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<br />66 <br />annual reports for several series of the City's bonds on a timely basis and did not provide proper <br />notice of delay. In addition, in 2007, the audited financial statements filed by the City were not <br />properly attributed to three outstanding bond issuances of the City and reported therewith. <br />Further, the City and the City's affiliated governmental entities failed to file material event <br />notices regarding changes to the ratings of certain of the City's obligations as a result of <br />changed underlying bond ratings and downgrades of the ratings of bond insurance companies <br />that insured their bonds. As of the date hereof, the City has completed remedial filings to correct <br />such failures.] [To be updated] <br /> <br />[In order to ensure future compliance with the City's continuing disclosure undertakings, <br />the City has hired a Finance Director with significant continuing disclosure experience, and it <br />may include in its audited financial statements all financial and operating data that is required to <br />be included in its various annual reports, with the goal of filing only one document for each <br />obligation on an annual basis.] [To be updated] <br />   <br />Audited Financial Statements <br /> <br />The City of San Leandro’s Comprehensive Annual Financial Report for Fiscal Year <br />Ended June 30, 2013 (the “City CAFR”) is attached as Appendix E. The City CAFR includes the <br />Successor Agency’s audited financial statements for the fiscal year ended June 30, 2013. The <br />Successor Agency’s audited financial statements were audited by Maze & Associates(the <br />“Auditor”). The Auditor has not been asked to consent to the inclusion of the Successor <br />Agency’s audited financial statements in this Official Statement and has not reviewed this <br />Official Statement. <br /> <br />As described in “SECURITY FOR THE 2014 BONDS - Limited Obligation,” the 2014 <br />Bonds are payable from and secured by a pledge of Tax Revenues and the 2014 Bonds are not <br />a debt of the City. The City CAFR is attached as Appendix E to this Official Statement only <br />because it includes the Successor Agency’s audited financial statements. <br />   <br />Miscellaneous <br /> <br />All of the preceding summaries of the Indenture, the Redevelopment Law, the <br />Dissolution Act, other applicable legislation, the Redevelopment Plans for the Project Areas, <br />agreements and other documents are made subject to the provisions of such documents <br />respectively and do not purport to be complete statements of any or all of such provisions. <br />Reference is hereby made to such documents on file with the Successor Agency for further <br />information in connection therewith. <br /> <br />This Official Statement does not constitute a contract with the purchasers of the 2014 <br />Bonds. Any statements made in this Official Statement involving matters of opinion or <br />estimates, whether or not so expressly stated, are set forth as such and not as representations <br />of fact, and no representation is made that any of the estimates will be realized. <br /> <br /> <br /> <br /> <br /> <br /> <br />