Laserfiche WebLink
If the Disclosure Information is changed or this Section 8 is amended as <br /> permitted by this paragraph(b)(1) or subsection (d),then the City shall include in <br /> the next Disclosure Information to be delivered hereunder, to the extent <br /> necessary, an explanation of the reasons for the amendment and the effect of any <br /> change in the type of financial information or operating data provided. <br /> (2) In a timely manner, notice of the occurrence of any of the following events <br /> 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 <br /> perform; <br /> (F) Adverse tax opinions or events affecting the tax-exempt status of <br /> the security; <br /> (G) Modifications to rights of security holders; <br /> (H) 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 /> As used herein, a"Material Fact" is a fact as to which a substantial likelihood <br /> exists that a reasonably prudent investor would attach importance thereto in deciding to <br /> buy, hold or sell a Bond or, if not disclosed, would significantly alter the total <br /> information otherwise available to an investor from the Official Statement, information <br /> disclosed hereunder or information generally available to the public. Notwithstanding the <br /> foregoing sentence, a "Material Fact"is also an event that would be deemed "material" <br /> for purposes of the purchase, holding or sale of a Bond within the meaning of applicable <br /> federal securities laws, as interpreted at the time of discovery of the occurrence of the <br /> event. <br /> (3) In a timely manner, notice of the occurrence of any of the following events <br /> or conditions: <br /> (A) the failure of the City to provide the Disclosure Information <br /> required under paragraph (b)(1) at the time specified 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 any <br /> explanation provided by the City under subsection (d)(2); <br /> • <br /> -21- <br />