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a change in legal requirements, change in law, or change in the identity, nature or status of the <br /> City with respect to the Bonds, or the type of business conducted; <br /> 2. The undertaking, as amended or taking into account such waiver, would, in <br /> the opinion of nationally recognized bond counsel, have complied with the requirements of the <br /> Rule at the time of the original issuance of the Bonds, after taking into account any amendments <br /> or interpretations of the Rule, as well as any change in circumstances; and <br /> 3. The amendment or waiver either (i) is approved by the owners of the <br /> Bonds or (ii) does not, in the opinion of nationally recognized bond counsel, materially impair the <br /> interests of the owners or beneficial owners of the Bonds. <br /> In the event of any amendment or waiver of a provision of this Section 21, the City shall <br /> describe such amendment in the next annual report, and shall include, as applicable, a narrative <br /> explanation of the reason for the amendment or waiver and its impact on the type (or in the case <br /> of a change of accounting principles, on the presentation) of financial information or operating <br /> data being presented by the City. In addition, if the amendment relates to the accounting <br /> principles to be followed in preparing financial statements, (i) notice of such change shall be given <br /> in the same manner as for a material event under subsection C, and (ii) the annual report for the <br /> year in which the change is made should present a comparison (in narrative form and also, if <br /> feasible, in quantitative form)between the financial statements as prepared on the basis of the new <br /> accounting principles and those prepared on the basis of the former accounting principles. <br /> F. Bond Owner's Remedies Under This Section. A Bond Owner's or Beneficial <br /> Owner's right to enforce the provisions of this section shall be limited to a right to obtain specific <br /> enforcement of the City's obligations hereunder, and any failure by the City to comply with the <br /> provisions of this undertaking shall not be an event of default with respect to the Bonds under this <br /> ordinance. For purposes of this section, Beneficial Owner means any person who has the power, <br /> directly or indirectly, to vote or consent with respect to, or to dispose of ownership of, any <br /> Bonds, including persons holding Bonds through nominees or depositories. <br /> -27-- J:WWNIINFIOME103N3CXDOC <br />