A. The City Treasurer will file or cause to be filed a notice of the occurrence of any Event or Events with the MSRB through EMMA with respect to any Obligations to which the Event or Events are applicable, in a timely manner no later than ten business days after the occurrence of the Event. The City Treasurer will provide notice of such Event with the Dissemination Agent to be filed with the MSRB through EMMA, as required by the Rule. The Events to be disclosed are listed on Schedule 1 hereof, which the City Treasurer is responsible for updating in a timely manner in the event that there are future changes to the Rule that result in additions, changes, or deletions to the list of Events.
B. Whenever any Employee obtains actual knowledge of the occurrence of an Event, that Employee must inform the City Treasurer and the City Attorney in writing as soon as possible so that notice of such Event may be filed in accordance with Paragraph 1 of this Section.
C. Disclosure Procedures: Reportable Events. The City Treasurer will prepare (or hire an agent to prepare) Reportable Event Disclosure and file it with EMMA (or confirm that the filing is completed by an agent hired by the City for that purpose) in a timely manner (not more than ten business days after the occurrence of the Reportable Event). Incurrence of a Financial Obligation (as defined in the Undertaking), if material, or agreement to covenants, events of default, remedies, priority rights, or other similar terms of a Financial Obligation, any of which affect security holders, if material, is a Reportable Event. Upon the incurrence of any Financial Obligation, the City Treasurer will review the Financial Obligation and assess whether it is material. A Financial Obligation is not material if the total liability under it is less than $5,000,000. If, in connection with a Financial Obligation, the City has agreed to any covenant, event of default, remedy, priority right, or other similar term that affects security holders, the City Treasurer will further review and assess whether it is material. The City Treasurer will prepare a summary of its review and assessment. If the City Treasurer, in its reasonable judgment, following consultation with financial or legal professionals as necessary, deems the Financial Obligation and/or term of the Financial Obligation to be material, the City Treasurer will file a summary of the Financial Obligation (or the entire financing document, provided that confidential or sensitive information may be redacted to the extent such redaction does not prevent all material terms from being disclosed) with EMMA not more than ten business days after the incurrence of the Financial Obligation.