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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 Aik <br /> bond option results in increased bidder interest in this issue and possible lower interest rates. 411, <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 /> 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 /> 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 /> II <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 /> • <br /> Page 6 <br />