Ord 1996-038 - Laserfiche WebLink

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o;¡{J Section 15.02. Disbursements from the Escrow FlUld. (a) Except as provided in Section 11.04, moneys disbursed from the Escrow Fund established pursuant to the Escrow Agreement shall be deposited into the Construction Fund and applied only for the project for which the Bonds are issued. (b) The security for, and the investment of, funds on deposit in the Escrow Fund shall be governed by the Escrow Agreement. ARTICLE XVI ~- CONTINUlNG DISCLOSURE UNDERTAKING Section 16.01. Definitions. As used in this Article, the following tenns have the meanings ascribed to such tenns below: "MSRB" mealls the Municipal Securities Rulemaking Board. "NIDvfSIR" means each person whom the SEC or its staff has determined to be a nationally recognized municipal securities information repository within the meaning of the Rule from time to time. "Rule" means SEC Rule 15c2-12, as amended from time to time. . "SEC" means the United States Securities and Exchange Commission. "SID" means any person designated by the State of Texas or an authorized department, officer, or agency thereof as, and detennined by the SEC or its staff to be, a state information depository within the meaning of the Rule from time to time. Section 16.02. Annual Reports. The City shall provide annually to each NRMSIR and any SID, within six months after the end of each fiscal year (beginning with the fiscal year ending September 30, 1996) financial information and operating data with respect to the City of the general type described in Exhibit'A hereto. Financial statements so to be provided shall be (1) prepared in accordance "vith the accounting principles described in Exhibit A hereto and (2) audited, if the City commissions an audit of such statements and the audit is completed within the period during which they must be provided. If audited financial statements are not available at the time the fmancial information and operating data must be provided, then the City shall provide unaudited financial statements for the applicable fiscal year to each NIDvfSIR and any SID with the [mancial information and operating data and will file the annual audit report when and if the same becomes available. If the City changes its fiscal year, it will notify each N&\¡fSIR and any SID of the change (and of the date of the new fiscal year end) prior to the next day by which the City otherwise "vould be required to provide financial information and operating data pursuant to this Section. The fmancial information and operating data to be provided pursuant to this Section may be set forth in full in one or more documents or may be included by specific reference to any document (including an official '" '-'MòW<'.WWs:s. "'.00 CS\O aD"""""'" 32