HomeMy WebLinkAboutC.054.93011_1020 (2)Section 9. principal and interest payment delinquencies;
Section 9. non-payment related defaults;
Section 9. unscheduled draws on debt service reserves reflecting financial
difficulties;
Section 9. unscheduled draws on any credit enhancements reflecting financial
difficulties;
Section 9. substitution of any credit or liquidity providers, or their failure to
perform;
Section 9. adverse tax opinions or events affecting the tax-exempt status of the
Bonds;
Section 9. modification to the rights of the beneficial owners of the Bonds;
Section 9. call of any of the Bonds for redemption;
Section 9. defeasance of any of the Bonds;
Section 9. release, substitution or sale of property securing repayment of the
Bonds; and
Section 9. rating changes; and
Section 9. in a timely manner, to each NRMSIR or to the MSRB, and to the SID, if
any, notice of a failure of the Issuer to provide required annual financial
information described in (a) or (b) above on or before the date specified.
To the extent permitted by the U.S. Securities and Exchange Commission, the Issuer may discharge
the undertaking described above by transmitting electronically such financial statements, financial and
statistical information and notices to wwwAisclosureusa.ore.
If the Issuer fails to comply with the undertaking described above, any beneficial owner of the
Bonds then outstanding may take action to protect and enforce the rights of beneficial owners with respect
to such undertaking, including an action for specific performance; provided, however, that failure to comply
with such undertaking shall not be an event of default and shall not result in any acceleration of payment of
the Bonds.
The Issuer reserves the right to modify from time to time the information to be provided to the
extent necessary or appropriate in the judgment of the Issuer, provided that:
Section 9. any such modification may only be made in connection with a change in
circumstances that arises from a change in legal requirements, change in
law, or change in the identity, nature, or status of the Issuer,
Section 9. the information to be provided, as modified, would have complied with the
requirements of Rule 15c2-12 issued under the Securities Exchange Act of
1934 ("Rule 15c2-12") as of the date of the Official Statement, after taking
into account any amendments or interpretations of Rule 15c2-12, as well as
any changes in circumstances; and
Section 9. 'Cany such modification does not materially impair the interests of the
beneficial owners, as determined either by parties unaffiliated with the
Issuer (such as bond counsel), or by approving vote of the registered
owners of not less than a majority in principal amount of the Bonds then
outstanding pursuant to the terms of this bond resolution, as it may be
amended from time to time.
The Issuer agrees that the annual financial information containing the amended operating data or
financial information will explain, in narrative form, the reasons for the amendments and the impact of the
change in the type of operating data or financial information being provided.
The provisions of this Section 8 shall terminate upon payment, or provision having been made for
payment, in a manner consistent with Rule 15c2-12, in full of the principal of and interest on all of the
Bonds.
Section 8. The actions of the Director of Finance and Administrative Services of the Issuer in
applying to the LGC to sell the Bonds and the LGC in asking for sealed bids for the Bonds by distributing a
notice of sale and a Preliminary Official Statement relating to the Bonds are hereby approved. Such
Preliminary Official Statement, to be dated January 13, 2006 and in substantially the form presented at this
meeting, is hereby approved, and the Chairman of the Board of Commissioners, the County Manager and
the Director of Finance and Administrative Services of the Issuer are each hereby authorized to approve the
Official Statement, in substantially the form of the Preliminary Official Statement, including changes
necessary to reflect the interest rates on the Bonds, the offering prices of the Bonds and any credit
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