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Section 12.03. Material Event Notices. (a) The City shall notifY any SID and either each NRMSIRorthe MSRB, in a timely manner, of any of the following events with respect to the Certificates, if such event is material within the meaning of the federal securities laws: (i) Principal and interest payment delinquencies; (ii) Non-payment related defaults; (iii) Unscheduled draws on debt service reserves reflecting financial difficulties; (iv) Unscheduled draws on credit enhancements reflecting financial difficulties; (v) Substitution of credit or liquidity providers, or their failure to perform; (vi) Adverse tax opinions or events affecting the tax-exempt status of the Certificates; (vii) Modifications to rights of holders of the Certificates; (viii) Certificate calls; (ix) Defeasances; (x) Release, substitution, or sale of property securing repayment of the Certificates; and (xi) Rating changes. (b) The City shall notifY any SID and either each NRMSIR or the MSRB, in a timely manner, of any failure by the City to provide financial information or operating data in accordance with Section 12.02 of this Ordinance by the time required by such Section. Section 12.04. Limitations. Disclaimers. and Amendments. (a) The City shall be obligated to observe and perform the covenants specified in this Article for so long as, but only for so long as, the City remains an "obligated person" with respect to the Certificates within the meaning of the Rule, except that the City in any event will give notice of any deposit made in accordance with Article XI or Tex. Gov't Code Ann. ch. 1207, as amended, that causes Certificates no longer to be outstanding. R:\San Marcos\CO. 02\DocsIOrdinance\Final. wpd 29