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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 <br /> required under paragraph (1) of this subsection(b) at the time specified <br /> thereunder; <br /> (B) the amendment or supplementing of this Section 8 pursuant to <br /> subsection(d), together with a copy of such amendment or supplement and <br /> any explanation provided by the City under paragraph (2) of subsection (d); <br /> (C) the termination of the obligations of the City under this Section 8 <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 /> (d) Term; Amendments; Interpretation. <br /> (1) The covenants of the City in this Section 8 shall remain in effect so long as any <br /> Bonds are Outstanding. Notwithstanding the preceding sentence, however, the obligations of the <br /> City under this Section 8 shall terminate and be without further effect as of any date on which the <br /> City delivers to the Registrar an opinion of Bond Counsel to the effect that, because of legislative <br /> • -18- <br />