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The City is responsible for reporting any of the material events listed below and in the <br />Undertaking. <br /> <br />2. <br />3. <br />4. <br />5. <br />6. <br />7. <br />8. <br />9. <br />10. <br />11. <br />12. <br />13. <br /> <br />Principal and interest payment delinquencies; <br />Non-payment related defaults; <br />Unscheduled draws on debt service reserves reflecting financial difficulties; <br />Unscheduled draws on credit enhancements reflecting financial difficulties; <br />Substitution of credit of liquidity providers, or their failure to perform; <br />Adverse tax opinions or events affecting the tax-exempt status of the securities; <br />Modification to rights of holders of the Securities; <br />Securities calls; <br />Defeasances; <br />Release, substitution or sale of property securing repayment of the Securities; <br />Rating changes; <br />Failure to provide annual financial information as required; and <br />Other material events. <br /> <br />REFUNDING OPPORTUNITIES <br /> <br />We have reviewed all outstanding indebtedness for the City and the EDA and find that there <br />are no immediate refunding opportunities for either at this time. We will continue to monitor <br />the market and the call dates and alert you to any future opportunities <br /> <br />MARKET CONDITIONS <br /> <br />The following graph shows the trends in the Bond Buyer's 20-Year G.O. Index (BBI) since <br />1983. Interest rates remain near historic lows. <br /> <br />Page 5 <br /> <br /> <br />