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• <br />(b) Each Reimbursement Expenditure is a capital expenditure or a cost of issuance of <br />the Bonds or any of the other types of expenditures described in Section 1.150- 2(d)(3) of the <br />Reimbursement Regulations. <br />(c) The "reimbursement allocation" described in the Reimbursement Regulations for <br />each Reimbursement Expenditure shall and will be made forthwith following (but not prior to) <br />the issuance of the Bonds and in all events within the period ending on the date which is the later <br />of three years after payment of the Reimbursement Expenditure or one year after the date on <br />which the Project to which the Reimbursement Expenditure relates is first placed in service. <br />(d) Each such reimbursement allocation will be made in a writing that evidences the <br />City's use of Bond proceeds to reimburse the Reimbursement Expenditure and, if made within 30 <br />days after the Bonds are issued, shall be treated as made on the day the Bonds are issued. <br />Provided, however, that the City may take action contrary to any of the foregoing covenants in <br />this paragraph upon receipt of an opinion of its Bond Counsel for the Bonds stating in effect that <br />such action will not impair the tax - exempt status of the Bonds. <br />22. Continuing Disclosure. The City is the sole obligated person with respect to the <br />Bonds. The City hereby agrees, in accordance with the provisions of Rule 15c2 -12 (the "Rule "), <br />promulgated by the Securities and Exchange Commission (the "Commission ") pursuant to the <br />Securities Exchange Act of 1934, as amended, and a Continuing Disclosure Undertaking (the <br />"Undertaking ") hereinafter described to: <br />(a) Provide or cause to be provided to each nationally recognized municipal securities <br />information repository ( "NRMSIR ") and to the appropriate state information depository ( "SID "), <br />if any, for the State of Minnesota, in each case as designated by the Commission in accordance <br />with the Rule, certain annual financial information and operating data in accordance with the <br />Undertaking. The City reserves the right to modify from time to time the terms of the <br />Undertaking as provided therein. <br />(b) Provide or cause to be provided, in a timely manner, to (i) each NRMSIR or to the <br />Municipal Securities Rulemaking Board ( "MSRB ") and (ii) the SID, notice of the occurrence of <br />certain material events with respect to the Bonds in accordance with the Undertaking. <br />(c) Provide or cause to be provided, in a timely manner, to (i) each NRMSIR or to the <br />MSRB and (ii) the SID, notice of a failure by the City to provide the annual financial information <br />with respect to the City described in the Undertaking. <br />(d) The City agrees that its covenants pursuant to the Rule set forth in this paragraph <br />and in the Undertaking is intended to be for the benefit of the Holders of the Bonds and shall be <br />enforceable on behalf of such Holders; provided that the right to enforce the provisions of these <br />covenants shall be limited to a right to obtain specific enforcement of the City's obligations under <br />the covenants. <br />The Mayor and Administrator of the City, or any other officer of the City authorized to <br />act in their place (the "Officers) are hereby authorized and directed to execute on behalf of the <br />City the Undertaking in substantially the form presented to the City Council subject to such <br />1346048v1 <br />19 <br />