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Additional Requirements relating to Bonds <br />The District shall provide copies of any material event notices filed under applicable federal <br />securities laws or regulations to the city manager, city attorney within thirty (30) days after <br />filing such notices with the applicable federal agency. <br />Before the District issues bid invitations for its bonds, the city council shall have the right of <br />review of all bond issues and sales, including bond prices, interest rates and redemption premiums, <br />and copies of all documents submitted to state agencies shall be concurrently submitted to <br />the City. Provided, however, that the city council must provide any comments within 30 days <br />of receiving the bid invitations. <br />No bond funds shall be expended or bonds issued to provide service outside the District <br />boundaries without the prior consent of the City Council. <br />The District shall prepare for and submit to the City annual reports on the status of <br />construction and bond sales. <br />ARTICLE VII <br />TERM, ASSIGNMENT AND REMEDIES <br />Section 7.01. Term. <br />a. As between the City and the Developer, the term of this Agreement will <br />commence on the Effective Date and continue for 20 years thereafter, unless terminated on an <br />earlier date under other provisions of this Agreement or by written agreement of the City and <br />the Developer. Upon the expiration of 20 years, this Agreement may be extended, at the <br />Developers request and with City Council approval, for up to two successive ten-year <br />periods. <br />b. As between the City and the District, the term of this Agreement will <br />commence on the date that the District Board of Directors executes this Agreement and will <br />continue for 40 years thereafter, unless the District is annexed by the City on an earlier date. <br />Section 7.02. Assignment. <br />a. The rights and obligations of the Developer under this Agreement may be <br />assigned by the Developer in accordance with the provisions of Section 7.02(b) and (c). <br />b. If the Developer assigns its rights and obligations hereunder as to a portion of the <br />Land, then the rights and obligations of any assignee and the Developer will be severable, and <br />the Developer will not be liable for the nonperformance of the assignee and vice versa. However, <br />Developer will continue to be responsible and liable for all obligations up to the effective date <br />of the assignment. In the case of nonperformance by one developer, the City may p u r s u e <br />all remedies against that nonperforming developer, butwill not impede <br />development activities of any performing developer as a result of that nonperformance. <br />11 <br />