73-10 Issuance & sale of bonds $7,771,000

Home Browse Search

(c) Agreement to Provide Continuing Disclosure. For the benefit of the owners and beneficial owners from time to time of the Bonds, the City agrees, as the only obligated person with respect to the Bonds under the Rule, to provide or cause to be provided such financial information and operating data, audited financial statements and notices, in such manner, as may be required for purposes of paragraph (b)(5)(i) of the Rule. The City further agrees, in particular, to provide or cause to be provided: (i) to the MSRB, (A) Annual Information for each City fiscal year ending hereafter, not later than the 270th day following the end of the fiscal year, and (B) when and if available, audited City financial statements for each such fiscal year; and (ii) to the MSRB, within 10 days, notice of (A) any Specified Event, (B) the City's failure to provide the Annual Informafion within the time specified above, and (C) any change in the accounting principles applied in the preparation of its annual financial statements, any change in its fiscal year, its failure to appropriate funds to meet costs to be incurred to perform the agreement, and of the termination of the agreement. The Continuing Disclosure Certificate in the form now on file with the Clerk is approved. The Director of Finance is authorized and directed to complete, sign and deliver, in the name and on behalf of the City, the Continuing Disclosure Certificate with such changes that are not inconsistent with this Ordinance, are not materially adverse to the City, and are approved by the Director of Finance, to specify in reasonable detail the Annual Information to be provided (which may be provided by specific reference to other documents previously filed and available in accordance with the Rule), whether the City has obtained any credit enhancement or provider for the Bonds and the City's expectations as to whether audited financial statements will be prepared, the accounting principles to be applied in their preparation, and whether they will be available together with, or sepazately from, Annual Information. That any such changes to the Continuing Disclosure Certificate are not materially adverse to the City and are approved by the Director of Finance shall be evidenced conclusively by the signing of the Continuing Disclosure Certificate by the Director of Finance. The Director of Finance is further authorized and directed to establish procedures in order to ensure compliance by the City with its Continuing Disclosure Certificate, including timely provision of information and notices as described above. Prior to making any filing in accordance with clause (ii) above or providing notice of the occurrence of any other events, the Director of Finance shall consult with and obtain legal advice from, as appropriate, the Director of Law and bond or other qualified independent special counsel selected by the City. The Director of Finance, acting in the name and on behalf of the City, shall be entitled to rely upon any such legal advice in deternuning whether a filing should be made. The City reserves the right to amend its Continuing Disclosure Agreement, and to obtain the waiver of noncompliance with any provision of the Continuing Disclosure Agreement, as may be necessary or appropriate to achieve its compliance with any applicable federal securities law or rule, to cure any ambiguity, inconsistency or formal defect or omission, and to address any change in circumstances arising from a change in legal requirements, change in law, or change in the identity, nature, or status of the City, or type of business conducted by the City. Any such amendment or 14