Res 1996-052 - Laserfiche WebLink

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L/)iJ :r Texas, 630 East Hopkins Street, San Marros, Texas 78666, and upon paying the reasonable copying, MndHng. and delivery charges for providing this information. - Material Event Notices. . . The City will also provide timely notices of certain events to certain information vendors. The City will provide notice of any of the following events with respect to the Bonds, if such event is material to a decision to puxchasc: or sell Bonds: (1) principal and interest payment delinquencies; (2) 11QI1-payment related defaults; (3) unscheduled draws on debt service reserves reflecting financial difficulties; (4) unscheduled draws on credit enhancements reflecting financial difficulties; (5) substitution of credit or liquidity providers, or their failure to perfonn; (6) adverse tax: opinions or events affecting the tax-exempt status of the Bonds; (7) modifications to rights of holders of the Bonds; (8) Bond calls; (9) def~$Rt)i'.es; (10) release, substitution, or sale of property securing repaymc¡t of the Bonds; and (11) rating changes. (Neither the Bonds nor the Ordinance make any provision for liquidity enhRnr...",ent) In addition, the City will provide timely IlDtice of any failure by the City to provide information, data., or financial statements in accordance with its agreement described above under. "Annual Reports." The City will provide each notice described in this paragraph to any SID and to either each NRMSIR or the Municipal Securities Rulf'TT1RJcing Boord ("MSRB"). Availability of Information from NRMSIRs and SID . . . The City has agreed to provide the foregoing information only to NRMSIRs and any SID. The information will be available to holders of Bonds only if the holders comply with the procedures and pay the charges established by such information vendors or obtain the information through securities brokers who do so. The Municipal Advisory CoUDeil of Texas has been design"tM by the State of Texas as a SID, but the SEe staff has IlDt yet determined that it is a qualified SID. The address of the Municipal Advisory Council is 600 West 8th Street, FoO: Box 2177, Austin, Texas 78768-2177, and its telephone number is 5121476-6947. ~ limitations and Amendments. . . The City has agreed to update information and to provide notices of material events only as described above. The City has not agreed to provide other information that may be relevant or material to a complete presentation of its financial results of operations, condition, or prospects or agreed to update any information that is provided, except as described above. The City makes no representation or warranty concerning such information or conœrning its usefulness to a decision to invest in or sell Bonds at any future date. The City disclaims any contractual or tort liability for damages resulting in whole or in part from any breach of its continuing disclosure agreement or from any qt"t.-ment made pursuant to its agreement, although holders of Bonds may seek a writ of mRnMmus to compel the City to comply with its agreeme:nt. The City may amend its "...,nnning disclosuœ agœemení to adapt to cbaDg-ed circumstmv-.e5I that arise fi:a:n a change in 1ega1 rc:quÏII:ments, a change in ]a W, cr a change in the identity, nature, status, cr type of opeætiœs of the City, if the agreement, as ~ , Vw\:JUJd have pemritted an underwriter to purchase cr sell Bœds in the offering described herein in canp1iance with the Rule and either the holders of a majcrity in aggregate ¡xincipal amount of the ~It..t>mdiug Boods cœsent cr any per5OIllmRffiJi"ttXI with the City (such as natiooally I'f"N'gT'i7M bond counsel) detemrines that the ~t will not materially impair the interests of the h<-n<.>ficial O\WaS of the Bœds. If the City amends its agreement, it must include with the next financial infunnation and operntiDg data ¡xovided in aœoo:1ance with its agreement described above uncIer "Annual RepŒts" an exp.l.anatioo, in narrative fixIn, of the reasoos fir the ~t and of the impact of any change in the type of IDformatian and data provided. Complianœ with Prior Undertakings. . . The City has previously made a continuing disclosure agreement in accordance with SEe Rule 15~-12. 27