Laserfiche WebLink
<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 fmancial 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 /> <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 /> <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 fmancial information <br />with respect to the City described in the Undertaking. <br /> <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 <br />under the covenants. <br /> <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 />modifications thereof or additions thereto as are (i) consistent with the requirements under the <br />Rule, (ii) required by the Purchaser of the Bonds, and (iii) acceptable to the Officers. <br /> <br />23. Negative Covenant as to Use of Bond Proceeds and Proiect. The City hereby <br />covenants not to use the proceeds of the Bonds or to use the Project, or to cause or permit them <br />to be used, or to enter into any deferred payment arrangements for the cost of the Project, in such <br />a manner as to cause the Bonds to be "private activity bonds" within the meaning of Sections 103 <br />and 141 through 150 of the Code. <br /> <br />24. Tax-Exempt Status of the Bonds~ Rebate~ Elections. The City shall comply with <br />requirements necessary under the Code to establish and maintain the exclusion from gross <br />income under Section 103 of the Code of the interest on the Bonds, including without limitation: <br />(a) requirements relating to temporary periods for investments, (b) limitations on amounts <br />invested at a yield greater than the yield on the Bonds, and (c) the rebate of excess investment <br />earnings to the United. The City expects to satisfy the six -month expenditure exemption for <br />gross proceeds of the Bonds as provided in Section 1.148-7(c) of the Regulations. The Mayor <br />and or Administrator are hereby authorized and directed to make such elections as to arbitrage <br />and rebate matters relating to the Certificate as they deem necessary, appropriate or desirable in <br />connection with the Certificate, and all such elections shall be, and shall be deemed and treated <br />as, elections of the City. <br /> <br />1988178vl <br /> <br />17 <br />