Ord 2007-035 - Laserfiche WebLink

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actually paid in full, no amendment of the provisions of this Section shall be made without the consent of the registered owner of each Certificate affected thereby. (e) Notwithstanding the provisions of subsection (a) immediately above, to the extent that, upon the defeasance of any Defeased Certificate to be paid at its maturity, the City retains the right under Texas law to later call that Defeased Certificate for redemption in accordance with the provisions of this Ordinance, the City may call such Defeased Certificate for redemption upon complying vv~th the provisions of Texas law and upon the satisfaction of the provisions of subsection (a) immediately above with respect to such Defeased Certificate as though it was being defeased at the time of the exercise of the option to redeem the Defeased Bond and the effect of the redemption is taken into account in determining the sufficiency of the provisions made for the payment of the Defeased Certificate. ARTICLE XII CONTINUING DISCLOSURE OBLIGATION Section 12.01 Definitions. As used in this Article, the following terms have the meanings ascribed to such terms below: "MSRB" means the Municipal Securities Rulemaking Board, "NRMSIR"means each person whom the SEC or its staff has determined to be a nationally recognized muricipal 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 determined by the SEC or its staff to be, a state information depository within the meaning of the Rule from time to time Section 12 02. Annual Reports. (a) The City shall provide annually to each NRMSIR and any SID, within six months after the end of each fiscal year ending after the date of issuance of the Certificates, financial information and operating data with respect to the City of the general type included in the final Official Statement authorized by Section 7 O 1(b) of this Ordinance, being the information described in Exhibit A hereto. Any financial statements so to be provided shall be (1) prepared in accordance with the accounting principles described in Exhibit A attached hereto, or such other accounting pnnciples as the City may be required to employ from time to time pursuant to state law or regulation and (2) audited, if the City commissions an audit of such statements and the audit is completed vv~thin the penod during which they must be provided, If the audit of such financial statements is not complete within such period, then the City shall provide unaudited financial statements by the required tune and shall provide audited financial statements for the applicable fiscal year to each NRMSIR and any SID, when and if the audit report on such statements becomes available. san Marcos CTRCO 20078 Ordinance