71-04 Issue/Sale of Bonds Rockport Improvements

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and to the extent necessary to assure such exclusion öf that interest under the Code. The Fiscal Officer and other appropriate officers are authorized and directed to take any and all actions, ma1œ calclÙations and rebate payments, and make or give reports and certifications, as may be appropriate to assure such exclusion of that interest SECTION II If, in the judgment of the Fiscal Officer, the filing of an application for a policy of insurance ftom a company or companies to better assUre the payment of principal and interest on the Bonds, is in the best interest of and fmancially advantageous to the City, the Couucil authorizes and directs the Fiscal Officer to prepare and submit that application and to provide to that company or companies the information required for the purpose. SECTION 12. The Fiscal Officer is authorized and directed to execute a contiuuing disclosure certificate (the "Disclosure Certificate") setting forth the City's undertaking to provide annual reports and notices of certain events dated the date of delivery of the Bonds and delivered to the Original Purchaser for the benefit of the bondholders and to assist the Original Purchaser iu complying with S RC Rule 15c2-12(b )(5) Tbe City hereby covenants and agrees that it will comply with and carry out all of the provisions of the Disclosure Certificate. Failure of the City of comply with the Disclosure Certificate shall not be considered an event of default; however, any Bondholder may take such actions as may be necessary and appropriate to cause thf; City to comply with its obligations under this Section. SECTION 13. The Fiscal Officer, as fiscal officer ofthe City, is hereby directed to forward a certified copy of this ordinance to the Couuty Auditor SECTION 14. It is fouud and detennined that all fonnal actions of this Couucil concerning and relating to the passage of this Ordinance were adopted in an open meeting of this Council, and that all deliberations of this Council and of any of íts connnittees that resulted in such formal action, were in meetings open to the public, in compliance with all legal requirements, including the City's Charter and Codified Ordinances Passed ¡ jo.A£.. 2-/ SECTION 15 This Ordinance is hereby declared to be an emergency measure necessary for the immediate preservation of the public peace, property, health, safety and welfare in the City for the reasons set forth and defined in the preamble to this ordinance, and provided it receives the affinnative vote of two-thirds (2/3) of all members elected to Council, this ordinance shall take effect and be in force immediately upon its passage by the Council and approval by the Mayor; otherwise it shall take effect and be in force after the earliest period allowed by law, q~./LL President of Council /1{OA~? ~~~ - . rkofCö cil 01Âf\~' ~ Mayor ,2004 Approved: a .v).D;¡" ').. U ,2004 {KLF2636;1} 7