03-23-1998 Council Packet - Laserfiche WebLink

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investor from the Official Statement, information disclosed hereunder or information generally available to the public. Notwithstanding the foregoing sentence, a Material Fact is also an event that would be deemed "material" for purposes of the purchase, holding or sale of a Bond within the meaning of applicable federal securities laws, as interpreted at the time of discovery of the occurrence of the event. (3) In a timely manner, to the Municipal Securities Rulemaking Board and to the State Depository, if any, notice of the occurrence of any of the following events or conditions: (A) the amendment or supplementing of this section pursuant to subsec ion (d), together with a copy of such amendment or supplement and any explanation provided by the City under subsection (d)(2); (B) the termination of the obligations of the City under this section pursuant to subsection (d); (C) any change in the accounting principles pursuant to which the financial statements constituting a portion of the Disclosure Information are prepared; and (D) any change in the fiscal year of the City. (d) Term : Amendments: Interpretation . The covenants of the City in this section shall remain in effect so long as any Bonds are Outstanding. Notwithstanding the preceding sentence, however, the obligations of the City under this section shall terminate and be without further effect as of any date on which the City delivers to the Registrar an opinion of Bond Counsel to the effect that, because of legislative action or final judicial or administrative actions or proceedings, the failure of the City to comply with the requirements of this section will not cause participating underwriters in the primary offering of the Bonds to be in violation of the Rule or other applicable requirements of the Securities Exchange Act of 1934, as amended, or any statutes or laws successory thereto or amendatory thereof Page 6 of 7