Ordinance 3211-11 - Laserfiche WebLink

CONTINUING DISCLOSURE CERTIFICATE This Continuing Disclosure Undertaking (this "Undertaking") dated as of March 30, 2011, is hereby made by the City of Everett, Washington (the "City") in connection with the issuance of its Water and Sewer Revenue Bonds, 2011 (the "Bonds") pursuant'to Ordinance No. 3211-11 of the City adopted on March 2, 2011 (the "Ordinance"). Capitalized terms not otherwise defined herein have the meanings given in the Ordinance. In accordance with Section(b)(5) of Securities and Exchange Commission Rule 15c2-12 under the Securities Exchange Act of 1934, as the same may be amended from time to time (the "Rule"), the City hereby agrees and covenants to provide or cause to be provided the following annual financial information and operating data (collectively, the "Annual Financial Information") for each prior fiscal year, commencing with the fiscal year ending December 31, 2011, on or before the last day of the ninth month following the end of such prior fiscal year: (1) Annual financial statements for the System, which statements may or may not be audited, prepared in accordance with the Budget Accounting and Reporting System prescribed by the Washington State Auditor pursuant to RCW 43.09.200 (or any successor statute) and generally of the type included in this Official Statement for the Bonds under the headings "WATER AND SEWER SYSTEMS HISTORICAL OPERATING RESULTS"; (2) The principal amount of Parity Bonds; and (3) Number of water and sewer customers of the System. Items (2) — (3) shall be required only to the extent that such information is not included in the annual financial statements provided pursuant to (1). The information and data described above shall be provided on or before nine months after the end of the City's fiscal year. The City's current fiscal year ends December 31. The City may adjust such fiscal year by providing written notice of the change of fiscal year to the MSRB. In lieu of providing such annual financial information and operating data, the City may cross-refer to other documents available to the public on the MSRB's internet website or filed with the Commission. If not provided as part of the annual financial information discussed above, the City shall provide the City's audited annual financial statement prepared in accordance with the Budgeting Accounting and Reporting System prescribed by the Washington State Auditor pursuant to RCW 43.09.200 (or any successor statute) when and if available to the MSRB. The City further agrees and covenants to provide or cause to be provided, in a timely manner to the MSRB notice of the occurrence of any of the following events with respect to the Bonds not in excess of ten business days after the occurrence of the event: • Principal and interest payment delinquencies; • Non-payment related defaults, if material; • Unscheduled draws on debt service reserves reflecting financial difficulties; • Unscheduled draws on credit enhancements reflecting financial difficulties; • Substitution of credit or liquidity providers, or their failure to perform; P:120287 CMW120287 97S ONa911