R-1999-26 - Laserfiche WebLink

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e e to make such offer or solicitation. Any infonnation and expressions of opinions herein are subject to change, without notice, and neither the delivery of this Official Statement, nor any sale made hereunder, shall under any circumstances create any implication that there has been no change in the affairs of the Authority since the date hereof. CONTINUING DISCLOSURE OF INFORMATION In the Bond Resolution, the Authority has made the following agreement for the benefit of the holders and beneficial owners of the Bonds. The Authority is required to observe the agreement for so long as it remains obligated to advance funds to pay the Bonds. Under the agreement, the Authority will be obligated to provide certain updated financial infonnation and operating data annually, and timely notice of specified material events, to certain information vendors. This information will be available to securities brokers and others who subscribe to receive the information from the vendors. Annual ReDorts The Authority will provide certain updated financial infonnation and operating data to certain infonnation vendors annually. The information to be updated includes all quantitative fmancial infonnation and operating data with respect to the Authority of the general type included in this Official Statement under the headings "FINANCIAL INFORMATION", "SPECIAL FUND BALANCES", "COMPUTATION OF NET REVENUES AVAILABLE FOR DEBT SERVICE", "TOP TEN WATER CUSTOMERS", "WATER RATES", "ESTIMATED DEBT SERVICE REQUIREMENT SCHEDULE", "LA PORTE AREA WATER AUTHORITY", and in the Audit Report. The Authority will update and provide this infonnation within six months after the end of each fiscal year. The Authority will provide the updated information to each nationally recognized municipal securities infonnation repository ("NRMSIR") and to any state infonnation depository ("SID") that is designated by the State of Texas and approved by the staff of the United States Securities and Exchange Commission ("SEC"). The Authority may provide updated information in full text or may incorporate by reference certain other publicly available documents, as permitted by SEC Rule 15c2-12. The updated infonnation will include the full audited financial statements of the Authority, if the Authority's audit is completed by the required time. If audited financial statements are not available by the required time, the Authority will provide unaudited financial statements within the required time, and audited financial statements when the audit report becomes available. Any such financial statements will be prepared in accordance with the accounting principles the Authority may be required to employ from time to time pursuant to state law or regulation. The Authority's current fiscal year end is September 30. Accordingly, it must provide updated infonnation by March 31 in each year, unless the Authority changes its fiscal year. If the Authority changes its fiscal year, it will notify each NRMSIR and any SID of the change. Material Event Notices The Authority will also provide timely notices of certain events to certain information vendors. The Authority will provide notice of any of the following events with respect to the Bonds, if such event is material to a decision to purchase or sell Bonds: (1) principal and interest payment delinquencies; (2) nonpayment related defaults; (3) unscheduled draws on debt service reserves reflecting fmancial difficulties; (4) unscheduled draws on credit enhancements reflecting financial difficulties; (5) substitution of credit or liquidity providers, or their failure to perform; (6) adverse tax opinions or events affecting the tax-exempt status of the Bonds; (7) modifications to rights of holders of the Bonds; (8) Bond calls; (9) defeasances; (10) release, substitution, or sale of property securing repayment of the Bonds; and (11) rating changes. In addition, the Authority will provide timely notice of any failure by the Authority to provide information, data, or fmancial statements in accordance with its agreement described above under "Annual Reports". The Authority will provide each notice described in this paragraph to any SID and to either each NRMSIR or the Municipal Securities Rulemaking Board ("MSRB"). Availabilitv of Information From NRMSffis and SID The Authority has agreed to provide the foregoing information only to NRMSIRs and any SID. The infonnation will be available to holders of Bonds only if the holders comply with the procedures and pay the charges established by such information vendors or obtain the information through securities brokers who do so. The Municipal Advisory Council of Texas has been designated by the State of Texas as a SID, and the SEC staff has determined that it is a qualified SID. The address of the Municipal Advisory Council is 600 West 8th Street, P.O. Box 2177, Austin, Texas 78768-2177, and its telephone n\UIlber is 5121476-6947. Limitations and Amendments The Authority has agreed to update infonnation and to provide notices of material events only as described above. The Authority has not agreed to provide other information that may be relevant or material to a complete presentation of its financial results of operation, 7 dB