Laserfiche WebLink
<br />A. Principal and interest payment delinquencies; <br /> <br />B. Non-payment related defaults; <br /> <br />C. Unscheduled draws on debt service reserves reflecting financial difficulties; <br /> <br />D. Unscheduled draws on credit enhancements reflecting financial difficulties; <br /> <br />E. Substitution of credit or liquidity providers, or their failure to perform; <br /> <br />F. Adverse tax opinions or events affecting the tax-exempt status of the Bonds; <br /> <br />G. Modifications to rights of holders of the Bonds; <br /> <br />H. Bond calls; <br /> <br />1. Defeasances; <br /> <br />J. Release, substitution, or sale of property securing repayment ofthe Bonds; and <br /> <br />K. Rating changes. <br /> <br />The City shall notify any SID and either each NRMSIR or the MSRB, in a timely manner, of any <br />failure by the City to provide financial information or operating data in accordance with Section 14.02 of <br />this Ordinance by the time required by such Section. <br /> <br />Section 14.04. Limitations. Disclaimers. and Amendments. <br /> <br />The City shall be obligated to observe and perform the covenants specified in this Article for so long <br />as, but only for so long as, the City remains an "obligated person" with respect to the Bonds within the <br />meaning of the Rule, except that the City in any event will give notice required by Section 16.03 hereof of <br />any Bond calls and defeasance that cause the City to be no longer such an "obligated person." <br /> <br />The provisions of this Article are for the sole benefit of the Owners and beneficial owners of the <br />Bonds and the beneficial owners of the Board's bonds if the City is an "obligated person" with respect to the <br />Board's bonds under the Rule, and nothing in this Article, express or implied, shaH give any benefit or any <br />legal or 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 which it has expressly agreed to <br />provide pursuant to this Article and does not hereby undertake to provide any other information that may be <br />relevant or material to a complete presentation of the City's financial results, condition, or prospects or <br />hereby undertake to update any information provided in accordance with this Article or otherwise, except <br />as expressly provided herein. The City does not make any representation or warranty concerning such <br />information or its usefulness to a decision to invest in or seH Bonds at any future date. <br /> <br />UNDER NO CIRCUMSTANCES SHALL THE CITY BE LIABLE TO THE OWNER OR <br />BENEFICIAL OWNER OF ANY BOND OR ANY OTHER PERSON, IN CONTRACT OR TORT, FOR <br />DAMAGES RESULTING IN WHOLE OR IN PART FROM ANY BREACH BY THE CITY, WHETHER <br />NEGLIGENT OR WITHOUT FAULT ON ITS PART, OF ANY COVENANT SPECIFIED IN THIS <br />ARTICLE, BUT EVERY RIGHT AND REMEDY OF ANY SUCH PERSON, IN CONTRACT OR TORT, <br />FOR OR ON ACCOUNT OF ANY SUCH BREACH, NOTWITHSTANDING ANY PROVISION OF THIS <br />ORDINANCE TO THE CONTRARY, SHALL BE LIMITED TO AN ACTION FOR MANDAMUS OR <br />SPECIFIC PERFORMANCE. <br /> <br />R .SANMAR \ wwss. 99\DOCS\ORDNCED I, WPD <br /> <br />31 <br />