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Ord 2000-009
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Ord 2000-009
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Last modified
7/17/2006 12:00:22 PM
Creation date
7/17/2006 11:58:18 AM
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City Clerk
City Clerk - Document
Ordinances
City Clerk - Type
Emergency Approval
Number
2000-9
Date
2/14/2000
Volume Book
139
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<br />(viii) Bond calls; <br /> <br />(ix) Defeasances; <br /> <br />(x) Release, substitution, or sale of property securing repayment of the Bonds; and <br /> <br />(xi) Rating changes. <br /> <br />(b) The City shall notify any SID and either each NRMSIR or the MSRB, in a timely manner, <br />of any failure by the City to provide financial information or operating data in accordance with Section <br />14.02 of this Ordinance by the time required by such Section. <br /> <br />Section 13.04. Limitations. Disclaimers. and Amendments. <br /> <br />(a) The City shall be obligated to observe and perform the covenants specified in this Article <br />for so long as, but only for so long as, the City remains an "obligated person" with respect to the Bonds <br />within the meaning of the Rule, except that the City in any event will give notice of any deposit made in <br />accordance with Article XII or Tex. Rev. Civ. Stat. Ann. art. 717k, as amended, that causes Bonds no longer <br />to be outstanding. <br /> <br />(b) The provisions of this Article are for the sole benefit of the Owners and beneficial owners <br />of the Bonds, and nothing in this Article, express or implied, shall give any benefit or any legal or equitable <br />right, remedy, or claim hereunder to any other person. The City undertakes to provide only the financial <br />information, operating data, financial statements, and notices which it has expressly agreed to provide <br />pursuant to this Article and does not hereby undertake to provide any other information that may be relevant <br />or material to a complete presentation of the City's financial results, condition, or prospects or hereby <br />undertake to update any information provided in accordance with this Article or otherwise, except as <br />expressly provided herein. The City does not make any representation or warranty concerning such <br />information or its usefulness to a decision to invest in or sell Bonds at any future date. <br /> <br />UNDER NO CIRCUMSTANCES SHALL THE CITY BE LIABLE TO THE OWNER OR <br />BENEFICIAL OWNER OF ANY BOND OR ANY OTHER PERSON, IN CONTRACT OR TORT, FOR <br />DAMAGES RESULTING IN WHOLE OR IN PART FROM ANY BREACH BY THE CITY, WHETHER <br />NEGLIGENT OR WITHOUT FAULT ON ITS PART, OF ANY COVENANT SPECIFIED IN THIS <br />ARTICLE, BUT EVERY RIGHT AND REMEDY OF ANY SUCH PERSON, IN CONTRACTOR TORT, <br />FOR OR ON ACCOUNT OF ANY SUCH BREACH, NOTWITHSTANDING ANY PROVISION OF THIS <br />ORDER TO THE CONTRARY, SHALL BE LIMITED TO AN ACTION FOR MANDAMUS OR <br />SPECIFIC PERFORMANCE. <br /> <br />(c) No default by the City in observing or performing its obligations under this Article shall <br />comprise a breach of or default under the Ordinance for purposes of any other provision of this Ordinance. <br /> <br />(d) Nothing in this Article is intended or shall act to disclaim, waiver, or otherwise limit the <br />duties of the City under federal state securities laws. <br /> <br />(e) The provisions of this Article may be amended by the City from time to time to adapt to <br />changed circumstances that arise from a change in legal requirements, a change in law, or a change in the <br />identity, nature, status, or type of operations of the City, but only if (1) the provisions of this Article, as so <br />amended, would have permitted an underwriter to purchase or sell Bonds in the primary offering of the <br />Bonds in compliance with the Rule, taking into account any amendments or interpretations of the Rule to the <br /> <br />R:\SANMARIG0.00\OOCSIFINALlOrdgo. v.pd <br /> <br />30 <br />
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