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42 <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 />('~ modification to rights of the beneficial owners of the Bonds; <br />(8) Bond calls; <br />(9) defeasances; <br />(10) release, substitution or sale of any property securing repayment of the Bonds and <br />(11) rating changes; and <br />(d) in a timely manner, to the MSRB, notice of a failure of the County to provide required annual <br />financial information described in (a) or (b) above on or before the date specified. <br />The County shall provide the documents referred to above to the MSRB in an electronic format as <br />prescribed by the MSRB and accompanied by identifying information as prescribed by the MSRB. <br />The County may discharge its undertaking described above by providing such information in a <br />manner that the United States Securities and Exchange Commission subsequently authorizes in lieu of <br />the manner described above. <br />At present, Section 159-34 of the General Statutes of North Carolina requires the County's <br />financial statements to be prepared in accordance with generally accepted accounting principles and to <br />be audited in accordance with generally accepted auditing standards. <br />The resolution to be adopted by the County will also provide that if the County fails to comply with <br />the undertaking described above, any beneficial owner of the Bonds then outstanding may take action to <br />protect and enforce the rights of all beneficial owners with respect to such undertaking, including an <br />action for specific performance; provided, however, that failure to comply with such undertaking shall <br />not be an event of default and shall not result in any acceleration of payment of the Bonds. All actions <br />shall be instituted, had and maintained in the manner provided in this paragraph for the benefit of all <br />beneficial owners of the Bonds. <br />Pursuant to such resolution, the County will reserve the right to modify from time to time the <br />information to be provided to the extent necessary or appropriate in the judgment of the County, <br />provided that: <br />(a) any such modification may only be made in connection with a change in circumstances that <br />arises from a change in legal requirements, change in law, or change in the identity, nature, <br />or status of the County; <br />(b) the information to be provided, as modified, would have complied with the requirements of <br />Rule 15c2-12 issued under the Securities Exchange Act of 1934 ("Rule 15c2-12") as of the date <br />24 <br />