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Aft, <br />instituted and maintained only (i) by a hustee appointed by the holders and <br />beneficial owners of not less than 25% in principal amount of the Notes <br />then outstanding or (ii) by holders and beneficial owners of not less than <br />10% in principal amount of the Notes then outstanding, in accordance with <br />Section 133.25(B)(4)(b) or (C)(1) of the Revised Code, as applicable (or <br />any like or comparable successor provisions). <br />The performance by the City of the Continuing Disclosure <br />Agreement shall be subject to the annual appropriation of any funds that <br />may be necessary to perform it. <br />The Continuing Disclosure Agreement sha11 remain in effect only for <br />such period that the Notes are outstanding in accordance with their terms <br />and the City remains an obligated person with respect to the Notes within <br />the meaning of the Rule. The obligation of the City to provide the notices <br />of the Specified Events sha11 terminate, if and when the City no longer <br />remains such an obligated person. <br />Section 3. Section 6 of Ordinance No. 98-70, as passed on June 10, 1998, be and is <br />hereby repealed. <br />Section 4. This Council finds and determines that a11 formal actions of this Council and <br />of any of its committees concerning and relating to the passage of this ordinance were taken, and <br />that a11 deliberations of this Council and of any committees that resulted in those formal actions <br />were held, in meetings open to the public in compliance with the law. <br />Section 5. This ordinance is declazed to be an emergency measure necessary for the <br />immediate preservation of the public peace, health, safety and welfaze of the City, and for the <br />further reason that this ordinance is required to be immediately effective in order to issue and sell <br />the Notes, which is necessary to enable the City to timely enter into and carry out its obligations <br />under contracts for the improvement referred to in Section 1 of Ordinance No. 98-70 which is <br />urgently needed to protect and preserve City property; wherefore, tlus ordinance shall be in full <br />force and effect immediately upon its passage and approval by the Mayor. <br />Passed: 1998 <br />G? . <br />Attestt',,' ?-`z' - <br />( Clerk of Counci <br />? <br /> <br />Approved: 1998 <br />e <br />Mayor <br />r,,.?.-..,.. < J. <br />ncil `% <br />-4-