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1. Updates of information set forth in the Official Statement under the principal <br />caption"AD VALOREM TAX MA1TERS" but only to the extent of the tabular information <br />therein. <br />2. Description of any indebtedness payable in whole or in part from Ad Valorem <br />Taxes (as defined in the Official Statement). <br />For purposes of this Disclosure Certificate, "Fiscal Year" means the period commencing on <br />October 1 and ending on September 30 of the next succeeding year, or such other period provided by <br />applicable law. <br />SECTION 3. REPORTING SIGNIFICANT EVENTS. The County shall provide <br />to the NRMSIRs or the Municipal Securities Rulemaking Board (the "MSRB") and to the SID, on a timely <br />basis, notice of any of the following events, if such event is material with respect to the Bonds or the <br />County's ability to satisfy its payment obligations with respect to the Bonds: <br />(A) Principal and interest payment delinquencies; <br />(B) Non-payment related defaults; <br />(C) Unscheduled draws on the debt service reserve fund reflecting financial difficulties; <br />(D) Unscheduled draws on credit enhancement reflecting financial difficulties; <br />(E) Substitution of credit or liquidity providers, or their failure to perform; <br />(F) Adverse tax opinions or events affecting the tax-exempt status of the Bonds; <br />(G) Modifications to rights of Bondholders; <br />(H) Calls on the Bonds; <br />(I) Defeasance of the Bonds; <br />(J) Release, substitution, or sale of property securing repayment of the Bonds; <br />(K) Rating changes; and <br />(L) Notice of any failure on the part of the County or any other Obligated Person (as defined <br />herein) to meet the requirements of Section 2 hereof. <br />2 <br />