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upon the information contained in the current form of the <br /> preliminary official statement relating to the Bonds furnished by <br /> the Authority. Our survey is based further upon the fact that the <br /> Authority is a joint powers agency organized under the laws of the <br /> State of California. Our survey is also based upon advice from <br /> Municipal Bond Investors Assurance Corporation, which has <br /> unconditionally guaranteed payment of principal and interest on the <br /> Bonds, as to the jurisdictions in which that insurer is authorized <br /> to do business . <br /> Our survey is subject to the broad discretionary powers of <br /> securities commissioners or other authorized officials to withdraw <br /> or deny the exempt status accorded by statute to particular classes <br /> of securities, to require additional information and to issue stop <br /> orders or to revoke or to suspend permits where they have been <br /> granted. Our survey does not purport to cover the requirements or <br /> restrictions, if any, with respect to advertising matter. In those <br /> jurisdictions where persons registered or licensed as dealers or <br /> brokers may sell the Bonds, it is assumed that such persons have <br /> complied with applicable statutes and regulations concerning <br /> dealers or brokers and concerning the registration or licensing of <br /> salesmen. <br /> Any statement in our survey with respect to sales to banks, <br /> savings institutions, trust companies, insurance companies or the <br /> like refers only to the requirements of the securities laws <br /> relating to such sales and does not purport to cover the question <br /> of whether the Bonds will be legal for investment by such <br /> institutions. <br /> Very truly yours, <br /> BROWN & WOOD <br /> 2 <br />