Ordinance 2690-03 - Laserfiche WebLink

with the consent of owners, or (ii) does not, in the opinion of nationally recognized bond counsel, materially impair the interests of the owners or beneficial owners of the Bonds. In the event of any amendment or waiver of a provision of this Section 22, the City shall describe such amendment in the next annual report, and shall include, as applicable, a narrative explanation of the reason for the amendment or waiver and its impact on the type (or in the case of a change of accounting principles, on the presentation) of financial information or operating data being presented by the City. In addition, if the amendment relates to the accounting principles to be followed i n preparing financial statements, (i) notice o f such c hange s hall b e given in the same manner as for a material event under subsection(c), and (ii) the Annual Report for the year in which the change is made should present a comparison (in narrative form and also, if feasible, in quantitative form) between the financial statements as prepared on the basis of the new accounting principles and those prepared on the basis of the former accounting principles. (f) Bond Owner's Remedies Under This Section. A Bond owner's right t o enforce the provisions of this section shall be limited to a right to obtain specific enforcement of the City's obligations hereunder, and any failure by the City to comply with the provisions of this undertaking shall not be an event of default with respect to the Bonds under this ordinance. (g) No Default. The City is not and has not been in default in the performance of its obligations of any prior undertaking for ongoing disclosure with respect to its bond obligations. -59- P:\CMW\CMW5NP 04/22/03