforce <br /> performance and observance of any agreement or covenant contained in this <br /> Section 7, including an action for a writ of mandamus or specific performance. <br /> Direct, indirect, consequential and punitive damages shall not be recoverable for any <br /> default hereunder to the extent permitted by law. Notwithstanding anything to the <br /> contrary contained herein, in no event shall a default under this Section 7 constitute <br /> 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 <br /> Bond, the registered owner or owners thereof appearing in the bond register <br /> maintained by the Registrar or any 'Beneficial Owner" (as hereinafter defined) <br /> thereof, if such Beneficial Owner provides to the Registrar evidence of such <br /> beneficial ownership in form and substance reasonably satisfactory to the Registrar. <br /> As used herein, "Beneficial Owner" means, in respect of a Bond, any person or <br /> entity which (i) has the power, directly or indirectly, to vote or consent with respect <br /> to, or to dispose of ownership of, such Bond (including persons or entities holding <br /> Bonds through nominees, depositories or other intermediaries), or (b) is treated as <br /> • the owner of the Bond for federal income tax purposes. As used herein, <br /> "Outstanding " means when used with reference to Bonds means all Bonds which <br /> have been issued and authenticated by the Registrar except (i) Bonds which have <br /> been paid in full (ii) Bonds which have been cancelled by the Registrar or <br /> surrendered to the Registrar for cancellation and (iii) Bonds which have been <br /> discharged as provided in Section 5 hereof. <br /> (b) Information To Be Disclosed. The City will provide, in the manner set <br /> forth in subsection (c) hereof, either directly or indirectly through an agent <br /> designated by the City, the following information at the following times: <br /> (1) on or before 365 days after the end of each fiscal year of the City, <br /> commencing with the fiscal year ending December 31, 1996 the following financial <br /> information and operating data in respect of the City (the "Disclosure Information"): <br /> (A) the audited financial statements of the City for such fiscal <br /> year, prepared in accordance with generally accepted accounting <br /> principles promulgated by the Financial Accounting Standards Board <br /> as modified in accordance with the governmental accounting standards <br /> promulgated by the Governmental Accounting Standards Board or as <br /> otherwise provided under Minnesota law, as in effect from time to <br /> time, or, if and to the extent such financial statements have not been <br /> i <br /> -17- <br />