|
(1) Principal and interest payment delinquencies;
<br />(2) Non-payment related defaults, if material;
<br />(3) Unscheduled draws on debt service reserves reflecting financial difficulties;
<br />(4) Unscheduled draws on credit enhancements reflecting financial difficulties;
<br />(5) Substitution of credit or liquidity providers, or their failure to perform-,
<br />(6) Adverse tax opinions,, the issuance by the Internal Revenue Service of proposed
<br />or final determinations of taxability, Notices of Proposed Issue (IRS Form 5701-
<br />TEB), or other material notices or determinations with respect to the tax status of
<br />the Notes, or other material events affecting the tax status of the Notes;
<br />('7 Modifications to rights of holders of the Notes, if material.;
<br />(8) Note calls, if material, and tender offers;
<br />(9; Defeasances;
<br />(10) Release, substitution,, or sale of property securing repayment of the Notes, if
<br />material;
<br />(11) Rating changes;
<br />(12) Bankruptcy, insolvency, receivership, or similar event of the City,
<br />(13) The consummation of a merger, consolidation, or acquisition involving the
<br />City or the sale of all or substantially all of the assets of the City, other than in the
<br />ordinary course of business, the entry into of a definitive agreement to undertake
<br />such an action or the termination of a definitive agreement relating to any such
<br />actions, other than pursuant to its terms if material;
<br />(14) Appointment of a successor or additional paying agent/registrar or the change
<br />of name of a paying agent/registrar, if material-,
<br />(15) Incurrence of a Financial Obligation of the City, if material, or agreement to
<br />covenants, events of default, remedies, priority rights, or other similar terms of a
<br />Financial Obligation of the City, any of which affect security holders, if material;
<br />and
<br />(16) Default, event of acceleration., termination event modification of terms,, or
<br />other similar events under the terms of a Financial Obligation of the City, any of
<br />which reflect financial difficulties.
<br />For these purposes, (a) any event described in the immediately preceding paragraph
<br />(12) is considered to occur when any of the following occur: the appointment of a receiver,
<br />fiscal agent, or similar officer for the City in a proceeding under the United States
<br />Bankruptcy Code or in any other proceeding under state or federal law in which a court or
<br />governmental authority has assumed jurisdiction over substantially all of the assets or
<br />business of the City, or if such jurisdiction has been assumed by leaving the existing
<br />governing body and officials or officers of the City in possession but subject to the
<br />supervision and orders of a court or governmental authority, or the entry of an order
<br />confirming a plan of reorganization, arrangement, or liquidation by a court or governmental
<br />authority having supervision or jurisdiction over substantially all of the assets or business
<br />of the City, and (b) the City intends the words used in the immediately preceding
<br />paragraphs (15) and (1+6 and the definition of Financial Obligation in this Section to have
<br />the same meanings as when they are used in the Rule, as evidenced by SEC Release No.
<br />34-83885, dated August 20, 201.8.
<br />15
<br />
|