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13 <br />Exhibit B -- Undertaking for Continuing Disclosure <br />The County undertakes, for the benefit of the beneficial owners of the Bonds, to <br />provide the following: <br />(a) by not later than seven months from the end of each of the County's. fiscal <br />years, to the Municipal Securities Rulemaking Board ("MSRB"), audited County <br />financial statements for such fiscal year, if available, prepared in accordance with Section <br />159-34 of the General Statutes of North Carolina, as it may be amended from time to <br />time, or any successor statute, or, if such audited financial statements are not available by <br />seven months from the end of any fiscal year, unaudited County financial statements for <br />such fiscal year, to be replaced subsequently by audited County financial statements to be <br />delivered within 15 days after such audited financial statements become available for <br />distribution; <br />(b) by not later than seven months from the end of each of the County's fiscal <br />years, to the MSRB, (i) the financial and statistical data as of a date not earlier than the <br />end of the preceding fiscal year (which data will be prepared at least annually, will <br />specify the date as to which such information was prepared and will be delivered with <br />any subsequent material events notices specified in subparagraph (c) below) for the type <br />of information included under heading "'The County -Debt Information" and "- Tax <br />Information" in the final Official Statement (excluding any information on overlapping or <br />underlying units), and (ii) the combined budget of the County for the current fiscal year, <br />to the extent such items are not included in the audited financial statements referred to in <br />(a) above; <br />(c) in a timely manner, to the MSRB, notice of any of the following events <br />with respect to the Bonds, if material: <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 any credit enhancements reflecting financial <br />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 the beneficial owners of the Bonds; <br />12 <br />