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201106937 <br />2 0041�247 <br />(a) to each nationally recognized municipal securities information repository <br />(a "NRMSIR'� and to the Undervvriter, the City shall provide ann�al financial and <br />operating information gerierally consistent with the information set forth under the <br />heading "FINANCIAL STATEMENT" in the Official Sta.tement for the Building <br />Bonds and its audited financial statements; such information is expected to be <br />available not later than seven months after the end of each fiscal year for the City. <br />Audited financial information shall be provided for governmental and fiduciary <br />fund types based on the modified accrual basis of accounting and as to proprietary <br />fund types on an accrual basis in accordance with generally accepted accounting <br />principles; <br />(b) in a timely manner to each NRMSIR or to the Municipal Securities <br />Rulemaking Boazd ("MSRB"), notice of the occurrence of any of the following <br />events with respect to the Building Bonds, if in the judgment of the City, such <br />event is material: <br />(1) principal and interest payment delinquencies, <br />(2) non-payment related defaults, <br />(3) unscheduled draws on debt service reserves reflecting <br />fmancial difficulties, <br />(4) unscheduled draws on credit enhancements reflecting <br />fmancial difficulties, <br />(5) substitution of credit or liquidity providers, or their failure to <br />Perform, <br />(6) adverse tax opinions or events affecting the tax-exempt status <br />of the Building Bonds, <br />(7) modifications to rights of the holders of fihe Building Bonds, <br />(8) bond calls, <br />(9) defeasances, <br />(10) release, substitution, or sale of property securing repayment of <br />the Building Bonds, and <br />(11) rating chauges. <br />The City has not undertaken to provide notice of the occurrence of any other material <br />event, except the events listed above. <br />12 <br />