Ord 1997-031 - Laserfiche WebLink

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I I - The Clty shall notify any SID and eIther each NRMSIR or the MSRB, III a tImely manner, of any faIlure by the CIty to provlde fmanciaI mformatlOn or operatmg data ill accordance wIth Sechon 16 02 of thIS Ordlllancc by the tIme reqUIred by such SectIon. SectlOn 1404 Llmitahons, Disclaimers, and Amendments. The Clty shall be oblIgated to observe and perform the covenants speclfied m thlS Artlcle for so long as, but only for so long as, the City remallls an "obl1gated person" WIth respect to the Bonds wlthm the mealllng of the Rule, except that the Clty m any event will give nohce reqmred by SectlOn 16 03 hereof of any Bond calls and defeasance that cause the CIty to be no longer such an "oblIgated person." The proV1S10ns of tills ArtIcle are for the sole benefit of the Owners and benefiCIal owners of the Bonds and the benefiCial owners of the Board's bonds lf the CIty IS an "oblIgated person" with respect to the Board's bonds under the Rule, and nothmg ill thlS Artlcle, express or lmphed, shall give any benefit or any legal or eqUltable nght, remedy, or clarrn hereunder to any other person. The Clty undertakes to provlde only the financIal mformatlon, operatmg data, financlal statements, and notices whIch it has expressly agreed to provlde pursuant to thIs Artlcle and does not hereby undertake to provlde any other mforrnahon that may be relevant or matcnal to a complete presentation of the City's financial results, condItion, or prospects or hereby undertake to update any mformatIon provided m accordance WIth this Artlcle or otherwise, except as expressly provlded herem. The CIty does not make any representahon or warranty concemmg such mformatlOn or ltS usefulness to a deCIsion to Illvest ill or sell Bonds at any future date UNDER NO CIRCUMSTANCES SHALL THE CITY BE LIABLE TO THE OWNER OR BENEFICIAL OWNER OF ANY BOND OR ANY OTHER PERSON, IN CONTRACT OR TORT, FOR DAMAGES RESULTING IN WHOLE OR IN PART FROM ANY BREACH BY THE CITY, WHETHER NEGLIGENT OR WITHOUT FAULT ON ITS PART, OF ANY COVENANT SPECIFIED IN THIS ARTICLE, BUT EVERY RIGHT AND REMEDY OF ANY SUCH PERSON, IN CONTRACT OR TORT, FOR OR ON ACCOUNT OF ANY SUCH BREACH, NOTWITHSTANDING ANY PROVISION OF THIS ORDINANCE TO THE CONTRARY, SHALL BE LIMITED TO AN ACTION FOR MANDAMUS OR SPECIFIC PERFORMANCE. No default by the Clty m observmg or perfonnmg ltS obligatlOns under thIS Artlcle shall compnse a breach of or default under the Ordlllance for purposes of any other provlslOn of thlS Ordlllance Nothmg m tills ArtIcle lS mtended or shall act to disclaim, waiver, or otherwIse lImit the duhes of the City under federal state secuntIes laws, The provlslOns of thlS ArtIcle may be amended by the City from tIme to trrne to adapt to changed circumstances that arise from a change m legal reqUIrements, a change m law, or a change m the IdentIty, nature, status, or type of operations of the Clty, but only lf (I) the provIslOns of thIS Artlcle, as so amended, would have permItted an underwrIter to purchase or sell Bonds m the pnmary offenng of the Bonds m comphance WIth the Rule, takmg mto account any amendments or lOterpretatlOns of the Rule to the date of such amendment, as well as such changed clfcwnstances, and (2) eIther (a) the Owners of a maJonty m aggregate prmcIpal amount ofthe Outstandmg Bonds consent to such amendment or (b) a person that lS unaffihated wlth the City (such as nationally rccogmzed bond counsel) determlOes that such amendment will not matenally lmpalr the mterests of the O"mers and beneficlal owners of the Bonds If the Clty so amends the provlslons of thlS Artlcle, It shall mclude WIth the next financlal mformation or operating data next provlded III accordance wlth SectIon 14 02 an R:\.'iA.'\,').iA,R \wwss. 97'DOCSIORDNCE 32