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<br /> I '7A '- <br /> statement or other offering document, if it is available :tram the MSRB) that theretofore has been provided to each <br /> NRMSIR and any SID or filed with the SEC. - <br /> Section 16.03. Material Event Notices. <br /> The City shall notiiÿ any SID and either each NRMSIR or the MSRB, in a timely manner, of any of the <br /> following events with respect to the Bonds, if such event is material within the meaning of the federal securities <br /> laws: <br /> A. Principal and interest payment delinquencies; <br /> -~-~ <br /> B. Non-payment related defaults; <br /> C. Unscheduled draws on debt service reserves reflecting financial difficulties; <br /> D. Unscheduled draws on credit enhancements reflecting financial difficulties; <br /> E. Substitution of credit or liquidity providers, or their failure to perform; <br /> F. Adverse ta.x opinions or events affecting the tax-exempt statUs of the Bonds; <br /> G. Modifications to rights of holders of the Bonds; <br /> H. Bond calls; . <br /> L Defeasances; <br /> J. Release, substitution, or sale of property securing repayment of the Bonds; and <br /> K. Rating changes. <br /> The City shall notify any SID and either each NRMSIR or the MSRB, in a timely manner, of any failure <br /> by the City to provide financial information or operating data in accordance with Section 16.02 of this Ordinance <br /> by the time required by such Section. <br /> Section 16.04. Limitations. Disclaimers. and Amendments. <br /> The City shall be obligated to observe and perform the covenants specified in this Article for so long as, <br /> but only for so long as, the City remains an "obligated person" with respect to the Bonds within the meaning of <br /> the Rule, except that the City in any event will give notice required by Section 16.03 hereof of any Bond calls and <br /> defeasance that cause the City to be no longer such an "obligated person." <br /> The provisions oftlús Article are for the sole benefit of the Owners and beneficial owners of the Bonds <br /> and the beneficial ovmers of the Board's bonds if the City is an "obligated person" with respect to the Board's <br /> bonds under the Rule, and nothing in this Article, 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 the [mancial <br /> information, operating data, fmancial statements, and notices which it has expressly agreed to provide pursuant <br /> to tlús Article and does not hereby undertake to provide any other information that may be relevant or material <br /> "-\SA."""" \ W'II'U 9<B1OOCro ttmIŒF>I 34 <br />