Ord 1997-030 - Laserfiche WebLink

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J (q~J The City shall notify any SID and either each NRl\¡fSIR or the MSRB, in a timely manner, of any failure by the City to provide fmancial information or operating data in accordance v"ith Section 16.02 of this Ordinance by the time required by such Section. Section 14.04. Limitations. Disclaimers. and Amendments. The City shall be obligated to observe and perform the covenants specified in this Article for so Long as, but only for so long as, the City remains an "obligated person" with respect to the Bonds within the meaning of the Rule, except that the City in any event will give notice required by Section 16.03 hereof of any Bond calls and defeasance that cause the City to be no longer such an "obligated person." The provisions of this Article are for the sole benefit of the Owners and beneficial ovmers of the Bonds and the beneficial ovmers of the Board's bonds if the City is an "obligated person" with respect to the Board's bonds under the Rule, and nothing in this Article, express or implied, shall give any benefit or any legal or equitable right, remedy, or claim hereunder to any other person. The City undertakes to provide only the financial information, operating data, fmancia1 statements, and notices which it has expressly agreed to provide pursuant to this Article and does not hereby undertake to provide any other information that may be relevant or material to a complete presentation of the City's fmancial results, condition, or prospects or hereby undertake to update any information provided in accordance \vith this Article or othenvise, except as expressly provided herein. The City does not make any representation or warranty concerning such information or its usefulness to a decision to invest in or sell Bonds at any future date. UNDER NO CIRCU!vfSTANCES SHALL THE CITY BE LIABLE TO THE OWNER OR BENEFICIAL OWNER OF ANY BOND OR ANY OTHER PERSON, IN COf'!TRACT OR TORT, FOR DAMAGES RESULTING IN WHOLE OR IN PART FROM Al"fY 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 CONTRA.CT 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 NLð..NDAMUS OR SPECIFIC PERFORMA.NCE. No default by the City in observing or performing its obligations under this Article shall comprise a breach of or default under the Ordinance for purposes of any other provision of this Ordinance. Nothing in this Article is intended or shall act to disclaim, waÏver, or othef\vise limit the duties of the City under federal state securities laws. The provisions of this Article may be amended by the City from time to time to adapt to changed circumstances that arise from a change in legal requirements, a change in law, or a change in the identity, nature, status, or type of operations of the City, but only if (1) the provisions of this Article, as so amended, would have permitted an undenvriter to purchase or sell Bonds in the primary offering of the Bonds in compliance \vith the Rule, taking into account any amendments or interpretations of the Rule to the date of such amendment, as well as such changed circumstances, and (2) either (a) the Owners of a majority in aggregate principal amount of the Outstanding Bonds consent to such amendment or (b) a person that is unaffiliated with the City (such as nationally recognized bond counsel) determines that such amendment will not materially impair the interests of the Omlcrs and beneficial O\mers of the Bonds. If the City so amends the provisions of this Article, It shall include I,\ith the ne:-..1: financial information or operating data next provided in accordance "'lith Section 1.L 02 an . 'SA. ">-WI \WWSS" ~ DCCS'O""NCE 32