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<br />required has been duly provided for, to such earlier redemption <br />date. <br /> <br />20. Continuing Disclosure. The City is the sole <br />obligated person with respect to the Bonds. The City hereby <br />agrees, in accordance with the provisions of Rule 15c2-12 (the <br />"Rule"), promulgated by the Securities and Exchange Commission <br />(the "Commission") pursuant to the Securities Exchange Act of <br />1934, as amended, and a Continuing Disclosure Undertaking (the <br />"Undertaking") hereinafter described to: <br /> <br />A. Provide or cause to be provided to each nationally <br />recognized municipal securities information repository ("NRMSIR") <br />and to the appropriate state information depository ("SID"), if <br />any, for the State of Minnesota, in each case as designated by <br />the Commission in accordance with the Rule, certain annual <br />financial information and operating data in accordance with the <br />Undertaking. The City reserves the right to modify from time to <br />time the terms of the Undertaking as provided therein. <br /> <br />B. Provide or cause to be provided, in a timely manner, to <br />(i) each NRMSIR or to the Municipal Securities Rulemaking Board <br />("MSRB") and (ii) the SID, notice of the occurrence of certain <br />material events with respect to the Bonds in accordance with the <br />Undertaking. <br /> <br />C. Provide or cause to be provided, in a timely manner, to <br />(i) each NRMSIR or to the MSRB and (ii) the SID, notice of a <br />failure by the City to provide the annual financial information <br />with respect to the City described in the Undertaking. <br /> <br />D. The City agrees that its covenants pursuant to the Rule <br />set forth in this paragraph 20 and in the Undertaking is intended <br />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 <br />enforce the provisions of these covenants shall be limited to a <br />right to obtain specific enforcement of the City's obligations <br />under the covenants. <br /> <br />The Mayor and Manager of the City, or any other officer of <br />the City authorized to act in their place with "Officers" are <br />hereby authorized and directed to execute on behalf of the City <br />the Undertaking in substantially the form presented to the City <br />Council subject to such modifications thereof or additions <br />thereto as are (i) consistent with the requirements under the <br />Rule, (ii) required by the Purchaser of the Bonds, and (iii) <br />acceptable to the Officers. <br /> <br />906107.01 <br /> <br />24 <br />