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<br />-' <br /> <br />Section 7. Continuing Disclosure. <br /> <br />7.01. The City hereby covenants and agrees that it will comply with and carry out all of <br />the provisions of the Continuing Disclosure Certificate. Notwithstanding any other provision of <br />this Resolution, failure of the City to comply with the Continuing Disclosure Certificate is not to <br />be considered an event of default with respect to the Bonds; however, any Bondholder may take <br />such actions as may be necessary and appropriate, including seeking mandate or specific <br />performance by court order, to cause the City to comply with its obligations under this section. <br /> <br />7.02. "Continuing Disclosure Certificate" means that certain Continuing Disclosure <br />Certificate executed by the Mayor and City Manager and dated the date of issuance and delivery <br />of the Bonds, as originally executed and as it may be amended from time to time in accordance <br />with the terms thereof. <br /> <br />Section 8. Defeasance. When all Bonds (or all of either the Improvement Bonds or <br />Water Revenue Bonds portion thereof) have been discharged as provided in this section, all <br />pledges, covenants and other rights granted by this resolution (with respect to the Improvement <br />Bonds or Water Revenue Bonds portion of the Bonds, as the case may be) to holders of the <br />Bonds will cease, except that the pledge of the full faith and credit of the City for the prompt and <br />full payment of the principal of and interest on the Bonds will remain in full force and effect. <br />The City may discharge all Bonds (or all of either the Improvement Bonds or Water Revenue <br />Bonds portion thereof) which are due on any date by depositing with the Registrar on or before <br />that date a sum sufficient for the payment thereof in full. If any Bond should not be paid when <br />due, it may nevertheless be discharged by depositing with the Registrar a sum sufficient for the <br />payment thereof in full with interest accrued to the date of such deposit. <br /> <br />The motion for adoption of the foregoing resolution was duly seconded by Member <br />Sweeley, and upon vote being taken thereon, the following voted in favor thereof: Mayor Larson <br />and Members Sweeley, Moore-Sykes, Howard, and Hoffman <br /> <br />and the following voted against the same: none <br /> <br />whereupon said resolution was declared duly passed and adopted. <br /> <br />SJB-225775vl <br />NEl 36-1 84 <br />