08-007 RES - Laserfiche WebLink

Home Browse Search

NOW, TI~REFORE, BE IT RESOLVED by the City Council of the City of Elk • River, Minnesota, as follows: 1. Continuing Disclosure. The City is the sole obligated person with respect to the Bonds. The City hereby agrees, in accordance with the provisions of Rule 15c2-12 (the 'Rule"),promulgated by the Securities and Exchange Commission (the "Commission") pursuant to the Securities Exchange Act of 1934, as amended, and the Continuing Disclosure Undertaking to: (a) provide or cause to be provided to each nationally recognized municipal securities information repository ("NRMSIR") and to the appropriate state information depository ("SID"), if any, for the State of Minnesota, in each case as designated by the Commission in accordance with the Rule, certain annual financial information and operating data in accordance with the Continuing Disclosure Undertaking. (b) Provide or cause to be provided, in a timely manner, to (i) each NRMSIR or to the Municipal Securities Rulemaking Board ("MSRB") and (ii) the SID, notice of the occurrence of certain material events with respect to the Bonds in accordance with the Continuing Disclosure Undertaking. (c) Provide or cause to be provided, in a timely manner, to (i) each NRMSIR or to the MSRB and (ii) the SID, notice of a failure by the City to provide the annual financial information with respect to the City described in the Continuing Disclosure Undertaking. (d) The City agrees that its covenants pursuant to the Rule set forth in this pazagraph and in the Continuing Disclosure Undertaking are intended to be for the benefit of the holders and any other beneficial owners of the Bonds and shall be enforceable on behalf of such holders and beneficial owners; provided that the right to enforce the provisions of these covenants shall be limited to a right to obtain specific enforcement of the City's obligations under the covenants. The Mayor and Administrator, or any other officer of the City authorized to act in their place (the "Officers") are hereby authorized and directed to execute on behalf of the City the Undertaking in substantially the form on file with the Administrator, subject to such modifications thereof or additions thereto as aze (i) consistent with the requirements under the Rule, (ii) required by the Purchaser of the Bonds and (iii) acceptable to the Officers. 2. Furnishine of Certificates and Proceedings. The Mayor, Administrator and other officers of the City are authorized and directed to prepare and furnish to the purchaser of the Bonds and bond counsel, certified copies of all proceedings and records of the City relating to the Bonds, and such other affidavits and certificates as maybe required to show the facts relating to the legality of the Bonds as such facts appear from the books and records in the officers' custody and control or as otherwise known to them; and all such certified copies, certificates and affidavits, including any heretofore •