Laserfiche WebLink
For purposes of the events identified in paragraphs (0) and (P) above, the term "financial <br />obligation" means (i) a debt obligation; (ii) a derivative instrument entered into in connection with, <br />or pledged as security or a source of payment for, an existing or planned debt obligation; or (iii a <br />guarantee of (i) or (ii). The term "financial obligation" shall not include municipal securities as to <br />which a final official statement has been provided to the MSRB consistent with the Rule. <br />As used herein, for those events that must be reported if material, a "Material Fact" is a <br />fact as to which a substantial likelihood exists that a reasonably prudent investor would attach <br />importance thereto in deciding to buy, hold or sell the Bonds or, if not disclosed, would <br />significantly alter the total information otherwise available to an investor from the Official <br />Statement, information disclosed hereunder or information generally available to the public. <br />Notwithstanding the foregoing sentence, a Material Fact is also a fact that would be deemed <br />material for purposes of the purchase, holding or sale of the Bonds within the meaning of <br />applicable federal securities laws, as interpreted at the time of discovery of the occurrence of the <br />event. <br />For the purposes of the event identified in (L) hereinabove, the event is considered to occur <br />when any of the following occur: the appointment of a receiver, fiscal agent or similar officer for <br />an obligated person in a proceeding under the U.S. Bankruptcy Code or in any other proceeding <br />under state or federal law in which a court or governmental authority has assumed jurisdiction over <br />substantially all of the assets or business of the obligated person, or if such jurisdiction has been <br />assumed by leaving the existing governing body and officials or officers in possession but subject <br />to the supervision and orders of a court or governmental authority, or the entry of an order <br />confirming a plan of reorganization, arrangement or liquidation by a court or governmental <br />authority having supervision or jurisdiction over substantially all of the assets or business of the <br />obligated person. <br />(3) In a timely manner, to the MSRB through EMMA, notice of the occurrence of any <br />of the following events or conditions: <br />(A) the failure of the City to provide the Disclosure Information required under <br />paragraph (b)(1) at the time specified thereunder; <br />(B) the amendment or supplementing of this section pursuant to subsection (d), <br />together with a copy of such amendment or supplement and any explanation <br />provided by the City under subsection (d)(2); <br />(C) the termination of the obligations of the City under this section pursuant to <br />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 <br />prepared; and <br />(E) any change in the fiscal year of the City. <br />(c) Manner of Disclosure. <br />(1) The City agrees to make available to the MSRB through EMMA, in an electronic <br />format as prescribed by the MSRB, the information described in subsection (b). <br />13 <br />