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55A - RESO - GAS TAX BONDS
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55A - RESO - GAS TAX BONDS
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Last modified
10/30/2019 12:55:49 PM
Creation date
10/30/2019 11:40:51 AM
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City Clerk
Doc Type
Agenda Packet
Agency
Finance & Management Services
Item #
55A
Date
11/5/2019
Destruction Year
2024
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6. rating changes; <br />7. adverse tax opinions or 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 Bonds or other material events affecting the tax status of the Bonds; <br />8. unscheduled draws on the debt service reserves reflecting financial difficulties; <br />9. unscheduled draws on the credit enhancements reflecting financial difficulties; <br />10. substitution of the credit or liquidity providers or their failure to perform; <br />11. release, substitution or sale of property securing repayment of the Bonds, if <br />material; <br />12. bankruptcy, insolvency, receivership or similar proceedings of the City, which <br />shall occur as described below; <br />13. appointment of a successor or additional trustee or the change of name of a trustee, <br />if material; <br />14. the consummation of a merger, consolidation, or acquisition involving the City or <br />the sale of all or substantially all of the assets of the City other than in the ordinary <br />course of business, the entry into a definitive agreement to undertake such an <br />action or the termination of a defmitive agreement relating to any such actions, <br />other than pursuant to its terms, 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 />or <br />16. default, event of acceleration, termination event, modification of terms, or other <br />similar events under the terms of a financial obligation of the City, any of which <br />reflect financial difficulties. <br />For these purposes, any event described in item 12 of this Section 5 is considered to occur when <br />any of the following occur: the appointment of a receiver, fiscal agent, or similar officer for the City in a <br />proceeding under the United States Bankruptcy Code or in any other proceeding under state or federal law <br />in which a court or 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 governing body and <br />officials or officers in possession but subject to the supervision and orders of a court or governmental <br />authority, or the entry of an order confirming a plan of reorganization, arrangement, or liquidation by a <br />court or governmental authority having supervision or jurisdiction over substantially all of the assets or <br />business of the City. <br />The term financial obligation means a (i) debt obligation; (ii) derivative instrument entered into in <br />connection with, or pledged as security or a source of payment for, an existing or planned debt obligation; <br />or (3) guarantee of (i) or (ii). The term financial obligation shall not include municipal securities as to <br />which a final official statement has been provided to the MSRB consistent with the Rule. <br />55394.00055\32427465.1 3 <br />55A-152 <br />
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