Ord 1996-038 - Laserfiche WebLink

Home Browse Search

qAt to a complete presentation of the City's fmancial results, condition, or prospects or hereby undertake to update any information provided in accordance with this Article or otherwise, 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 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 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, waiver, or otherwise 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 underwriter to purchase or sell Bonds in the primary offering of the Bonds in compliance with 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 (or any greater amount required by any other provision of this Ordinance that authorizes such an amendment) of the Outstanding Bonds consent to such amendment or (b) a person that is unaffiliated with the City (such as nationally recognized bond cOlUlsel) determines that such amendment will not materially impair the interests of the O\vners and beneficial Q'\.vTIers of the Bonds. If the City so amends the provisions of this Article, it shall include "\lith any amended financial infonnation or operating data next pro\'Îded in accordance \vith Section 16.02 an explanation, in narrative form, of the reasons for the amendment and of the impact of any change in the type of fmancial infonnation or operating data so provided. The City may also repeal or amend the provisions' of this Article if the SEC amends or repeals the applicable prO\.'Îsions of the Rule or any court of fmal jurisdiction enters judgment that such provisions of the Rule are invalid, and the City also may amend the provisions of this Article in its discretion in any other marmer or circumstance, but in either case only if and to the extent that the provisions of this sentence would not prevent an underwriter from lav;fully purchasing or selling Bonds in the primary offering of the Bonds. ARTICLE XVII SURETY POLICY Section 17.01. -SuretY Policv. In order to satisfy the City's obligations with respect to the Reserve Fund provided in this Ordinance, the City may purchase from a Surety or Sureties a Surety Policy or Policies for such Fund, in an amount equal "'\SA, '/MAR' WWS3.... <X>CS\O RDNCLF>l 34