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City of Santa Ana
<br />Agreement No.: D2201000
<br />Project No.:C-06-8478-110
<br />Page 30 of 48
<br />(c) Within five (5) business days, the Recipient must notify the Division by phone at (916)
<br />327-9978; by email to Lance.Reese@waterboards.ca.gov
<br />crvsten.cole(c)waterboards.ca.cov and robert.pontureri0waterboards.ca.cov and
<br />Clean WaterSRF(cDwaterboards.ca.gov; and by mail to the contact address set forth in
<br />Section 4 of this Agreement of the occurrence of any of the following events:
<br />i. Bankruptcy, insolvency, receivership or similar event of the Recipient, or actions
<br />taken in anticipation of any of the foregoing,
<br />ii. Change of ownership of the Project or the System or change of management or
<br />service contracts, if any, for operation of the System;
<br />iii. Loss, theft, damage, or impairment to Project, the Revenues or the System;
<br />iv. Failure to meet any debt service coverage test in Exhibit B of this Agreement;
<br />v. Draws on the Reserve Fund;
<br />vi. Listed Events and Events of Default, except as otherwise set forth in this section;
<br />vii. Failure to observe or perform any covenant or comply with any condition in this
<br />Agreement,
<br />viii. An offer from a public entity to purchase the Project or the System or any portion
<br />thereof, or any of the real or personal property related to or necessary for the
<br />Project,
<br />ix. A proceeding or action by a public entity to acquire the Project or the System by
<br />power of eminent domain,
<br />x. Incurrence of a System Obligation or other Material Obligation by the Recipient,
<br />or
<br />xi. A default, event of acceleration, termination event, modification of terms, or other
<br />similar event under the terms of a System Obligation or other Material Obligation
<br />of the Recipient, any of which reflect financial difficulties.
<br />(d) Within ten (10) business days, the Recipient must notify the Division by phone at (916)
<br />327-9978, by email to crysten.cole(c)waterboards.ca.gov and
<br />robert.pontureriowaterboards.ca.gov and CleanWaterSRFO_waterboards.ca.gov, and by
<br />mail to the contact address set forth in Section 4 of this Agreement of the following
<br />events:
<br />i. Material defaults on Material Obligations, other than this Obligation,
<br />ii. Unscheduled draws on material debt service reserves or credit enhancements,
<br />reflecting financial difficulties,
<br />iii. Substitution of credit or liquidity providers, if any or their failure to perform,
<br />iv. Any litigation pending or threatened with respect to the Project or the Recipient's
<br />technical, managerial or financial capacity to operate the System or the
<br />Recipient's continued existence,
<br />v. Circulation of a petition to repeal, reduce, or otherwise challenge the Recipient's
<br />rates for services of the System,
<br />vi. Consideration of dissolution, or disincorporation, or any other event that could
<br />materially impair the Revenues;
<br />vii. Adverse tax opinions, the issuance by the Internal Revenue Service or proposed
<br />or final determinations of taxability, Notices of Proposed Issue (IRS Form 5701-
<br />TEB) or other material notices of determinations with respect to the tax status of
<br />any tax-exempt bonds,
<br />viii. Rating changes on outstanding System Obligations, if any,
<br />ix. Enforcement actions by or brought on behalf of the State Water Board or
<br />Regional Water Board; or
<br />x. Any investigation by the District Attorney, California State Auditor, Bureau of
<br />State Audits, United States Environmental Protection Agency's Office of
<br />Inspector General, the Internal Revenue Service, Securities and Exchange
<br />City Council ` __ "23 — 41 4/4/2023
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