Laserfiche WebLink
20. Defeasance. When all Bonds have been discharged <br />as provided in this paragraph, all pledges, covenants and other <br />rights granted by this resolution to the registered holders of <br />the Bonds shall, to the extent permitted by law, cease. The City <br />may discharge its obligations with respect to any Bonds which are <br />due on any date by irrevocably depositing with the Bond Registrar <br />on or before that date a sum sufficient for the payment thereof <br />in full; or if any Bond should not be paid when due, it may <br />nevertheless be discharged by depositing with the Bond Registrar <br />a sum sufficient for the payment thereof in full with interest <br />accrued to the date of such deposit. The City may also discharge <br />its obligations with respect to any prepayable Bonds called for <br />redemption on any date when they are prepayable according to <br />their terms, by depositing with the Bond Registrar on or before <br />that date a sum sufficient for the payment thereof in full, <br />provided that notice of redemption thereof has been duly given. <br />The City may also at any time discharge its obligations with <br />respect to any Bonds, subject to the provisions of law now or. <br />hereafter authorizing and regulating such action, by depositing <br />irrevocably in escrow, with a suitable banking institution <br />qualified by law as an escrow agent for this purpose, cash or <br />securities described in Minnesota Statutes, Section 475.67, <br />Subdivision 8, bearing interest payable at such times and at such <br />rates and maturing on such dates as shall be required, without <br />regard to sale and/or reinvestment, to pay all amounts to become <br />due thereon to maturity or, if notice of redemption as herein <br />required has been duly provided for, to such earlier redemption <br />date. <br />21. Continuing Disclosure. <br />(a) The City is the sole obligated person with respect to <br />the Bonds. The City hereby agrees, in accordance with the <br />provisions of Rule 15c2-12 (the "Rule"), promulgated by the <br />Securities and Exchange Commission (the "Commission") pursuant to <br />the Securities Exchange Act of 1934, as amended, and a Continuing <br />Disclosure Undertaking (the "Undertaking") hereinafter described <br />to: <br />(1) Provide or cause to be provided, (i) (a) upon <br />request to any person, or (b) upon establishment of a <br />state information depository ("SID"), to the SID, its <br />audited financial statements for the most recent fiscal <br />year, and (ii) to each nationally recognized municipal <br />securities information repository ("NRMSIR") or to the <br />Municipal Securities Rulemaking Board ("MSRB") and the <br />SID, if any, notice of the occurrence of certain <br />material events with respect to the Bonds in accordance <br />with the Undertaking. <br />(2) The City agrees that its covenants pursuant <br />to the Rule set forth in this paragraph and in the <br />Undertaking are intended to be for the benefit of the <br />holders and any other beneficial owners of the Bonds <br />934183.1 <br />21 <br />