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05/23/2016 obligated to ensure that such statements and information are complete, true, and accurate in all material respects. The City can minimize (although not eliminate) the risk of materially inaccurate public statements if it files current comprehensive disclosure information on EMMA and/or its website in accordance with this Disclosure Policy. In addition, to the extent that the Disclosure Coordinator becomes aware of a materially inaccurate public statement made by an official of the City reasonably accessible to and material to investors, the Disclosure Coordinator shall attempt to have such information publicly corrected. Training The Disclosure Coordinator shall ensure that the members of the City staff involved in the initial or continuing disclosure reporting process and members of the City Council are properly trained to understand and perform their responsibilities. Each City Council member shall participate in a disclosure training session as appropriate. The Disclosure Coordinator shall arrange for disclosure training sessions conducted by counsel qualified to serve as bond counsel and/or disclosure counsel to the City. Such training sessions shall include the City's disclosure obligations under applicable federal and state securities laws as well as the City's contractual obligations related to continuing disclosure. The training sessions should also include the disclosure responsibilities and potential liabilities of inembers of the City's staff and members of the City Council, and education on this Disclosure Policy. Such training sessions may be conducted using recorded presentations. Updates to Disclosure Policy The Disclosure Policy shall be reviewed annually by the Disclosure Coordinator. In addition, at any time all officers and employees of the City are invited and encouraged to make recommendations for changes to this Disclosure Policy so that it fosters better compliance with applicable law, results in better information to investors, or makes the procedures required by this Disclosure Policy more efficient. The Disclosure Coordinator shall consider its review and any recommendation and advice received from officers and employees of the City and determine whether to propose a change to this Disclosure Policy. Any change to this Disclosure Policy shall be approved by resolution of the City Council. Definitions "bonds" means bonds, notes, certificates of obligation, certificates of participation, and other debt obligations or securities of the City, or the payment of which the City is obligated to support by a lease, contract, or other arrangement, that are sold to or otherwise held or traded in by the public. ATTY/RE50.0044/CC RESO DEBT DISCLOSURE POLICIES AND PROCEDURES RESO.#15493 REV:05-12-16 JS MUFF#205 Page 8 of 13