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<br />owner of that Bond (with respect to the obligation thereof so . <br />defeased) shall, to the extent permitted by law, cease. The City <br />may at any time discharge any or all of such obligation(s) with <br />respect to any Bond, subject to the provisions of law now or <br />hereafter authorizing or regulating such action, by depositing <br />irrevocably in escrow, with a suitable institution qualified by <br />law as an escrow agent for this purpose, cash or securities which <br />are backed by the full faith and credit "of the United States of <br />America, bearing interest payable at such times and at such rates <br />and maturing on such dates and in such amounts as shall be <br />required and sufficient, subject to sale and/or reinvestment in <br />like securities, to pay said obligation(s), which may include any <br />interest paYment on such Bond and/or principal amount due thereon <br />at a stated maturity (or if irrevocable provision shall have been <br />made for permitted prior redemption of such principal amount, at <br />such earlier redemption date) . <br /> <br />29. Continuing Disclosure Undertakinq. With respect to the <br />continuing "disclosure requirements under Rule 15c2-12(b) (5) (the <br />"Rule") of the Securities and Exchange Commission, on the date of <br />actual issuance and delivery of the Bonds, the City will execute <br />and deliver a Continuing Disclosure Undertaking (the <br />"Undertaking") whereunder the City will covenant to provide, or <br />cause to be provided, annual financial information, including <br />audited financial statements of the City, and notices of certain <br />material events, as specified in the Undertaking. The proposed <br />form of the Undertaking which has been submitted to the City for . <br />the Council's consideration is hereby approved, and the officers <br />of the City are hereby authorized to execute and deliver that <br />Undertaking in the proposed form or in such final form thereof <br />reflecting such modifications thereof as are consistent with the <br />Rule, requested by the original purchaser of the Bonds and <br />acceptable to the City officials who shall execute the <br />Undertaking (which consent shall be conclusively evidenced by <br />their execution and delivery thereof). The Undertaking, as so <br />executed and delivered by the City, shall be as much a part of <br />this Resolution as if set forth in full herein and shall be for <br />the benefit of the owners from time to time of the Bonds. <br /> <br />30. Severability. If any section, paragraph or provision <br />of this Resolution shall be held to be invalid or unenforceable <br />for any reason, the invalidity or unenforceability of such <br />section, paragraph or provision shall not affect any of the <br />remaining provisions of this Resolution. <br /> <br />31. Defeasance of Series 1994E Improvement Bonds. The City <br />has determined to defease all remaining principal and interest <br />obligations on its General Obligation Improvement Bonds, Series <br />1994E, dated December 1, 1994 (the "1994E Bonds"), including the <br />option redemption on February 1, 2004, of all 1994E Bonds <br />maturing after said date. There has been presented for the <br />Council's agreement a certain Escrow Agreement regarding this . <br />defeasance of the 1994E Bonds, and the Mayor and the City <br />Administrator are authorized to execute and deliver that Escrow <br />Agreement, in consultation with the City Finance Director and the <br /> <br />1079939.1 <br /> <br />24 <br />