Page 108 - CityofBurlesonFY26Budget

iv. The length of time that the Financial Obligation is to remain outstanding; and

v. Other appropriate terms of a Financial Obligation that will impact the Issuer's financial
condition and/or existing security holders in a manner deemed Material by the Disclosure
Officer.
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 of the
Issuer, to the extent necessary, shall no less often than annually set objective standards of materiality with respect to Debt
Obligations incurred by the Issuer, which may include, but are not limited to, a monetary threshold that, in connection with other
relevant facts and circumstances, is the basis for the determination of materiality for Financial Obligations or Terms Affecting
Security Holders of the Issuer. With respect to lease agreements entered into by the Issuer, the Disclosure Officer shall implement
the guidelines set forth in Exhibit A when assessing whether such lease agreements are Material Financial Obligations.
(d) Incurrence. A Financial Obligation and Terms Affecting Security Holders is considered to be incurred by the Issuer on
the date that such Financial Obligation or Terms Affecting Security Holders is enforceable against the Issuer. As a filing
under Event 15 is required to be made in a timely manner, not in excess of ten (10) Business Days after date of
incurrence, the Disclosure Officer shall begin the process of assessing whether a particular Financial Obligation or Terms
Affecting Security Holders should be disclosed as far in advance of its incurrence as possible. Additionally, although not
required, the Disclosure Officer may file a voluntary filing of all outstanding Material Financial Obligations incurred prior
to the Compliance Date.

(e) Exemption of Municipal Securities as to Which a Final Official Statement Has Been Provided. The Disclosure Officer is
not obligated to disclose, as a Financial Obligation or Terms Affecting Security Holders subject to Event 15, Municipal
Securities as to which a final official statement has been provided to the MSRB consistent with Rule 15c2-12. The
Disclosure Officer recognizes that this exclusion from the definition of "Financial Obligation" does not extend to Debt
Obligations, contingent or otherwise, related to such Municipal Securities that may be disclosed or referenced in such
final official statements.

(f) Exemption of Monetary Obligations Resulting From Legal Proceedings. The Disclosure Officer is not required to disclose
monetary obligations resulting from a judicial, administrative, or arbitration proceeding as an Event Notice.

(g) Subjecting Debt Obligations to Annual Appropriation not Determinative. The Disclosure Officer understands that
qualifying Debt Obligations or Financial Obligations such that payment is subject to annual appropriation may remove
the "debt" designation for state constitutional or statutory purposes; however, this qualification alone will not be
determinative as to whether the Issuer or Obligated Person has incurred a Material Financial Obligation; rather, when
analyzing Debt Obligations and Financial Obligations that are subject to annual appropriation, the Disclosure Officer shall
determine whether such Financial Obligation is Material, as described in Section 3.02(f), taking into account all relevant
facts and circumstances as described in this Section 5.02.

(h) Form of Event 15 Event Notice. Upon review of the factors outlined above, if the Disclosure Officer affirmatively
determines that a Debt Obligation incurred by the Issuer is a Financial Obligation or Terms Affecting Security Holders
that are Material and not exempt under subsection (e) and (f) of this Section 5.02, and therefore subject to Event 15, the
Disclosure Officer shall file or cause to be filed with the MSRB through EMMA a notice not in excess of ten (10) Business
Days of the date of the incurrence of the Financial Obligations or Terms Affecting Security Holders. The Disclosure
Officer shall include a description of the Material terms of the Financial Obligation or Terms Affecting Security Holders
within the Event 15 Event Notice. Terms considered Material for Event 15 may include, but are not limited to:

i. The date of incurrence;

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