1998-10-19 Resolution 130 - Laserfiche WebLink

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(e) Annual Information or audited financial statements required to be provided pursuant to this Section 4 may be provided by a specific reference to such Annual Information or audited financial statements already prepared and previously provided to each NRMSIR and the SID, or filed with the SEC; however, if such document is a final official statement, it must also be available from the MSRB. C] • Section 5. Accountin Principles. The financial information will be prepared on a cash basis as prescribed by the State Boazd of Accounts, as in effect from time to time, as described in the auditors' report and notes accompanying the audited financial statements of the City or those mandated by state. law from time to time. The audited financial statements of the City, as described in Section 4(a)(1) hereof, will be prepazed in accordance with ..generally accepted accounting principles and Government Auditing Standazds issued by the Comptroller General of the United States. Section 6. Material Events. The Obligor undertakes to disclose in a timely manner the occurrence of only the following events, if material (which determination of materiality shall be made by the Obligor in accordance with the standards established by federal securities laws), to each NRMSIR or to the MSRB, and to the SID: (1) principal and interest payment delinquencies; (2) non-payment related defaults; (3) unscheduled draws on debt service reserves reflecting financial difficulties; (4) unscheduled draws on credit enhancements reflecting financial difficulties; (5) substitution of credit or liquidity providers, or their failure to perform; (6) adverse tax opinions or events affecting the tax-exempt status of the Bonds; (7) modifications to the rights of Bondholders; (8) Bond calls (other than schedule mandatory sinking fund redemptions for which notice is given in accordance with the Trust Agreement); (9) defeasances; (10) release, substitution or sale of property securing repayment of the Bonds; and (11) rating changes. The disclosure shall be accompanied by a certificate of an authorized representative of the Obligor in the form of Exhibit C attached hereto. Section 7. Notice to Counterpartv. The Obligor hereby agrees to provide to the Counterparty a copy of any Annual Information, audited financial statements, material event notice, or notice of failure to disclose Annual Information which it files or causes to be filed under Sections 4, 6 and 9 hereof, respectively, concurrently with or prior to such filing. Except as provided in Section 11 hereof, the Counterparty's receipt of any information, statements or notices pursuant ::ODMA\PCDOCS\SBDOCS 1\24503\l _Gl_