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securities which are backed by the full faith and credit of the <br />United States of America, bearing interest payable at such times <br />and at such rates and maturing on such dates and in such amounts <br />as shall be required and sufficient, subject to sale and/or <br />reinvestment in like securities, to pay said obligation(s), which <br />may include any interest payment on such Bond and/or principal <br />amount due thereon at a stated maturity (or if irrevocable <br />provision shall have been made for permitted prior redemption of <br />such principal amount, at such earlier redemption date). <br /> <br /> 25. Compliance With Reimbursement Bond Requlations. <br />With respect to the Improvements, the City has complied and will <br />continue to comply with the "Reimbursement Regulations" provided <br />in United States Treasury Regulations Section 1.150-2. In <br />particular, except where the following may not be required by <br />said Regulations (e.g., with respect to certain "preliminary <br />expenditures"), to the extent that any of the proceeds of the <br />Bonds will be used to reimburse the City for a cost of the <br />Improvements theretofore paid and temporarily financed by the <br />City out of other City funds, prior to the initial payment <br />thereof (or within applicable time limits thereafter) the City <br />has made or will have made a duly qualifying statement of its <br />official intent to bond for such costs (and the City will also <br />make the written "reimbursement allocation" required by the <br />Reimbursement Regulations); otherwise, the proceeds of the Bonds <br />are to be used for initial payment, and not for such <br />reimbursement, of costs of the Improvements. <br /> <br /> 26. Continuinq Disclosure Undertakinq. The Council <br />hereby acknowledges that the Bonds are subject to continuing <br />disclosure requirements under Rule 15c2-12(b) (5) (the "Rule") of <br />the Securities and Exchange Commission. Consequently, on the <br />date of actual issuance and delivery of the Bonds, the City will <br />execute 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 /> 27. Severability. If any section, paragraph or <br />provision of this Resolution shall be held to be invalid or <br /> <br />358666.1 23 <br /> <br /> <br />