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2010-043 RES APPROVING RESOLUTION PEDC
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2010-043 RES APPROVING RESOLUTION PEDC
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Last modified
8/21/2012 12:12:40 PM
Creation date
4/7/2010 8:32:40 AM
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CITY CLERK
Doc Name
2010-043
Doc Type
Resolution
CITY CLERK - Date
3/22/2010
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(ii) The provisions of this Section are for the sole benefit of the registered owners and <br />beneficial owners of the Bonds, and nothing in this Section, express or implied, shall give any <br />benefit or any legal or equitable right, remedy, or claim hereunder to any other person. The Issuer <br />undertakes to provide only the financial information, operating data, financial statements, and <br />notices which it has expressly agreed to provide pursuant to this Section and does not hereby <br />undertake to provide any other information that may be relevant or material to a complete <br />presentation of the Issuer's financial results, condition, or prospects or hereby undertake to update <br />any information provided in accordance with this Section or otherwise, except as expressly provided <br />herein. The Issuer does not make any representation or warranty concerning such information or <br />its usefulness to a decision to invest in or sell Bonds at any future date. <br />(iii) UNDER NO CIRCUMSTANCES SHALL THE ISSUER BE LIABLE TO THE <br />REGISTERED OWNER OR BENEFICIAL OWNER OF ANY BOND OR ANY OTHER <br />PERSON, IN CONTRACT OR TORT, FOR DAMAGES RESULTiNG IN WHOLE OR IN PART <br />FROM ANY BREACH BY THE ISSUER, WHETHERNEGLIGENT OR WITHOUT FAULT ON <br />ITS PART, OF ANY COVENANT SPECIFIED IN THIS SECTION, BUT EVERY RIGHT AND <br />REMEDY OF ANY SUCH PERSON, IN CONTRACT OR TORT, FOR OR ON ACCOUNT OF <br />ANY SUCH BREACH SHALL BE LIMITED TO AN ACTION FOR MANDAMUS OR <br />SPECIFIC PERFORMANCE. <br />(iv) No default by the Issuer in observing or performing its obligations under this Section <br />shall comprise a breach of or default under this Resolution for purposes of any other provision of <br />this Resolution. Nothing in this Section is intended or shall act to disclaim, waive, ar otherwise limit <br />the duties of the Issuer under federal and state securities laws. <br />(v) The provisions of this Section may be amended by the Issuer from time to time to adapt <br />to changed circumstances that arise from a change in legal requirements, a change in law, or a <br />change in the identity, nature, status, or type of operations of the Issuer, but only if (1) the provisions <br />of this Section, as so amended, would have permitted an underwriter to purchase or sell Bonds in <br />the primary offering of the Bonds in compliance with the Rule, taking into account any amendments <br />or interpretations of the Rule since such offering as well as such changed circumstances and <br />(2) either (a) the registered owners of a majarity in aggregate principal amount (or any greater <br />amount required by any other provision of this Resolution that authorizes such an amendment) of <br />the outstanding Bonds consent to such amendment or (b) a person that is unaffiliated with the Issuer <br />(such as nationally recognized bond counsel) determined that such amendment will not materially <br />impair the interest of the registered owners and beneficial owners of the Bonds. If the Issuer so <br />amends the provisions of this Section, it shall include with any amended financial information or <br />operating data next provided in accordance with subsection (a) of this Section an explanation, in <br />narrative form, of the reason for the amendment and of the impact of any change in the type of <br />financial information or operating data so provided. The Issuer may also amend or repeal the <br />provisions of this continuing disclosure agreement if the SEC amends or repeals the applicable <br />provision of the Rule or a court of final jurisdiction enters judgment that such provisions of the Rule <br />are invalid, but only if and to the extent that the provisions of this sentence would not prevent an <br />underwriter from lawfully purchasing or selling Bonds in the primary offering of the Bonds. <br />26 <br />
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