Page 83 - Burleson FY22 City Budget

ATTACHMENT E - SECURITIES LAW COMPLIANCE AND DISCLOSURE POLICY©

ii. Principal amount;
iii. Maturity and amortization;
iv. Interest rate, if fixed, or method of computation and any default rates, if variable; or

v. Other appropriate terms deemed material by the Disclosure Officer, the inclusion of which would help further
the availability of information to assist investors in making more informed investment decisions in connection
with such incurrence of Financial Obligations or Terms Affecting Security Holders.

The Disclosure Officer shall determine, based on the facts and circumstances, whether to submit to the MSRB a description of the
Material terms of the Financial Obligation or the Terms Affecting Security Holders, or alternatively or in addition, submit related
materials such as transaction documents prepared in connection with the Financial Obligation or the Terms Affecting Security
Holders that set forth the material terms of the Financial Obligation or the Terms Affecting Security Holders. The Disclosure Officer
shall not include, and shall take actions to redact, confidential information such as account numbers or other personally identifiable
information (but not information relating to an interest rate or other pricing data). Should the Disclosure Officer determine that filing
one or more of the transaction documents prepared in connection with the Financial Obligation or the Terms Affecting Security
Holders is appropriate under this subsection, the Disclosure Officer may redact any confidential or personally identifiable
information from the Event 15 Event Notice.
SECTION 5.03 EVENT 16: EVENTS UNDER THE TERMS OF A FINANCIAL OBLIGATION WHICH REFLECT FINANCIAL
DIFFICULTIES.
(a) Event 16. Beginning on the Compliance Date and continuing thereafter, in addition to the fourteen events described
in Section 5.01, and Event 15 described in Section 5.02, the Disclosure Officer shall determine whether an Event
16 has occurred with respect to the Issuer as follows:

(16) Default, event of acceleration, termination event, modification of terms, or other similar events under the terms
of a Financial Obligation of the Obligated Person, any of which reflect financial difficulties.

If the Disclosure Officer determines that an Event 16 has occurred with respect to the Issuer, the Disclosure Officer will file or
cause to be filed with the MSRB through EMMA a notice of Event 16, whether Material or not, provided the occurrence reflects
financial difficulties of the Issuer. The Disclosure Officer shall file an Event 16 Event Notice even where the underlying Financial
Obligation was incurred before the Compliance Date.
(b) Reflection of Financial Difficulty of Obligated Person. The Disclosure Officer shall disclose to the MSRB the
occurrence of an event listed in Event 16 only if the Disclosure Officer, in consultation with the governing body of
the Issuer, bond counsel, legal counsel to the Issuer (including designated disclosure counsel, if any), accountants,
municipal advisors, financial advisors and other outside consultants to the Issuer, to the extent necessary,
determines that the occurrence of the event reflects financial difficulties of the Issuer.

(c) Events Subject to Event 16 Filing. Subject to subsection (b) of this Section 5.03, the Disclosure Officer should
disclose any occurrence in connection with the terms of a Financial Obligation that reflects financial difficulties of
the Issuer. Such occurrences may include, but are not limited to the following types of events:

i. Monetary defaults or events of non-appropriation where the Issuer has failed to pay principal, interest, or other funds
due, or a non-payment related default where the Issuer has failed to comply with specified covenants;

ii. An event of acceleration exercised by a trustee or counterparty as the result of an event of default or other applicable
remedy provision;

iii. A modification of terms that reflects financial difficulties of the Issuer;

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