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(10) Unscheduled draws on the debt service reserves, if any, reflecting financial <br /> difficulties; and <br /> (11) Release, substitution or sale of property, if any, securing repayment of the <br /> Bonds. <br /> There are no debt service reserves for the Bonds and no property secures the <br /> repayment thereof. Thus, the City does not expect that there will occur any of the events <br /> described in 10 and 11 above, unless the City subsequently becomes legally authorized to, and <br /> chooses to, establish such reserves or provide such property as security for the Bonds. The only <br /> non-payment related event of default to which (9) above applies is a failure to levy taxes as <br /> provided in the Bond Ordinance. <br /> D. Notification Upon Failure to Provide Financial Data. The City agrees to provide <br /> or cause to be provided, in a timely manner, to each NRMSIR or to the MSRB and to the SID, if <br /> any, notice of its failure to provide the annual financial information described in Subsection B <br /> above on or prior to the date set forth in Subsection B above. <br /> E. Termination/Modification. The City's obligations to provide annual financial <br /> information and notices of material events shall terminate upon the defeasance, prior redemption <br /> or payment in full of all of the Bonds. This section, or any provision hereof, shall be null and void <br /> if the City (1) obtains an opinion of nationally recognized bond counsel to the effect that those <br /> 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 repealed retroactively or otherwise do not apply to the Bonds; and (2) notifies each then existing <br /> NRMSIR and the SID, if any, of such opinion and the cancellation of this section. <br /> Notwithstanding any other provision of this ordinance, the City may amend this <br /> Section 21, and any provision of this Section 21 may be waived, provided that the following <br /> conditions are satisfied: <br /> 1. If the amendment or waiver relates to the provisions of Sections 21 <br /> B.(1)-(5) or C, it may only be made in connection with a change in circumstances that arises from <br /> -26- J:wwwWH0A4603il3cxDOC <br />