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• <br /> retroactively or otherwise does not apply to the Bonds and (2) notifies each NRMSIR and the <br /> SID, if any, of such opinion and the cancellation of this section. <br /> The City may amend this section with an opinion of nationally recognized bond counsel <br /> in accordance with the Rule. In the event of any amendment of this section, the City shall <br /> describe such amendment in the next annual report, and shall include, a narrative explanation of <br /> the reason for the amendment and its impact on the type(or in the case of a change of accounting <br /> principles, on the presentation) of financial information or operating data being presented by the <br /> City. In addition, if the amendment relates to the accounting principles to be followed in <br /> preparing financial statements, (i) notice of such change shall be given in the same manner as for <br /> a material event under subsection(c), and (ii)the annual report for the year in which the change <br /> is made shall present a comparison (in narrative form and also, if feasible, in quantitative form) <br /> between the financial statements as prepared on the basis of the new accounting principles and <br /> those prepared on the basis of the former accounting principles. <br /> (f) Bond Owner's Remedies Under This Section. The right of any bondowner <br /> or beneficial owner of Bonds to enforce the provisions of this section shall be limited to a right to <br /> obtain specific enforcement of the City's obligations under this section, and any failure by the <br /> City to comply with the provisions of this undertaking shall not be an event of default with <br /> respect to the Bonds. For purposes of this section, "beneficial owner" means any person who has <br /> the power, directly or indirectly,to vote or consent with respect to,or to dispose of ownership of, <br /> any Bonds, including persons holding Bonds through nominees or depositories. <br /> Section 18. Bond Insurance. In accordance with the purchase contract approved <br /> pursuant to Section 15 hereof, the City Council hereby approves the commitment of the Insurer <br /> to provide a Bond Insurance Policy guaranteeing the payment when due of principal of and <br /> -25- SC01B DOC <br />