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CC_Minutes_2011_1212
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Roseville City Council
Document Type
Council Minutes
Meeting Date
12/12/2011
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21. Continuing Disclosure. The City is the sole obligated person with respect to the <br /> Bonds. The City hereby agrees, in accordance with the provisions of Rule 15c2-12 (the "Rule"), <br /> promulgated by the Securities and Exchange Commission(the "Commission")pursuant to the <br /> Securities Exchange Act of 1934, as amended, and a Continuing Disclosure Undertaking(the <br /> "Undertaking") hereinafter described: <br /> (a) Provide or cause to be provided to the Municipal Securities Rulemaking Board <br /> (the "MSRB")by filing at www.emma.msrb.org in accordance with the Rule, certain annual <br /> financial information and operating data in accordance with the Undertaking. The City reserves <br /> the right to modify from time to time the terms of the Undertaking as provided therein. <br /> (b) Provide or cause to be provided to the MSRB notice of the occurrence of certain <br /> events with respect to the Bonds in not more than ten(10)business days after the occurrence of <br /> the event, in accordance with the Undertaking. <br /> (c) Provide or cause to be provided to the MSRB notice of a failure by the City to <br /> provide the annual financial information with respect to the City described in the Undertaking, in <br /> not more than ten (10) business days following such amendment. <br /> (d) The City agrees that its covenants pursuant to the Rule set forth in this paragraph <br /> and in the Undertaking is intended to be for the benefit of the Holders of the Bonds and shall be <br /> enforceable on behalf of such Holders; provided that the right to enforce the provisions of these <br /> covenants shall be limited to a right to obtain specific enforcement of the City's obligations under <br /> the covenants. <br /> The Mayor and Manager, or any other officer of the City authorized to act in their place are <br /> hereby authorized and directed to execute on behalf of the City the Undertaking in substantially <br /> the form presented to the City Council subject to such modifications thereof or additions thereto <br /> as are (i) consistent with the requirements under the Rule, (ii)required by the Purchaser of the <br /> Bonds, and (iii) acceptable to the Mayor and Manager. <br /> 22. Records and Certificates. The officers of the City are hereby authorized and <br /> directed to prepare and furnish to the Purchaser, and to the attorneys approving the legality of the <br /> issuance of the Bonds, certified copies of all proceedings and records of the City relating to the <br /> Bonds and to the financial condition and affairs of the City, and such other affidavits, certificates <br /> and information as are required to show the facts relating to the legality and marketability of the <br /> Bonds as the same appear from the books and records under their custody and control or as <br /> otherwise known to them, and all such certified copies, certificates and affidavits, including any <br /> heretofore furnished, shall be deemed representations of the City as to the facts recited therein. <br /> 23. Negative Covenant as to Use of Bond Proceeds and Project. The City hereby <br /> covenants not to use the proceeds of the Bonds or to use the Project, or to cause or permit them <br /> to be used, or to enter into any deferred payment arrangements for the cost of the Project, in such <br /> a manner as to cause the Bonds to be "private activity bonds" within the meaning of Sections 103 <br /> and 141 through 150 of the Code. <br /> 24. Tax-Exempt Status of the Bonds and Rebate. The City shall comply with <br /> requirements necessary under the Code to establish and maintain the exclusion from gross <br /> 19 <br /> 4359970v1 <br />
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