CCP 01-26-1998 - Laserfiche WebLink

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e . New regulations of the Securities and Exchange Commission on the continuing disclosure of municipal securities apply to long-term securities with an aggregate principal amount of $1,000,000 or more. Because the aggregate amount of this issue is over $1,000,000 but the City has less than $10,000,000 in total municipal obligations outstanding, you will be required to comply with Limited Continuing Disclosure requirements of paragraph (b)(5) of Rule 15c2-12 promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934, You will be obligated to provide certain financial information and operating data relating to the City upon request and to provide notices of the occurrence of certain material events. The specific nature of the Undertaking, as well as the information to be contained in the notices of material events will be detailed in the Undertaking you will enter into at the closing for this issue. You are responsible for reporting any of the material events listed below and in the Undertaking. \. Principal and interest payment delinquencies; 2. Non-payment related defaults; e 3. Unscheduled draws on debt service reserves reflecting financial difficulties; 4, Unscheduled draws on credit enhancements reflecting financial difficulties; 5. Substitutian of credit of liquidity providers, or their failure to perform; 6. Adverse tax opinions or events affecting the tax-exempt status of the securities; 7. Modification to rights of holders of the Securities; 8. Securities calls; 9. Defeasances; 10. Release, substitution or sale of property securing repayment of the Securities; II. Rating changes; 12. Failure to provide annual financial information as required; and 13. Other material events. MARKET CONDITIONS The graph on the following page shows the trends in the Bond Buyer's 20-Year G.O. Index (BBI) since 1990. Interest rates have recently dipped below the e historic lows of 1993! Page 4