Page 79 - Burleson FY22 City Budget

ATTACHMENT E - SECURITIES LAW COMPLIANCE AND DISCLOSURE POLICY©

The Disclosure Officer shall annually review each Continuing Disclosure Undertaking to determine: (i) the appropriate financial
information and operating data required to be included in the Annual Report; and (ii) the filing deadline for such Annual Report or
a part thereof. The Disclosure Officer should review the Issuer's documents, Debt Obligations, and disclosure and reporting
requirements described in Sections 3.01 and 3.02 of this Policy in determining the appropriate financial information and operating
data to be included in the Annual Report. As indicated in Section 3.02 of this Policy, the Disclosure Officer's review necessarily
includes review of other documents relating to the financial and operating status of the Issuer to ensure that all required information
is appropriately incorporated into the Annual Report. The Disclosure Officer shall be required to provide only the financial
information, operating data, financial statements and notices which the Issuer has expressly agreed to provide pursuant to a
respective Continuing Disclosure Undertaking, but, in consultation with appropriate accountants, municipal advisors, financial
advisors and other outside consultants of the Issuer, may submit other appropriate information to EMMA that will impact the Issuer's
financial condition and/or existing security holders in a manner deemed Material by the Disclosure Officer. Additionally, the
Disclosure Officer shall notify the MSRB in an electronic format as prescribed by the MSRB, in a timely manner, of any failure by
the Issuer to provide financial information or operating data in accordance with the Continuing Disclosure Undertaking.

ARTICLE V
DISCLOSURE FILINGS FOR EVENT NOTICES

SECTION 5.01 DISCLOSURE FILINGS FOR EVENT NOTICES 1-14.

The Disclosure Officer shall determine whether an event included below has occurred with respect to the Issuer. If the Disclosure
Officer determines that notice of the following events should be provided to the MSRB pursuant to a Continuing Disclosure
Undertaking, the Disclosure Officer will cause the appropriate notice to be filed with the MSRB on EMMA, in a timely manner, not
in excess of ten (10) Business Days after the occurrence of the event:

(1) Principal and interest payment delinquencies;
(2) Non-payment related defaults, if material;

(3) Unscheduled draws on debt service reserves reflecting financial 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, the issuance by the Internal Revenue Service of proposed or final determinations of
taxability, Notices of Proposed Issue (IRS Form 5701–TEB) or other material notices or determinations with
respect to the tax status of the security, or other material events affecting the tax status of the security;
(7) Modifications to rights of security holders, if material;
(8) Bond calls, if material, and tender offers;

(9) Defeasances;
(10) Release, substitution, or sale of property securing repayment of the securities, if material;
(11) Rating changes;
(12) Bankruptcy, insolvency, receivership or similar event of the obligated person;

(13) The consummation of a merger, consolidation, or acquisition involving an obligated person or the sale of all or
substantially all of the assets of the obligated person, other than in the ordinary course of business, the entry
into a definitive agreement to undertake such an action or the termination of a definitive agreement relating to
any such actions, other than pursuant to its terms, if material; and
(14) Appointment of a successor or additional trustee or the change of name of a trustee, if material.

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