01-26-15 Agenda, Packet and Committee Meeting Notice

Home Browse Search

(3) the amendment, or waiver either (A) is approved by the Bondholders in the same manner as provided in the Ordinance for amendments to the Ordinance with the consent of the Bondholders, or (B) does not, in the opinion of nationally recognized bond counsel, materially impair the interests of the Bondholders. b. In the event of any amendment to, or waiver of a provision of, this Agreement, the Obligor shall describe such amendment or waiver in the next Annual Disclosure and shall include an explanation of the reason for such amendment or waiver. In particular, if the amendment results in a change to the annual financial information required to be included in the Annual Disclosure pursuant to Section 4 of this Agreement, the first Annual Disclosure that contains the amended operating data or financial information shall explain, in narrative form, the reasons for the amendment and the impact of such change in the type of operating data or financial information being provided. Further, if the annual financial information required to be provided in the Annual Disclosure can no longer be generated because the operations to which it related has been materially changed or discontinued, a statement to that effect shall be included in the first Annual Disclosure that does not include such information. c. If the Amendment results in a change to the accounting principles to be followed in preparing financial statements as set forth in Section 4 of this Agreement, the Annual Disclosure for the year in which the change is made shall include a comparison between the financial statements or information prepared on the basis of the new accounting principles and those prepared on the basis of the former accounting principles. The comparison shall include a qualitative discussion of such differences and the impact of the changes on the presentation of the financial information. To the extent reasonably feasible, the comparison shall also be quantitative. A notice of the change in accounting principles shall be sent by the Obligor, or the Dissemination Agent (if other than the Obligor) at the written direction of the Obligor, to the MSRB through EMMA. Section 9. Additional Information. Nothing in this Agreement shall be deemed to prevent the Obligor from disseminating any other information, using the means of dissemination set forth in this Agreement or any other means of communication, or including any other information in any Annual Disclosure or notice of occurrence of a Listed Event, in addition to that which is required by this Agreement. If the Obligor chooses to include any information in any Annual Disclosure or notice of occurrence of a Listed Event in addition to that which is specifically required by this Agreement, the Obligor shall have no obligation under this Agreement to update such information or include it in any future Annual Disclosure or notice of occurrence of a Listed Event. Section 10. Failure to Comply. In the event of a failure of the Obligor or the Dissemination Agent (if other than the Obligor) to comply with any provision of this Agreement, any Bondholder may bring an action to obtain specific performance of the obligations of the Obligor or the Dissemination Agent (if other than the Obligor) under this Agreement, but no person or entity shall be entitled to recover monetary damages hereunder under any circumstances, and any failure to comply with the obligations under this Agreement shall not constitute a default with respect to the Bonds or under the Ordinance. Notwithstanding the foregoing, if the alleged failure of the Obligor to comply with this Agreement is the inadequacy 0