(PECL event >= 1.2.6-beta)
Event::setTimer — Re-configures timer event
public Event::setTimer ( EventBase $base , callable $cb [, mixed $arg ] ) : bool
 Re-configures timer event. Note, this function doesn't invoke obsolete libevent's event_set . It calls event_assign instead. 
base The event base to associate with.
cb The timer event callback. See Event callbacks .
arg Custom data. If specified, it will be passed to the callback when event triggers.
 Returns true on success. Otherwise false. 
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    https://www.php.net/manual/en/event.settimer.php