Laserfiche WebLink
<br />SECTION 5. Reporting of Significant Events. The City shaIl notify each Repository of any of the <br />foIlowing Occurrences with respect to the Bonds, if material: <br /> <br />(1) Principal and interest payment delinquencies. <br /> <br />(2) Non-payment related defaults. <br /> <br />(3) Unscheduled draws on debt service reserves reflecting financial difficulties. <br /> <br />(4) Unscheduled draws on credit enhancements reflecting financial difficulties. <br /> <br />(5) Substitution of credit or liquidity providers or their failure to perform. <br /> <br />(6) Adverse tax opinions or events affecting the tax-exempt status of the Bonds. <br /> <br />(7) Modifications to rights of Bondholders. <br /> <br />(8) Bond calls. <br /> <br />(9) Defeasances. <br /> <br />(10) Release, substitution or sale of property securing repayment of the Bonds. <br /> <br />(11) Rating changes. <br /> <br />SECTION 6. Termination of Reporting Obligation. The City's obligations under this Undertaking <br />shall terminate upon the legal defeasance, prior redemption or payment in full of all of the Bonds. <br /> <br />SECTION 7. Dissemination Agent. The City may from time to time appoint or engage a <br />Dissemination Agent to assist it in carrying out its obligations under this Undertaking, and the City may discharge <br />any such Agent, with or without appointing a successor Dissemination Agent. <br /> <br />SECTION 8. Amendment; Waiver. Notwithstanding any other provision of this Undertaking, the City <br />may amend this Undertaking, and any provision of this Undertakingmay be waived, if (a) a change in law or in the <br />ordinary business or operation of the City has occurred, (b) such amendment or waiver, in the opinion of counsel <br />expert in federal securities laws, would not, by itself or in combination with any other such amendments or waivers, <br />cause the undertakings herein to violate the Rule if such amendments or waivers had been effective on the date <br />hereof but taking into account any subsequent change in or official interpretation of the Rule, and (c) such <br />amendment or waiver, in the opinion of counsel expert in federal securities laws, would not materially impair the <br />interests of Bondholders. <br /> <br />SECTION 9. Additional Information. Nothing in this Undertaking shall be deemed to prevent the City <br />from disseminating any other information, using the means of dissemination set forth herein or any other means of <br />communication, or including any other information in any Annual Report or notice of an Occurrence, in addition to <br />that which is required hereby. If the City chooses to include any information in any Annual Report or notice of <br />Occurrence in addition to that which is specifically required hereby, the City shall have no obligation hereunder to <br />update such information or include it in any future Annual Report or notice of Occurrence. <br /> <br />SECTION 10. Default. In the event of a failure of the City to provide information required by this <br />Undertaking, any Bondholder may take such actions as may be necessary and appropriate, including seeking <br />mandate or specific performance by court order, to cause the City to comply herewith. A default under this <br />Undertaking shall not be deemed a default or breach of covenant under the Bonds or the Resolution, and the sole <br />remedy hereunder for any such breach shall be an action to compel performance. <br /> <br />1.0801.80.1. <br /> <br />11-3 <br />