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securities information repository ("NRMSIR") and to the state information depository for the <br />State of North Carolina ("SID"), if any, audited financial statements of the Issuer for such fiscal <br />year, if available, prepared in accordance with Section 159-34 of the General Statutes of North <br />Carolina, as it may be amended from time to time, or any successor statute, or, if such audited <br />financial statements of the Issuer are not available by seven months from the end of such fiscal <br />year, unaudited financial statements of the Issuer for such fiscal year to be replaced subsequently <br />by audited financial statements of the Issuer to be delivered within 15 days at~er such audited <br />financial statements become available for distribution; <br /> <br /> (b) by not later than seven months from the end of each fiscal year of the Issuer, <br />commencing with the fiscal year ending June 30, 2004, to each NRMSIR, and to the SID, if any, <br />(i) the financial and statistical data as of a date not earlier than the end of the preceding fiscal <br />year for the type of information included under heading "The County -Debt Information and - <br />Tax Information" in the Official Statement relating to the Bonds and (ii) the combined budget of <br />the Issuer for the current fiscal year, to the extent such items are not included in the financial <br />statements referred to in (a) above; <br /> <br /> (c) in a timely manner, to each NRMSIR or to the Municipal Securities Rulemaking <br />Board ("MSRB"), and to the SID, if any, notice of any of the following events with respect to the <br />Bonds, if material: <br /> <br />(1) <br /> <br />(2) <br /> <br />(3) <br /> <br />(4) <br /> <br />(5) <br /> <br />(6) <br /> <br />(7) <br /> <br />(8) <br /> <br />(9) <br /> <br />(10) <br /> <br />(11) <br /> <br />principal and interest payment delinquencies; <br /> <br />non-payment related defaults; <br /> <br />unscheduled draws on debt service reserves reflecting financial difficulties; <br />unscheduled draws on any credit enhancements reflecting financial difficulties; <br />substitution of any credit or liquidity providers, or their failure to perform; <br />adverse tax opinions or events affecting the tax-exempt status of the Bonds; <br />modification to the fights of the beneficial owners of the Bonds; <br />call of any of the Bonds for redemption; <br />defeasance of any of the Bonds; <br />release, substitution or sale of any property securing repayment of the Bonds; and <br />rating changes; and <br /> <br />2O <br /> <br /> <br />