Item 38 - Water Revenue Bonds - Laserfiche WebLink

Home Browse Search

Wei MMY[e N11130 There is no proceeding or litigation of any nature now pending to restrain or enjoin the issuance, sale, execution or delivery of the Bonds, or in any way contesting or affecting the validity of the Bonds, the proceedings of the Authority taken with respect to the issuance or sale thereof, the pledge or application of any moneys or securities provided for the payment of the Bonds, the existence or powers of the Authority or the title of any officers of the Authority to their respective positions. A certificate of the Authority to this effect will be delivered on the date of delivery of the Bonds. RATING In connection with the issuance and delivery of the Bonds, Standard & Poor's Rating Services ("S&P") has assigned their municipal bond rating of " " to the Bonds. Such rating reflects only the view of such organization and any desired explanation of the significance of such rating should be obtained from S&P. Generally, a rating agency bases its rating on the information and materials furnished to it and on investigations, studies and assumptions of its own. There is no assurance that any rating will continue for any given period of time for the Bonds or that it will not be revised downward or withdrawn entirely by such rating agency, if, in the judgment of such rating agency, circumstances so warrant. The Authority undertakes no responsibility either to bring to the attention of the Owners of the Bonds any proposed change in or withdrawal of a rating or to oppose any downward revision or withdrawal of any rating obtained. Any such downward revision or withdrawal of such rating may have an adverse effect on the market price of the Bonds. FINANCIAL ADVISOR The Authority has retained Urban Futures Incorporated, Los Angeles, California, as Financial Advisor for the sale of the Bonds. The Financial Advisor is not obligated to undertake, and has not undertaken to make, an independent verification or to assume any responsibility for the accuracy, completeness of fairness of the information contained in this Official Statement. Urban Futures Incorporated is an independent advisory firm and is not engaged in the business of underwriting, trading, or distributing municipal or other public securities. PROFESSIONAL FEES In connection with the execution of the Bonds, fees payable to Urban Futures Incorporated, as Financial Advisor and U.S. Bank Trust Company, National Association as Trustee are contingent upon the execution and delivery of the Bonds. APPROVAL OF LEGALITY Best Best & Krieger LLP, Irvine, California, Bond Counsel, will render an opinion with respect to the validity and enforceability of the Indenture, and as to the validity of the Bonds. Certain matters will be passed upon for the Authority and City by the City Attorney, and by Best Best Best & Krieger LLP, Irvine, California, Disclosure Counsel. UNDERWRITING The Bonds are being sold to (the "Underwriter"). The Underwriters have agreed, subject to certain conditions, to purchase the Bonds from the Authority at a purchase price of $ (being the principal amount of the Bonds, less an Underwriter's discount of $ , plus/less original issue premium of $ . The obligations of the Underwriter are subject to certain conditions precedent, and they will be obligated to purchase all such Bonds if any such Bonds are purchased. The Underwriter intends to offer the Bonds to the public initially at the prices and/or yield set forth on the inside cover page of this Official Statement, which prices or yields may subsequently change without any requirement of prior notice. 39