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• (K) Rating changes. <br /> As used herein, a"Material Fact" is a fact as to which a substantial likelihood exists that <br /> a reasonably prudent investor would attach importance thereto in deciding to buy, hold or sell a <br /> Bond or, if not disclosed, would significantly alter the total information otherwise available to an <br /> investor from the Official Statement, information disclosed hereunder or information generally <br /> available to the public. Notwithstanding the foregoing sentence, a"Material Fact" is also an <br /> event that would be deemed "material' for purposes of the purchase, holding or sale of a Bond <br /> within the meaning of applicable federal securities laws, as interpreted at the time of discovery of <br /> the occurrence of the event. <br /> (3) In a timely manner,notice of the occurrence of any of the following events or <br /> conditions: <br /> (A) the failure of the City to provide the Disclosure Information required <br /> under paragraph (b)(1) at the time specified thereunder; <br /> (B) the amendment or supplementing of this Section 7 pursuant to <br /> subsection (d),together with a copy of such amendment or supplement and any <br /> explanation provided by the City under subsection(d)(2); <br /> (C) the termination of the obligations of the City under this Section 7 <br /> • pursuant to subsection (d); <br /> (D) any change in the accounting principles pursuant to which the financial <br /> statements constituting a portion of the Disclosure Information are prepared; and <br /> (E) any change in the fiscal year of the City. <br /> (c) Manner of Disclosure. The City agrees to make available the information described <br /> in subsection (b)to the following entities by telecopy, overnight delivery, mail or other means, as <br /> appropriate: <br /> (1) the information described in paragraph(1) of subsection (b), to each then nationally <br /> recognized municipal securities information repository under the Rule and to any state <br /> information depository then designated or operated by the State of Minnesota as contemplated by <br /> the Rule(the "State Depository"), if any; <br /> (2) the information described in paragraphs (2) and (3) of subsection (b), to the <br /> Municipal Securities Rulemaking Board and to the State Depository, if any; and <br /> (3) the information described in subsection (b), to any rating agency then maintaining a <br /> rating of the Bonds and, at the expense of such Bondowner, to any Bondowner who requests in <br /> writing such information, at the time of transmission under paragraphs (1) or(2) of this <br /> subsection(c), as the case may be, or, if such information is transmitted with a subsequent time <br /> • of release, at the time such information is to be released. <br /> -21- <br />