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200412247 (a) to each nationally recognized municipal securities information repository (a "NRMSIR ") and to the Underwriter, the City shall provide annual financial and operating information generally consistent with the information set forth under the heading "FINANCIAL STATEMENT" in the Official Statement for the Building Bonds and its audited financial statements; such information is expected to be available not later than seven months after the end of each fiscal year for the City. Audited financial information shall be provided for governmental and fiduciary fund types based on the modified accrual basis of accounting and as to proprietary fund types on an accrual basis in accordance with generally accepted accounting principles; (b) in a timely manner to each NRMSIR or to the Municipal Securities Rulemaking Board ( "MSRB "), notice of the occurrence of any of the following events with respect to the Building Bonds, if in the judgment of the City, such event is material: (1) principal and interest payment delinquencies, (2) non - payment related defaults, (3) unscheduled draws on debt service reserves reflecting financial difficulties, (4) unscheduled draws on credit enhancements reflecting financial difficulties, (5) substitution of credit or liquidity providers, or their failure to perform, (6) adverse tax opinions or events affecting the tax- exempt status of the Building Bonds, (7) modifications to rights of the holders of the Building Bonds, (8) bond calls, (9) defeasances, (10) release, substitution, or sale of property securing repayment of the Building Bonds, and (11) rating changes. The City has not undertaken to provide notice of the occurrence of any other material event, except the events listed above. 12