2014-004 SAFA - Laserfiche WebLink

Home Browse Search

CONTINUING DISCLOSURE The City has covenanted, pursuant to a Continuing Disclosure Agreement, dated as of June 1, 2014, for the benefit of holders and beneficial owners of the Bonds to provide, or cause to be provided, certain financial information and operating data relating to the City by not later than 270 days following the end of the City's Fiscal Year (which currently would be June 30), commencing with the report for the Fiscal Year ended June 30, 2013 (the "Annual Report"), and to provide notices of the occurrence of certain enumerated events, if material. The Annual Report and notices of material events will be filed by the City with the Municipal Securities Rulemaking Board (the "MSRB "). The specific nature of the information to be contained in the Annual Report or the notices of material events is summarized below under the caption "APPENDIX D - Form of Continuing Disclosure Agreement." These covenants have been made in order to assist the Underwriter in complying with S.E.C. Rule 15c2- 12(b)(5). The City, rather than the Authority, shall be responsible for providing this information. The City has [complied/failed to] fully comply with respect to its previous undertaking with respect to the Rule with respect to the prior Obligations and certain other obligations of . [City to provide status of continuing disclosure obligations]. NO LITIGATION 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 Standard & Poor's Credit Market Services, a division of The McGraw -Hill Companies, hie. ( "S &P ") has assigned its municipal bond ratings of " " to the Bonds. The ratings reflect only the views of such organization and an explanation of the significance of such rating may be obtained from S &P. 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that any rating will continue for any given period of time for the Bonds or that it will not be revised downward or withdrawn entirely by such rating agency, if, in the judgment of such rating agency, circumstances so warrant.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 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, Best Best & Krieger LLP, as Bond Counsel and as Disclosure Counsel, and The Bank of New York Mellon Trust Company, N.A., as Trustee are contingent upon the execution and delivery of the Bonds. APPROVAL OF LEGALITY Best Best & Krieger LLP, Riverside, 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 43