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51 <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 exists that <br />a reasonably prudent investor would attach importance thereto in deciding to buy, hold or sell a <br />Bond or, if not disclosed, would significantly alter the total information otherwise available to an <br />investor from the Official Statement, information disclosed hereunder or information generally <br />available to the public. Notwithstanding the foregoing sentence, a "Material Fact' is also all <br />event that would be deemed "material' for purposes of the purchase, bolding 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 required <br />under paragraph (b)(1) at the time specified thereunder; <br />(B) the amendment or supplementing of this Section 7 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 <br />Section 7 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 />(I✓) 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 />-19- <br />