(A) As part of the bond issuance process, the city is required to provide or cause to be provided to the Municipal Securities Rulemaking Board such annual financial information and operating data, audited financial statements and notices of the occurrences of certain events in such manner as may be required to fully disclose certain information that may be beneficial to current and potential bond holders in making investment decisions. The requirements are fully detailed in the continuing disclosure agreement that is undertaken with each bond issue. The city will endeavor to keep the terms and requirements of each continuing disclosure agreement consistent with respect to each category of debt being offered. The city will cause all such disclosure to occur in a timely and thorough manner consistent with the terms of each agreement.
(B) SEC Rule 15c2-12 requires that entities disclose any of the following events, if material, that relate to the bonds in question:
(1) Principal and interest payment delinquencies;
(2) Non-payment related defaults;
(3) Unscheduled draws on debt service reserves reflecting financial difficulties;
(4) Unscheduled draws on credit enhancements reflecting financial difficulties;
(5) Substitution of credit or liquidity providers, or their failure to perform;
(6) Adverse tax opinions or events affecting the tax-exempt status of the security;
(7) Modifications to rights of security holders;
(8) Bond calls;
(9) Defeasances;
(10) Release, substitution, or sale of property security repayment of the securities;
(11) Rating changes; and
(12) Bankruptcy, insolvency, receivership or similar event of the obligated person.
(13) Merger, acquisition or sale of all issuer assets.
(14) Appointment of successor trustee.
(15) Financial obligation - incurrence or agreement (as of February 27, 2019).
(16) Financial obligation - event reflecting financial difficulties (as of February 27, 2019).
(Ord. 31-16, passed 9-12-16; Am. Ord. 37-19, passed 8-26-19)