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• Any or all of the Disclosure Information may be incorporated by <br /> reference, if it is updated as required hereby,from other documents,including <br /> official statements,which have been submitted to each of the repositories <br /> hereinafter referred to under subsection(b) or the SEC. If the document <br /> incorporated by reference is a final official statement, it must be available from <br /> the Municipal Securities Rulemaking Board. The City shall clearly identify in the <br /> Disclosure Information each document so incorporated by reference. <br /> If any part of the Disclosure Information can no longer be generated <br /> because the operations of the City have materially changed or been discontinued, <br /> such Disclosure Information need no longer be provided if the City includes in the <br /> Disclosure Information a statement to such effect; provided,however, if such <br /> operations have been replaced by other City operations in respect of which data is <br /> not included in the Disclosure Information and the City determines that certain <br /> specified data regarding such replacement operations would be a Material Fact(as <br /> defined in paragraph(2)-hereof),then, from and after such determination,the <br /> Disclosure Information shall include such additional specified data regarding the <br /> replacement operations. <br /> If the Disclosure Information is changed or this Section 7 is <br /> amended as permitted by this paragraph(b)(1) or subsection(d),then the <br /> City shall include in the next Disclosure Information to be delivered <br /> hereunder,to the extent necessary,an explanation of the reasons for the <br /> amendment and the effect of any change in the type of financial <br /> information or operating data provided. <br /> (2) In a timely manner,notice of the occurrence of any of the following <br /> events which is a Material Fact(as hereinafter defined): <br /> (A) Principal and interest payment delinquencies; <br /> (B) Non-payment related defaults; <br /> (C) Unscheduled draws on debt service reserves reflecting financial <br /> difficulties; <br /> (D) Unscheduled draws on credit enhancements reflecting financial <br /> difficulties; <br /> (E) Substitution of credit or liquidity providers, or their failure to perform; <br /> (F) Adverse tax opinions or events affecting the tax-exempt status of the <br /> security; <br /> (G) Modifications to rights of security holders; <br /> (I) Bond calls; <br /> (1) Defeasances; <br /> (J) Release, substitution,or sale of property securing repayment of the <br /> securities; and <br /> (K) Rating changes. <br /> • <br /> -18- <br />