Agenda - 03-02-2006-8bOS - Laserfiche WebLink

Browse Search

the County has undertaken in the Financing Contract, for the benefit of the beneficial owners of the ZOObA Certificates, to provide: (1) by not later than seven months after the end of each fiscal year of the County, commencing June 30, 2006, to each nationally recognized municipal securities information repository (each, a "NRt~ISIR") and to the appropriate state information depository, if any, for the State of Nol-th Carolina ("SID"), the audited financial statements of the County for such fiscal year, if available, prepared in accordance with Section 159-34 of the General Statutes of North Carolina, as it may be amended from time to time, or any successor statute, or, if such audited financial statements are not then available, unaudited financial statements of the County for such Fiscal Year to be replaced subsequently by audited financial statements of the County to be delivered within 15 days after such audited financial statements become available for distribution; (2) by not later than seven months after the end of each fiscal year of the County, commencing June 30, 2006, to each NRMSIR and to the SID, if any, (a) the financial and statistical data as of a date not earlier than the end of such fiscal year for the type of information included under the captions "THE COUNTY- Debt Information" and "- Tax Information" herein (excluding any information on overlapping or underlying debt) and (b) the combined budget of the County for the current fiscal year, to the extent such items are not included in the audited financial statements referred to above; (3) in a timely manner to each NRMSIR or to the IVlunicipal Securities Rulemaking Board (the "MSRB") and to the SID, if any, notice of the occurrence of any of the folio«~~ing events with respect to the 2006A Certificates, if material: (a) principal and interest payment delinquencies; (b) non-payment related defaults; (c) unscheduled draws on debt service reserves reflecting financial difficulties; (d) unscheduled draws on credit enhancements reflecting financial difficulties; (e) substitution of credit or liquidity providers, or their failure to perform; (f) adverse tax opinions or events affecting the tax-exempt status of the 200bA Certificates; (g) modifications to rights of beneficial owners of the 2006A Certificates; (h) call of any of the 2006A Certificates for prepayment.; (i) defeasance of any of the 2006A Certificates; (j) release, substitution, or sale of property securing repayment of the 2006A Certificates; (k) rating changes; and (4) in a timely manner to each NRMSIR or to the MSRB and to the SID, if any, notice of the failure by the County to provide the required annual financial information described in (1) and (2) above on or before the date specified. C-883836v4 13361.00022 32