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<br />Section 4. Reporting. The Board shall submit to the City by May 1 of each <br />year the following annual reports commencing after the first sale of Bonds or other evidences of <br />indebtedness and each year thereafter until the Bonds have been paid and retired: <br /> <br />(a) a report on the funds established pursuant to the Supplemental Bond <br />Resolution describing the funds established, the amounts in each fund, expenditure from <br />each fund, the manner in which the monies in each fund have been invested, the income <br />from such investments and the application of such income; and <br /> <br />(b) a report on bond payments describing amounts paid and amounts scheduled to <br />be paid and the source of such payments. <br /> <br />If the contents of the reports required by subsections (a) and (b) above are included in the <br />Board's yearly audit report, the Board may comply with this section by transmitting a copy of its <br />yearly audit report to the City. <br /> <br />Section 5. Appointment of Bond Counsel and Underwriters. EWEB is authorized to <br />appoint bond counsel and underwriters with respect to the issuance and sale of the Bonds. <br /> <br />Section 6. Preliminary Official Statement. EWEB or any individual designated by <br />EWEB is authorized to prepare and distribute a preliminary official statement or other disclosure <br />document for the Bonds; to obtain bond insurance or other credit enhancement, if required; to <br />obtain a rating of the bonds from Moody's Investors Service, Inc., Standard & Poor's Credit <br />Markets Services and/or Fitch IBCA, Duff & Phelps, Inc., if required. <br /> <br />Section 7. Effective Date. This Resolution shall become effective immediately upon <br />its adoption. <br />The foregoing Resolution adopted by the City Council this 8th day of <br />October, 2001. <br /> <br />#:;&~I V~ <br /> <br />City Recorder <br />