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55A - RESO - GAS TAX BONDS
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11/05/2019
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55A - RESO - GAS TAX BONDS
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Last modified
10/30/2019 12:55:49 PM
Creation date
10/30/2019 11:40:51 AM
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City Clerk
Doc Type
Agenda Packet
Agency
Finance & Management Services
Item #
55A
Date
11/5/2019
Destruction Year
2024
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SECTION 6. Termination of Obligation. The City's obligations under this Disclosure <br />Agreement shall terminate upon the legal defeasance, prior redemption or payment in full of all of the <br />Bonds. If such termination occurs prior to the final maturity of the Bonds, the City shall give notice of such <br />termination in the same manner as for a Listed Event under Section 5. <br />SECTION 7. Dissemination Agent. The City may, from time to time, appoint or engage a <br />Dissemination Agent to assist it in carrying out its obligations under this Disclosure Agreement, and may <br />discharge any such Dissemination Agent, with or without appointing a successor Dissemination Agent. <br />The Dissemination Agent may resign by providing 30 days' written notice to the City and the Trustee (if <br />the Trustee is not the Dissemination Agent). The Dissemination Agent shall have no duty to prepare or <br />review the Annual Report nor shall the Dissemination Agent be responsible for filing any Annual Report <br />not provided to it by the City in a timely manner and in a form suitable for filing. <br />SECTION 8. Amendment; Waiver. Notwithstanding any other provision of this Disclosure <br />Agreement, the City may amend this Disclosure Agreement, and any provision of this Disclosure <br />Agreement may be waived, provided that, in the opinion of nationally recognized bond counsel, such <br />amendment or waiver is permitted by the Rule. In the event of any amendment or waiver of a provision of <br />this Disclosure Agreement, the City shall give notice of such amendment or waiver in the same manner as <br />for a Listed Event under Section 5. <br />SECTION 9. Additional Information. Nothing in this Disclosure Agreement shall be deemed to <br />prevent the City from disseminating any other information, using the means of dissemination set forth in <br />this Disclosure Agreement or any other means of communication, or including any other information in <br />any notice of occurrence of a Listed Event, in addition to that which is required by this Disclosure <br />Agreement. If the City chooses to include any information in any notice of occurrence of a Listed Event in <br />addition to that which is specifically required by this Disclosure Agreement, the City shall not thereby have <br />any obligation under this Disclosure Agreement to update such information or include it in any future notice <br />of occurrence of a Listed Event. <br />SECTION 10. Default. In the event of a failure of the City to comply with any provision of this <br />Disclosure Agreement, any Holder or Beneficial Owner of the Bonds may take such actions as may be <br />necessary and appropriate, including seeking mandate or specific performance by court order, to cause the <br />City to comply with its obligations under this Disclosure Agreement. A default under this Disclosure <br />Agreement shall not be deemed an Event of Default under the Indenture, and the sole remedy under this <br />Disclosure Agreement in the event of any failure of the City to comply with this Disclosure Agreement <br />shall be an action to compel performance. <br />No Holder or Beneficial Owner of the Bonds may institute such action, suit or proceeding to compel <br />performance unless they shall have first delivered to the City satisfactory written evidence of their status as <br />such, and a written notice of and request to cure such failure, and the City shall have refused to comply <br />therewith within a reasonable time. <br />SECTION 11. Duties, Immunities and Liabilities of the Dissemination Agent. The Dissemination <br />Agent (if other than the City) shall have only such duties as are specifically set forth in this Disclosure <br />Certificate, and the City agrees to indemnify and save the Dissemination Agent and its officers, directors, <br />employees and agents, harmless against any loss, expense and liabilities which it may incur arising out of <br />or in the exercise or performance of its powers and duties hereunder, including the costs and expenses <br />(including attorneys' fees) of defending against any claim of liability, but excluding liabilities due to the <br />Dissemination Agent's negligence or willful misconduct. The Dissemination Agent shall be paid <br />compensation by the City for its services provided hereunder in accordance with its schedule of fees as <br />amended from time to time and all expenses, legal fees and advances made or incurred by the Dissemination <br />55394.00055\32427465.1 4 <br />55A-153 <br />
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