Ordinance 2134-96 - Laserfiche WebLink

1. Principal and interest payment delinquencies; 2. Non-payment related defaults; 3. Unscheduled draws on debt service reserves for the Bonds reflecting financial difficulties; 4. Unscheduled draws on credit enhancements for the Bonds reflecting financial difficulties; 5. Substitution of credit or liquidity providers, or their failure to perform; 6. Adverse tax opinions or events affecting the tax-exempt status of the Bonds; 7. Modifications to the rights of Bond owners; 8. Optional redemption of Bonds prior to their maturity; 9. Defeasance of the Bonds; 10. Release, substitution or sale of property securing repayment of the Bonds; and 11. Rating change for the Bonds. With reference to items 3 and 10 above, no debt service reserves secure payment of the Bonds and no property secures repayment of the Bonds. If the City subsequently establishes any debt service reserves or provides property as security for the Bonds, the City will provide notice of such establishment or provision and will provide notice of material events relating thereto, should such events occur. The only non-payment related default to which item 2 above applies is a failure to levy taxes as provided in Section 9 of this ordinance. D. Notification Upon Failure to Provide Financial Data. The City agrees to provide or cause to be provided, in a timely manner, to each NRMSIR or to the MSRB and to the SID, if any, notice of its failure to provide the annual financial information described in subsection B above on or prior to the date set forth in subsection B above. E. Termination/Modification. The City's obligations to provide notices of material events shall terminate upon the legal defeasance, prior redemption or payment in full of all of the -15- DOTOF7.DOC 96/03/12