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<br />Reimbursement Expenditure relates is first <br />placed in service. <br /> <br />(d) <br /> <br />Each such reimbursement allocation will be <br />made in a writing that evidences the City's <br />use of Bond proceeds to reimburse the <br />Reimbursement Expenditure and, if made within <br />30 days after the Bonds are issued, shall be <br />treated as made on the day the Bonds are <br />issued. <br /> <br />Provided, however, that the City may take action contrary to any <br />of the foregoing covenants in this paragraph 19 upon receipt of <br />an opinion of its Bond Counsel for the Bonds stating in effect <br />that such action will not impair the tax-exempt status of the <br />Bonds. <br /> <br />20. continuing Disclosure. The city is the sole <br />obligated person with respect to the Bonds. The City <br />hereby agrees, in accordance with the provisions of <br />Rule 15c2-12 (the "Rule"), promulgated by the <br />Securities and Exchange Commission (the "Commission") <br />pursuant to the Securities Exchange Act of 1934, as <br />amended, and a continuing Disclosure Undertaking (the <br />"Undertaking") hereinafter described to: <br /> <br />(a) Provide or cause to be provided to each <br />nationally recognized municipal securities <br />information repository ("NRMSIR") and to the <br />appropriate state information depository ("SID"), <br />if any, for the State of Minnesota, in each case <br />as designated by the Commission in accordance with <br />the Rule, certain annual financial information and <br />operating data in accordance with the Undertaking. <br />The City reserves the right to modify from time to <br />time the terms of the Undertaking as provided <br />therein. <br /> <br />(b) Provide or cause to be provided, in a timely <br />manner, to (i) each NRMSIR or to the Municipal <br />Securities Rulemaking Board ("MSRB") and (ii) the <br />SID, notice of the occurrence of certain material <br />events with respect to the Bonds in accordance <br />with the Undertaking. <br /> <br />(c) Provide or cause to be provided, in a timely <br />manner, to (i) each NRMSIR or to the MSRB and (ii) <br />the SID, notice of a failure by the City to <br />provide the annual financial information with <br />respect to the City described in the Undertaking. <br /> <br />(d) The City agrees that its covenants pursuant <br />to the Rule set forth in this paragraph 20 and in <br />the Undertaking is intended to be for the benefit <br />of the Holders of the Bonds and shall be <br />enforceable on behalf of such Holders; provided <br /> <br />1006009.1 26 <br />