Res 2010-108 - Laserfiche WebLink

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DRAFT DATE: JULY 6, 2010 CONTINUING DISCLOSURE AGREEMENT This CONTINUING DISCLOSURE AGREEMENT (this "Agreement "), dated as of July 21, 2010, is executed and delivered by the GUADALUPE- BLANCO RIVER AUTHORITY ( "GBRA ") and the CITY OF SAN MARCOS, TEXAS (the "Disclosure Party "), in connection with the issuance by GBRA of contract revenue bonds to be known as the GUADALUPE- BLANCO RIVER AUTHORITY REGIONAL RAW WATER DELIVERY SYSTEM CONTRACT REVENUE REFUNDING BONDS, SERIES 2010 (CITY OF SAN MARCOS, TEXAS PORTION) (the "Bonds "). The Disclosure Party is an "obligated person" (as such term is applied within the meaning of the "Rule," as defined below) with respect to the Bonds by virtue of the Disclosure Party having entered into the Restated Regional Agreement (defined below) which obligates the Disclosure Party to make certain payments to GBRA to pay all debt service on the Bonds. For good and valuable consideration, GBRA and the Disclosure Party covenant and agree as follows: SECTION 1. DEFINITIONS As used in this Agreement, the following terms have the meanings ascribed to such terms below: "EMMA" means the Electronic Municipal Market Access system established by the MSRB. "MSRB" means the Municipal Securities Rulemaking Board and any successor to its duties. "Restated Regional Agreement" means the FIRST AMENDED AND RESTATED REGIONAL PROJECT AGREEMENT BETWEEN CITY OF SAN MARCOS AND GUADALUPE- BLANCO RIVER AUTHORITY, made and entered into as of March 13, 2009, as heretofore or hereafter amended. "Rule" means SEC Rule 15c2 -12, as amended from time to time. "SEC"' means the United States Securities and Exchange Commission and any successor to its duties. SECTION 2. ANNUAL REPORTS; OBLIGATIONS OF DISCLOSURE PARTY The Disclosure Party undertakes to and shall provide annually to the MSRB through EMMA, within six months after the end of each fiscal year commencing in or after 2010, financial information and operating data with respect to the Disclosure Party as specified and included in Tables through in Appendix , and the audited financial statements included in Exhibit of the final official statement relating to the Bonds. Any financial statements so to be provided shall be (1) prepared in accordance with the accounting principles described in the notes to the financial statements as specified and included in such Appendix of such final official statement relating to the Bonds, or such other accounting principles as the Disclosure Party may be required to employ from time to time pursuant to state law or regulation, and (2) audited, if the Disclosure Party commissions an audit of such statements and the audit is completed within the period during