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There is no assurance that these ratings will continue for any given period of time or that <br />these ratings will not be revised downward or withdrawn entirely by the rating agencies, if in the <br />judgment of the rating agencies, circumstances so warrant. Any such downward revision or <br />withdrawal of any rating on the Bonds may have an adverse effect on the market price or <br />marketability of the Bonds. <br />Financial Statements <br />Maze and Associates, Certified Public Accountants (the "Auditor "), audited the financial <br />statements of the City for the Fiscal Year ended June 30, 2010. The Auditor's examination was <br />made in accordance with generally accepted auditing standards and Governmental Auditing <br />Standards, issued by the Comptroller General of the United States. See "APPENDIX C — <br />Comprehensive Annual Financial Report for Year Ended June 30, 2010." [The City's June 30, <br />2011 audited financial statements are expected to be available on or before 2011 and <br />will be included in the City's first annual report pursuant to its continuing disclosure undertaking <br />(see Appendix E).] <br />The City has not requested nor did the City obtain permission from the Auditor to include <br />the audited financial statements as an appendix to this Official Statement. Accordingly, the <br />Auditor has not performed any post -audit review of the financial condition or operations of the <br />City. <br />Miscellaneous <br />All of the descriptions of applicable law, <br />other documents contained herein are madE <br />respectively and do not purport to be complE <br />Reference is hereby made to such document <br />connection therewith. <br />the Indenture, the City, and the agreements and <br />subject to the provisions of such documents <br />to statements of any or all of such provisions. <br />on file with the City for further information in <br />This Official Statement does not constitute a contract with the purchasers of the Bonds. <br />Any statements made in this Official Statement involving matters of opinion or estimates, <br />whether or not so expressly stated, are set forth as such and not as representations of fact, and <br />no representation is made that any of the estimates will realize. <br />The execution and delivery of this Official Statement has been duly authorized by the <br />City Council of the City. <br />CITY OF SAN LEANDRO, CALIFORNIA <br />Lianne Marshall <br />Interim City Manager <br />37 <br />