Revenue Bonds and Certificates of Participation Continuing Disclosures Policy (Policy 81)

Purpose

In accordance with the Official Statements for the Revenue Bonds and Certificates of Participation, the University has agreed to in a Continuing Disclosure Agreement to provide to certain parties annual financial information, operating day, and notices of certain material events. The information to be provided on an annual basis and the events which will be noticed on an occurrence basis are set forth below. 

1. Annual Financial Information Disclosure: The University covenants that it will disseminate its Annual Financial Information and Audited Financial Statements to each Nationally Recognized Municipal Securities Information Repository ("NSMSIR") then recognized by the Securities and Exchange Commission and to any public or private repository designated by the State of Illinois as the state depository ("SID") and recognized as such by the Securities and Exchange Commission within the required timelines as set forth in the related financial statements. 

2. Events Notification; Material Events Disclosure: The University covenants that it will disseminate to each NRMSIR and to the SID, if any, in a timely manner the disclosure of the occurrence of an event with respect to the revenue bonds and certificates of participation that is material. The events are:

   1. Principal and interest payment delinquencies. 
   2. Non-payment related defaults.
   3. Unscheduled draws on debt service reserves reflecting financial difficulties.
   4. Unscheduled draws on credit enhancements reflecting financial difficulties. 
   5. Substitution of credit or liquidity providers, or their failure to perform. 
   6. Adverse tax opinions or events affecting the tax exempt status of the Revenue Bonds and Certificates of Participation. 
   7. Modifications to rights of holders of the Revenue Bonds and Certificates of Participation. 
   8. Bond calls (other than mandatory scheduled redemptions).
   9. Defeasances. 
   10. Release, substitution, or sale of property securing repayment of the Revenue Bonds and Certificates of Participation. 
   11. Rating changes.

   Proper monitoring procedures shall be in place to ensure timely reporting of the required information in compliance with the continuing disclosure requirements.