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Section 5. Reporting of Significant Events. <br />(a) The City shall give, or cause to be given, notice of the occurrence of any of the <br />following events with respect to the Bonds in a timely manner not later than ten business days <br />after the oecurence of the event: <br />Principal and interest payment delinquencies; <br />2. Unscheduled draws on debt service reserves reflecting financial difficulties; <br />Unscheduled draws on credit enhancements reflecting financial difficulties; <br />4. Substitution of credit or liquidity providers, or their failure to perform; <br />5. Adverse tax opinions or issuance by the Internal Revenue Service of proposed or <br />final determination of taxability or of a Notice of Proposed Issue (IRS Form 5701 TEB); <br />6. Tender offers; <br />7. Defeasances; <br />8. Rating changes; or <br />9. Banluptcy, insolvency, receivership or similar event of the City. <br />Note: for the purposes of the event identified in subparagraph (9), the event is considered <br />to occur when any of the following occur: the appointment of a receiver, fiscal agent or similar <br />officer for an obligated person in a proceeding under the U.S. Bankruptcy Code or in any other <br />proceeding under state or federal law in which a court or governmental authority has assumed <br />jurisdiction over substantially all of the assets or business of the obligated person, or if such <br />jurisdiction has been assumed by leaving the existing governmental body and officials or officers <br />in possession but subject to the supervision and orders of a court or governmental authority, or <br />the entry of an order confirming a plan of reorganization, arrangement or liquidation by a court <br />or governmental authority having supervision or jurisdiction over substantially all of the assets or <br />business of the obligated person. <br />(b) The City shall give, or cause to be given, notice of the occurrence of any of the <br />following events with respect to the Bonds, if material, in a timely manner not later than ten <br />business days after the occurrence of the event: <br />1. Unless described in paragraph 5(a)(5), other material notices or determinations by <br />the Internal Revenue Service with respect to the tax status of the Bonds or other material events <br />affecting the tax status of the Bonds; <br />2. Modifications to rights of Bond holders; <br />Bond calls; <br />4. Release, substitution, or sale of property securing repayment of the Bonds; <br />55B -138 <br />