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RES 19-055 AUTHORIZING ISSUANCE, AWARDING SALE, PRESCRIBING THE FORM AND DETAILS AND PROVIDING FOR THE PAYMENT OF $2,480,000 GENERAL OBLIGATION BONDS, SERIES 2019A
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RES 19-055 AUTHORIZING ISSUANCE, AWARDING SALE, PRESCRIBING THE FORM AND DETAILS AND PROVIDING FOR THE PAYMENT OF $2,480,000 GENERAL OBLIGATION BONDS, SERIES 2019A
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c) Manner of Disclosure. <br />1) The City agrees to make available to the MSRB through EMMA, in an electronic <br />format as prescribed by the MSRB, the information described in subsection (b). <br />2) All documents provided to the MSRB pursuant to this subsection (c) shall be <br />accompanied by identifying information as prescribed by the MSRB from time to <br />time. <br />d) Term; Amendments; Interpretation. <br />1) The covenants of the City in this section shall remain in effect so long as any Bonds <br />are Outstanding. Notwithstanding the preceding sentence, however, the obligations <br />of the City under this section shall terminate and be without further effect as of any <br />date on which the City delivers to the Registrar an opinion of Bond Counsel to the <br />effect that, because of legislative action or final judicial or administrative actions <br />or proceedings, the failure of the City to comply with the requirements of this <br />section will not cause participating underwriters in the primary offering of the <br />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 <br />thereto or amendatory thereof. <br />2) This section (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 <br />as provided in paragraph (c)(3) hereof) or the consent of the Owners of any Bonds, <br />by a resolution of this Council filed in the office of the recording officer of the City <br />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 <br />effect that: (i) such amendment or supplement (a) is made in connection with a <br />change in circumstances that arises from a change in law or regulation or a change <br />in the identity, nature or status of the City or the type of operations conducted by <br />the City, or (b) is required by, or better complies with, the provisions of paragraph <br />b)(5) of the Rule; (ii) this section as so amended or supplemented would have <br />complied with the requirements of paragraph (b)(5) of the Rule at the time of the <br />primary offering of the Bonds, giving effect to any change in circumstances <br />applicable under clause (i)(a) and assuming that the Rule as in effect and interpreted <br />at the time of the amendment or supplement was in effect at the time of the primary <br />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 <br />the reasons for the amendment and the effect, if any, of the change in the type of <br />financial information or operating data being provided hereunder. <br />16 <br />4837-9618-8312\5
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