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If authorized by City Council, this continuing disclosure agreement will be executed and delivered by Guadalupe-Blanco River Authority (GBRA) and the City of Kyle in association with the issuance of GBRA Contract Revenue Refunding Bonds, Series, 2016.
The City of Kyle entered into a water supply agreement, as amended, which obligates the City to make certain payments to GBRA to pay debt service on bonds issued to provide treated potable water to the City.
This continuing disclosure agreement requires the City of Kyle to provide information updates of reporting events through the Municipal Securities Rulemaking Board's Electronic Municipal Market Access System in association with the GBRA Contract Revenue Refunding Bonds, Series 2016. The type of information updates would include, but not limited, to the following reporting events:
- Annual financial statement
- Any changes in the dates for fiscal year
- Any non payment defaults
- Change in bond ratings
- Modifications to the rights of bondholders
- Bond calls
- Release, substitution, or sale of property securing repayment of the bonds
- Bankruptcy, insolvency, or receivership
- Unscheduled draws on debt service reserves reflecting financial difficulties
- Adverse tax opinions or adverse determination of taxability with respect to the bonds
City staff recommends approval of the continuing disclosure agreement. The following documents are attached to this agenda item as supporting information:
- Continuing disclosure agreement
- GBRA's Request for the continuing disclosure agreement
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