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• SECTION 4. Content of Annual Reports. The Issuer's Annual Report shall contain or <br /> incorporate by reference the following: <br /> 1. Information of the type set forth in the Official Statement under the caption "THE <br /> CITY AND THE COUNTY" with respect to (i) the Issuer and County population in the latest <br /> year for which available and the four previous years for which figures are available; and (ii) <br /> unemployment rates in the latest year for which available and the four previous years. <br /> 2. Tax receipts for the latest calendar year and the four (4) previous years, if <br /> available. <br /> 3. The annual audit of the Issuer prepared in accordance with Government Auditing <br /> Standards issued by the Comptroller General of the United States and applicable state law. <br /> Any or all of the items above may be included by specific reference to other documents, <br /> including official statements of debt issues of the Issuer or related public entities, which are <br /> available to the public on the MSRB's internet website or filed with the Securities and Exchange <br /> Commission. The Issuer shall clearly identify each such other document so incorporated by <br /> reference. <br /> SECTION 5. Reporting of Significant Events. <br /> • (a) This Section 5 shall govern the giving of notices of the occurrence of any of the <br /> following events: <br /> 1. Principal and interest payment delinquencies. <br /> 2. Non-payment related defaults, if material. <br /> 3. Unscheduled draws on debt service reserves reflecting financial difficulties. <br /> 4. Unscheduled draws on credit enhancements reflecting financial difficulties. <br /> 5. Substitution of credit or liquidity providers, or their failure to perform. <br /> 6. Adverse tax opinions, the issuance by the Internal Revenue Service of proposed <br /> or final determinations of taxability, Notices of Proposed Issue (IRS Form 5701-TEB) or other <br /> material notices or determinations with respect to the tax status of the security, or other material <br /> events affecting the tax-exempt status of the security. <br /> 7. Modification to rights of security holders, if material. <br /> 8. Bond calls (excluding mandatory sinking fund redemptions), if material. <br /> • 9. Defeasances and tender offers. <br /> 3 <br />