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<br /> <br /> <br /> <br /> <br /> <br /> <br /> Section 32. CONTINUING DISCLOSURE. (a) Annual Reports. (i) The Issuer shall <br /> provide annually to each NRMSIR and any SID, within six months after the end of each fiscal year <br /> ending in or after 1996, financial information and operating data with respect to the Issuer of the <br /> general type included in the final Official Statement authorized by Section 33 of this Ordinance, <br /> being the information described in Exhibit A. Any financial statements so to be provided shall be <br /> prepared in accordance with the accounting principles described in Exhibit A thereto, or such other <br /> accounting principles as the Issuer may be required to employ from time to time pursuant to state <br /> law or regulation, and audited, if the Issuer Councils an audit of such statements and the audit is <br /> completed within the period during which they must be provided. If the audit of such financial <br /> statements is not complete within such period, then the Issuer shall provide audited financial <br /> statements for the applicable fiscal year to each NRMSIR and any SID, when and if the audit report <br /> on such statements become available. <br /> <br /> (ii) If the Issuer changes its fiscal year, it will notify each NRMSIR and any SID of the <br /> change (and of the date of the new fiscal year end) prior to the next date by which the Issuer <br /> otherwise would be required to provide financial information and operating data pursuant to this <br /> Section. The financial information and operating data to be provided pursuant to this Section may <br /> be set forth in full in one or more documents or may be included by specific reference to any <br /> <br /> document (including an official statement or other offering document, if it is available from the <br /> MSRB) that theretofore has been provided to each NRMSIR and any SID or filed with the SEC. <br /> <br /> (b) Material Event Notices. The Issuer shall notify any SID and either each NRMSIR or <br /> the MSRB, in a timely manner, of any of the following events with respect to the Bonds, if such <br /> event is material within the meaning of the federal securities laws: <br /> <br /> 1. Principal and interest payment delinquencies; <br /> 2. Non-payment related defaults; <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 or events affecting the tax-exempt status of the Bonds; <br /> 7. Modifications to rights of holders of the Bonds; <br /> 8. Bond calls; <br /> 9. Defeasances; <br /> 10. Release, substitution, or sale of property securing repayment of the Bonds; and <br /> 11. Rating changes. <br /> <br /> The Issuer shall notify any SID and either each NRMSIR or the MSRB, in a timely manner, of any <br /> failure by the Issuer to provide financial information or operating data in accordance with subsection <br /> (a) of this Section by the time required by such subsection. <br /> <br /> <br /> <br /> 37 <br />