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RATING
<br /> Standard & Poor's Ratings Group ("S&P") has assigned the Bonds a rating of "AAA", and Moody's
<br /> Investors Service, Inc. ("Moody's")has assigned the Bonds the rating of "Aaa", with the understanding that,
<br /> upon delivery of the Bonds, the Municipal Bond Insurance Policy will be issued by the Insurer. Such ratings
<br /> reflect only the views of S&P and Moody's, and does not constitute a recommendation to buy, sell or hold the
<br /> Bonds. Explanation of the significance of the rating may be obtained from the S&P and Moody's. A rating is
<br /> subject to revision or withdrawal at any time by the particular rating agency, and there is no assurance that a
<br /> rating will continue for any period of time or that it will be revised or withdrawn. Any revision or withdrawal
<br /> of either or both of the ratings could have an adverse effect on the market price of the Bonds.
<br /> LITIGATION
<br /> There is no action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any
<br /> court, regulatory agency, public board or body, pending or, to the knowledge of the Authority, threatened
<br /> against the Authority or the City affecting the existence thereof or the titles of its members or officers to their
<br /> respective offices or seeking to restrain or to enjoin the sale of the Bonds, the application of the proceeds
<br /> thereof in accordance with the Indenture, or in any way contesting or affecting the validity or enforceability of
<br /> the Joint Powers Agreement, the Bonds, the Indenture, the Ground Lease, the Lease, the Assignment
<br /> Agreement or any action of the Authority or the City contemplated by any of said documents, or in any way
<br /> contesting the completeness or accuracy of this Official Statement or any amendment or supplement thereto, or
<br /> contesting the powers of the Authority or the City or their authority with respect to the Joint Powers
<br /> Agreement, the Bonds, the Indenture, the Ground Lease, the Lease, the Assignment Agreement or any action of
<br /> the Authority or the City contemplated by any of said documents, nor to the knowledge of the Authority, is
<br /> there any basis therefor.
<br /> Although the City is subject to occasional lawsuits in the ordinary conduct of its affairs, in the opinion
<br /> of the City, there are no claims or actions threatened or pending which, if determined adversely against the
<br /> City, either individually or in the aggregate, would have a material adverse effect on the financial condition of
<br /> the City or on the ability of the City to make Base Rental payments under the Lease.
<br /> UNDERWRITING
<br /> The underwriters set forth on the cover page hereof(the "Underwriters") have jointly and severally
<br /> agreed, subject to certain conditions set forth in the Purchase Contract, dated March 8, 1994 (the "Purchase
<br /> Contract"), to purchase all of the Bonds for an aggregate purchase price of$110,279,880.64(constituting the
<br /> aggregate principal amount of the Bonds less underwriters' discount of$777,459.01 plus premium of
<br /> $3,657,901.15)plus the interest on the Current Interest Bonds accrued from March 1, 1994 to the delivery date
<br /> thereof.
<br /> The initial public offering prices stated on the inside cover of this Official Statement may be changed
<br /> from time to time by the Underwriters. The Underwriters may offer and sell the Bonds to certain dealers
<br /> (including dealers depositing Bonds into investment trusts), dealer banks, banks acting as agents and others at
<br /> prices lower than said public offering prices.
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