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<br />I <br /> <br />Section 13.03. Material Event Notices. <br /> <br />The City shall notify any SID and either each NRMSIR or the MSRB, in a timely manner, <br />of any of the following events with respect to the Bonds, if such event is material within the meaning <br />of the federal securities laws: <br /> <br /> A. <br /> B. <br /> C. <br /> D. <br /> E. <br /> F. <br /> G. <br /> H. <br />I 1. <br />1. <br /> K. <br /> <br />Principal and interest payment delinquencies; <br /> <br />Non-payment related defaults; <br /> <br />Unscheduled draws on debt service reserves reflecting financial difficulties; <br /> <br />Unscheduled draws on credit enhancements reflecting financial difficulties; <br /> <br />Substitution of credit or liquidity providers, or their failure to perform; <br /> <br />Adverse tax opinions or events affecting the tax-exempt status of the Bonds; <br /> <br />Modifications to rights of holders of the Bonds; <br /> <br />Bond calls; <br /> <br />Defeasances; <br /> <br />Release, substitution, or sale of property securing repayment of the Bonds; and <br /> <br />Rating changes. <br /> <br />The City shall notify any SID and either each NRMSIR or the MSRB, in a timely manner, <br />of any failure by the City to provide financial information or operating data in accordance with <br />Section 13.02 of this Ordinance by the time required by such Section. <br /> <br />Section 13.04. Limitations, Disclaimers, and Amendments. <br /> <br />The City shall be obligated to observe and perform the covenants specified in this Article for <br />so long as, but only for so long as, the City remains an "obligated person" with respect to the Bonds <br />within the meaning of the Rule, except that the City in any event will give notice of any deposit <br />made in accordance with Article XII or Tex. Gov't Code Ann. ch. 1207, as amended, that causes <br />Bonds no longer to be outstanding. <br /> <br />The provisions of this Article are for the sole benefit of the Owners and beneficial owners <br />of the Bonds and the beneficial owners of the City's bonds if the City is an "obligated person" with <br />respect to the City's bonds under the Rule, and nothing in this Article, express or implied, shall give <br />any benefit or any legal or equitable right, remedy, or claim hereunder to any other person. The City <br /> <br />I <br /> <br />SANMARCOS/WWWSRev20Q6-2: Ordinance <br /> <br />42 <br />