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J. Release, substitution, or sale of property securing repayment of the Bonds, ifmaterial <br />within the meaning of the federal securities laws; <br />K. Rating changes; <br />L. Bankruptcy, insolvency, receivership or similar event of the City; <br />M. The consummation of a merger, consolidation, or acquisition involving the City or <br />the sale of all or substantially all of the assets of the City, other than in the ordinary course of <br />business, the entry into a definitive agreement to undertake such an action or the termination of a <br />definitive agreement relating to any such actions, other than pursuant to its terms, if material within <br />the meaning of the federal securities laws; and <br />N. Appointment of a successor or additional trustee or the change of name of a trustee, <br />if material within the meaning of the federal securities laws. <br />The City shall notify the MSRB, in an electronic format as prescribed by the MSRB, in a <br />timely manner, of any failure by the City to provide financial information or operating data in <br />accordance with this subsection by the time required. All documents provided to the MSRB pursuant <br />to this subsection shall be accompanied by identifying information as prescribed by the MSRB. <br />(c) Limitations Disclaimers and Amendments. The City shall be obligated to observe and <br />perform the covenants specified in this Section for so long as, but only for so long as, the City <br />remains an "obligated person" with respect to the Bonds within the meaning of the Rule, except that <br />the City in any event will give the notice required by this Ordinance of any Bond calls and <br />defeasance that cause the Bonds to be no longer outstanding. <br />The provisions of this Section are for the sole benefit of the holders and beneficial owners <br />of the Bonds, and nothing in this Section, express or implied, shall give any benefit or any legal or <br />equitable right, remedy, or claim hereunder to any other person. The City undertakes to provide only <br />the financial information, operating data, financial statements, and notices that it has expressly <br />agreed to provide pursuant to this Section and does not hereby undertake to provide any other <br />information that may be relevant or material to a complete presentation of the City's financial results, <br />condition, or prospects relating to the Financing System or hereby undertake to update any <br />information provided in accordance with this Section or otherwise, except as expressly provided <br />herein. The City does not make any representation or warranty concerning such information or its <br />usefulness to a decision to invest in or sell Bonds at any future date. <br />UNDER NO CIRCUMSTANCES SHALL THE CITY BE LIABLE TO THE HOLDER OR <br />BENEFICIAL OWNER OF ANY BOND OR ANY OTHER PERSON, IN CONTRACT OR TORT, <br />FOR DAMAGES RESULTING IN WHOLE OR IN PART FROM ANY BREACH BY THE CITY, <br />WHETHER NEGLIGENT OR WITHOUT FAULT ON ITS PART, OF ANY COVENANT <br />SPECIFIED IN THIS SECTION, BUT EVERY RIGHT AND REMEDY OF ANY SUCH PERSON, <br />San Marcos GORE - Delegated: Ordinance 28 <br />