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mandatory call, the Authority will be responsible for providing a Notice of Call to holders of <br />the Bonds at least 45 days prior to the call date. Allowing potential purchasers the term <br />bond option results in increased bidder interest in this issue and possible lower interest rates. <br /> <br />Current regulations of the Securities and Exchange Commission on the continuing disclosure <br />of municipal securities apply to long-term securities with an aggregate principal amount of <br />$1,000,000 or more. <br /> <br />Because the aggregate amount of this issue is over $1,000,000 and the City has more than <br />$10,000,000 in total municipal obligations outstanding, you will be obligated to comply with <br />Full Continuing Disclosure requirements as required by paragraph (b)(5) of Rule 15c2-12 <br />promulgated by the Securities and Exchange Commission under the Securities Exchange Act <br />of 1934. The City will be required to provide certain financial information and operating <br />data relating to the City annually and to provide notices of the occurrence of certain material <br />events. The specific nature of the Undertaking, as well as the information to be contained in <br />the notices of material events will be set forth in the Continuing Disclosure Undertaking that <br />you will enter into at the time of closing for this issue. <br /> <br />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 />I0. <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 />Page 6 <br /> <br /> <br />