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FINANCIAL ADVISOR <br /> The City has retained Public Financial Management, Inc., Newport Beach, California as Financial <br /> Advisor for the sale of the Bonds. The Financial Advisor is not obligated to undertake, and has not <br /> undertaken to make, an independent verification or to assume any responsibility for the accuracy, <br /> completeness or fairness of the information contained in this Official Statement. <br /> Public Financial Management, Inc. is a full service financial advisor and is not engaged in the <br /> business of underwriting, trading or distributing municipal or other public securities. Public Financial <br /> Management, Inc. is owned and operated by its twenty (20) Managing Directors each of whom is involved <br /> in day to day client service. <br /> CONTINUING DISCLOSURE <br /> The Authority has covenanted for the benefit of holders and beneficial owners of the Bonds to <br /> provide certain financial information and operating data relating to the Bonds by not later than six months <br /> following the end of the Authority's fiscal year (which currently ends on June 30), commencing with the <br /> report for the 1996-97 fiscal year (the "Annual Report"), and to provide notices of the occurrence of certain <br /> enumerated events, if material. The Annual Report will be filed by the Authority with each Nationally <br /> Recognized Municipal Securities Information Repository, and with the appropriate State information <br /> depository, if any. The notices of material events will be filed by the Authority with the Municipal <br /> Securities Rulemaking Board (and with the appropriate State information depository, if any). The specific <br /> nature of the information to be contained in the Annual Report or the notices of material events is set forth <br /> in "APPENDIX E - Form of Authority Continuing Disclosure Certificate." These covenants have been <br /> made in order to assist the Underwriter in complying with Securities and Exchange Commission Rule 15c2- <br /> 12(b)(5) (the "Rule"). <br /> Each Member has covenanted for the benefit of holders and beneficial owners of the Bonds to <br /> provide certain financial information and operating data relating to such Member by not later than six months <br /> following the end of the Member's fiscal year (which currently ends on June 30), commencing with the <br /> report for the 1996-97 fiscal year (the "Annual Report"). The Annual Report will be filed by each Member <br /> with each Nationally Recognized Municipal Securities Information Repository,and with the appropriate State <br /> information depository, if any. The specific nature of the information to be contained in the Annual Report <br /> is set forth in "APPENDIX F- Form of Member Continuing Disclosure Certificate." These covenants have <br /> been made in order to assist the Underwriter in complying with the Rule. <br /> LITIGATION <br /> Jones Hall Hill &White, A Professional Law Corporation, as counsel to the Authority, and the City <br /> Attorney for each Member, will issue opinions in connection with the issuance of the Bonds to the effect <br /> that there is no action, suit or proceeding known to the Authority or the applicable Member, as appropriate, <br /> to be pending or threatened, restraining or enjoining the execution or delivery of the Bonds, the Indenture <br /> of the Lease Agreements, or in any way contesting or affecting the validity of the foregoing or any <br /> proceeding of the Authority or the Members taken with respect to any of the foregoing. <br /> 21 <br />