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• (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 /> • (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 <br /> financial statements constituting a portion of the Disclosure Information are <br /> 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 <br /> described in subsection (b)to the following entities by telecopy, overnight delivery, mail or other <br /> means, as appropriate: <br /> (1) the information described in paragraph (1) of subsection(b),to each then <br /> nationally recognized municipal securities information repository under the Rule and to <br /> any state information depository then designated or operated by the State of Minnesota as <br /> contemplated by the Rule (the"State Depository"), if any; <br /> (2) the information described in paragraphs (2) and (3) of subsection (b), to <br /> the 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 <br /> • maintaining a rating of the Bonds and, at the expense of such Bondowner, to any <br /> -18- <br />