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• <br /> The City is responsible for reporting any of the material events listed below and in the • <br /> Undertaking. <br /> 1. Principal and interest payment delinquencies; <br /> 2. Non-payment related defaults; <br /> 3. Unscheduled draws on debt service reserves reflecting financial difficulties; <br /> 4. Unscheduled draws on credit enhancements reflecting financial difficulties; <br /> 5. Substitution of credit of liquidity providers, or their failure to perform; <br /> 6. Adverse tax opinions or events affecting the tax-exempt status of the securities; <br /> 7. Modification to rights of holders of the Securities; <br /> 8. Securities calls; <br /> 9. Defeasances; <br /> 10. Release, substitution or sale of property securing repayment of the Securities; <br /> 11. Rating changes; <br /> 12. Failure to provide annual financial information as required; and <br /> 13. Other material events. <br /> REFUNDING OPPORTUNITIES <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 /> MARKET CONDITIONS <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 /> Page 5 <br />