Continuing Disclosure Certificate

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Section 3. Provision of Annual Reports. (a) The Authority shall, or upon written direction shall cause the Dissemination Agent to, not later than six months after the end of the Authority's fiscal year (currently June 30), commencing with the report for the 1996 fiscal year, provide to each Repository an Annual Report which is consistent with the requirements of Section 4 of this Disclosure Certificate with a copy to the Trustee. Not later than fifteen (15) Business Days prior to said date, the Authority shall provide the Annual Report to the Dissemination Agent (if other than the Authority). The Annual Report may be submitted as a single document or as separate documents comprising a package, and may include by reference other information as provided in Section 4 of this Disclosure Certificate. If the Authority's fiscal year changes, it shall give notice of such change in the same manner as for a Listed Event under Section 5(c). The Authority shall provide a written certification with each Annual Report furnished to the Dissemination Agent and the Trustee to the effect that such Annual Report constitutes the Annual Report required to be furnished by the Authority hereunder. (b) If the Authority is unable to provide to the Repositories an Annual Report by the date required in subsection (a), the Authority shall send a notice to the Municipal Securities Rulemaking Board and each State Repository in substantially the form attached as Exhibit A. (c) The Dissemination Agent shall: (i) determine each year prior to the date for providing the Annual Report the name and address of each National Repository and each State Repository,if any; and (ii) if the Dissemination Agent is other than the Authority, file a report with the Authority certifying that the Annual Report has been provided pursuant to this Disclosure Certificate, stating the date it was provided and listing all the Repositories to which it was provided. Section 4. Content of Annual Reports. The Authority's Annual Report shall contain or incorporate by reference the percentage of debt service on the Bonds allocable to each Member (as defined in the Indenture). In addition to any of the information expressly required to be provided under this Disclosure Certificate, the Authority shall provide such further material information,if any, as may be necessary to make the specifically required statements,in the light of the circumstances under which they are made,not misleading. Section 5. Reporting of Significant Events. (a) Pursuant to the provisions of this Section 5, the Authority shall give, or cause to be given, notice of the occurrence of any of the following events with respect to the Bonds, if material: (i) Principal and interest payment delinquencies. (ii) Non-payment related defaults. (iii) Unscheduled draws on debt service reserves reflecting financial difficulties. (iv) Unscheduled draws on credit enhancements reflecting financial difficulties. (v) Substitution of credit or liquidity providers,or their failure to perform. -Z_