200906255 - Laserfiche WebLink

Browse

200906255 Section 5.5. In accordance with the requirements of Rule 15c2 -12 (the "Rule ") promulgated by the Securities and Exchange Commission (the "Commission "), the Lessee hereby agrees that it will provide the following continuing disclosure: (a) to the Municipal Securities Rulemaking Board (the "MSRB ") and to the Underwriter, the Lessee shall provide annual financial and operating information generally consistent with the information set forth under the heading "THE COLLEGE AREA —Summary of Financial Information Concerning the College Area" in the Official Statement for the Bonds and the Lessee's most recently prepared audited financial statements; such information is expected to be available not later than seven months after the end of each fiscal year for the Lessee; audited financial information shall be prepared in conformity with generally accepted accounting principles. (b) in a timely manner to each MSRB (as and to the extent required by the Rule), notice of the occurrence of any of the following events with respect to the Bonds, if in the judgment of the governing board of the Lessee, 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 (there are no debt service reserve to be established for the Bonds), (4) unscheduled draws on credit enhancements reflecting financial difficulties (not applicable to the Bonds), (5) substitution of credit or liquidity providers, or their failure to perform (not applicable to the Bonds), (6) adverse tax opinions or events affecting the tax - exempt status of the Bonds, (7) modifications to rights of the bondholders, (8) bond calls, (9) defeasances, (10) release, substitution or sale of property securing repayment of the Bonds, and (11) rating changes (the Bonds have not been rated and no rating is expected to be applied for with respect to the Bonds). The Board has not undertaken to provide notice of the occurrence of any other material event, except the events listed above. 7