Ord 2007-035 - Laserfiche WebLink

Home Browse Search

(b) Ifthe City changes its fiscal year, it will notify each NRMSIR and any SID ofthe change (and ofthe date ofthe new fiscal year end) prior to the next day by which the City otherwise would be required to provide financial information and operating data pursuant to this Section. (c) T'he financial information and operating data to be provided pursuant to this Section may be set forth in full m one or more documents or may be included by specific reference to any document (including an official statement or other offering document, if it is available from the MSRB) that theretofore has been provided to each NRMSIR and any SID or filed with the SEC. Section 12.03. Material Event Notices. (a) The City shall notify any SID and each NRMSIR, in a timely manner, of any of the following events with respect to the Certificates, if such event is material within the meaning of the federal securities laws: (i) Principal and interest payment delinquencies; (ii) Non-payment related defaults; (iii) Unscheduled draws on debt service reserves reflecting financial difficulties; (iv) Unscheduled draws on credit enhancements reflecting financial difficulties; (v) Substitution of credit or liquidity providers, or their failure to perform; (vi) Adverse tax opinions or events affecting the tax-exempt status of the Certificates; (vii) Modifications to rights of holders ofthe Certificates; (viii) Certificate calls; (ix) Defeasances, (x) Release, substitution, or sale of property securing repayment ofthe Certificates; and (xi) Rating changes. (b) The City shall notify any SID and each NRMSIR, in a timely manner, of any failure by the City to provide financial information or operating data m accordance with Section 12.02 ofthis Ordinance by the time required by such Section. Section 12.04, Lim~tat~ons Disclaimers, and Amendments. (a) The City shall be obligated to observe and perform the covenants specified in this Article for so long as, but only for so long as, the City remains an "obligated person" with respect to the Certificates within the meaning of the Rule, except that the Crty m any event will give notice of any deposit made in accordance with Article XI or Tex. Gov't Code Ann. ch. 1207, as amended, that causes Certificates no longer to be outstanding. San Marcos CTRCO 20078' Ordinance