Agenda - Council - 12/19/2000 - Laserfiche WebLink

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-84- 20. Defeasance. When all Bonds have been discharged as provided in this paragraph, all pledges, covenants and other rights ~anted by this resolution to the registered holders of the Bonds shall, to the extent permitted by law, cease. The City may discharge its obligations with respect to any Bonds which are due on any date by irrevocably depositing with the Bond .Registrar on or before that date a sum sufficient for the payment thereof in full; or if any Bond should not be paid when due, it may nevertheless be discharged by depositing with the Bond Registrar a sum sufficient for the payment thereof in full with interest accrued to the date of such deposit. The City may also discharge its obligations with respect to any prepayable Bonds called for redemption on any date when they are prepayable according to their terms, by depositing with tlxe Bond Registrar on or before that date a sum su.fficient for the payment thereof in ftdl, provided that notice of redemption thereof has been duly given. The City may also at any time discharge its obligations with respect to any Bonds, subject to the provisions of law now or hereafter attthorizing and regulating such action, by depositing irrevocably in esci'ow, with a suitable banking institution qualified by law as an escrow agent for this purpose, cash or securities described in Minnesota Statutes, Section 475.67, Subdivision 8, bearing interest payable at such times and at such rates and maturing on such dates as shall be required, without regard to sale and/or reinvestment, to pay all amounts to become due thereon to maturity or, if notice of redemption as herein required has been duly provided for, to such earlier redemption date. 2 I. Continuinz Disclosure. The City is the sole obligated person with respect to the Bonds. The City hereby a~ees, in accordance with the provisions of Rule 15c2-12 (the "Rule"), promulgated by the Securities and Exchange Commission (the "Commission") pursuant to the Securities Exchange Act of 1934, as amended, and a Continuing Disclosure Undertaking (the "Undertaking") hereinafter described to: (a) Provide or cause to be provided to each nationally recognized municipal securities information repository ("NP, MSIR") and to the appropriate state information depository ('SID'), if any, for the State of Minnesota, in each case as designated by the Commission in accordance with the Rule, certain annual financial information and operating data in accordance with the Undertaking. The City r~-aerves the right to modify from time to time the terms of the Undertaking as provided '[i~erein. (b) Provide or cause to be provided, in a timely manner, to (i) each NRMS1R or to the Municipal Securities Rulemaking Board ("M'SRB") and (ii) the SID, notice of the occurrence of certain material events with respect to the Bonds in accordance with the Undertaking. (c) Provide or cause to be provided, in a timely manner, to (i) each NR. MSLR or to the MSP, B and (ii) the SID, notice of a faiture by the City to provide the mmual financial infon'nation with respect to the City described in the Undertaldng. (d) The City agrees that its covenants pursuant to the Rule set forth in this paragraph and in the Undertaking is intended to be for the benefit of the Holders of the Bonds and shall be 19 1237935.1 .! ! I I I I I I I I I I I I I I I