99-095 Ordinance - Laserfiche WebLink

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aggregate principal amount of any such consolidated note issue is $1,000,000 or more, no note of that issue sha11 be issued in a denomination less than $100,000 or be exchangeable for other notes in denominations less than $100,000, unless a disclosure document in the form of an official statement is prepared, distributed and used in connection with the original primary offering of that issue. If, in the judgment of the Mayor and the Director of Finance, the preparation of a disclosure document in the form of an official statement is appropriate in connection with the primary offering of the Notes (or a consolidated issue of which they are a part), either or both of those officers, on behalf of the City and in their official capacities, may (i) prepare or cause to be prepared, and make or authorize modifications, completions or changes of or supplements to, such an official statement (which may include the City's 1999 Annual Informational Statement in connection with Bonds and Notes), (ii) determine, and to certify or otherwise represent, when the official statement is to be "deemed final" (except for pernutted omissions) by the City as of its date or is a final official statement for purposes of SEC Rule 15c2-12(b)(1), (3) and (4), (iii) use and distribute, or authorize the use and distribution of those official statements and any supplements thereto in connection with the original issuance of the Notes, and (iv) complete and sign those official statements as so approved together with such certificates, statements or other documents in connection with the finality, accuracy and completeness of those official statements. As used in this Section and this ordinance: "Note proceedings" means, collectively, this ordinance and the other proceedings of the City, including the Notes, that provide collectively for, among other things, the rights of holders and beneficial owners of the Notes. "Rule" means Rule 15c2-12 prescribed by the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934. "Specified Events" means the occurrence of any of the following events, within the meaning of the Rule, with respect to the Notes as applicable: principal and interest payment delinquencies; non-payment related defaults; unscheduled draws on debt service reserves reflecting financial difficulties; unscheduled draws on credit enhancements reflecting financial difficulties; substitution of credit or liquidity providers, or their failure to perform; adverse tax opinions or events affecting the tax-exempt status of the Notes; modifications to rights of holders or beneficial owners of the Notes; Note calls; defeasances; release, substitution or sale of property securing repayment of the Notes; and rating changes. The City has not obtained or provided, and does not expect to obtain or provide, any debt service reserves, credit enhancements or credit or liquidity providers for the Notes, the Notes aze not subject to call for redemption prior to maturity, and repayment of the Notes is not secured by a lien on any property capable of release or sale or for which other property may be substituted. For the benefit of the holders and beneficial owners from time to time of the Notes, the City agrees, as the only obligated person with respect to the Notes under the Ru1e, that, unless the primary offering of the Notes (or the notes of a consolidated issue of which they are a part) is exempt from the Rule under the provisions of paragraph (d) of the Rule, the City will provide or cause to be provided such notices, in such manner, as may be required for purposes of pazagraph -4- ..