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Ordinance 3700-19
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Ordinance 3700-19
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10/18/2019 3:40:05 PM
Creation date
9/30/2019 4:30:15 PM
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Ordinances
Ordinance Number
3700-19
Date
9/25/2019
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portions of the Rule which require this section, or any such provision, are invalid, have been <br /> repealed retroactively or otherwise do not apply to the Bonds; and (2) notifies the MSRB, of <br /> such opinion and the cancellation of this section. Notwithstanding any other provision of this <br /> ordinance, the City may amend this section and any provision of this section may be waived with <br /> an approving opinion of nationally recognized bond counsel. <br /> In the event of any amendment of or waiver of a provision of this section, the City shall <br /> describe such amendment in the next annual report, and shall include, as applicable, a narrative <br /> explanation of the reason for the amendment or waiver and its impact on the type (or in the case <br /> of a change of accounting principles, on the presentation) of financial information or operating <br /> data being presented by the City. In addition, if the amendment relates to the accounting <br /> principles to be followed in preparing financial statements, (I) notice of such change shall be <br /> given in the same manner as for a listed event under Subsection(c), and (II)the annual report for <br /> the year in which the change is made should present a comparison (in narrative form and also, if <br /> practical, in quantitative form) between the financial statements as prepared on the basis of the <br /> new accounting principles and those prepared on the basis of the former accounting principles. <br /> (g) Bond Owner's Remedies Under This Section. A Bond owner's right to enforce <br /> the provisions of this section shall be limited to a right to obtain specific enforcement of the <br /> City's obligations hereunder, and any failure by the City to comply with the provisions of this <br /> undertaking shall not be an event of default with respect to the Bonds under this ordinance. <br /> Section 13. Lost, Stolen or Destroyed Bonds. In case any Bond or Bonds shall be lost, <br /> stolen or destroyed, the Bond Registrar may execute and deliver a new Bond or Bonds of like <br /> date, number and tenor to the Registered Owner thereof upon the Registered Owner's paying the <br /> expenses and charges of the City and the Bond Registrar in connection therewith and upon <br /> -30- 502395238 v2 <br />
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