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<br />78 <br />RATING <br /> S&P Global Ratings, a division of Standard & Poor’s Financial Services LLC (“S&P”), <br />has assigned its municipal bond rating of “___” to the Bonds. <br /> <br />This rating reflects only the view of the rating agency, and an explanation of the <br />significance of this rating, and any outlook assigned to or associated with this rating, should be <br />obtained from the rating agency. <br /> <br />Generally, a rating agency bases its rating on the information and materials furnished to <br />it and on investigations, studies and assumptions of its own. The City and the Authority have <br />provided certain additional information and materials to the rating agency (some of which does <br />not appear in this Official Statement). <br /> <br />There is no assurance that this rating will continue for any given period of time or that <br />this rating will not be revised downward or withdrawn entirely by the rating agency, if in the <br />judgment of the rating agency, 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 />CONTINUING DISCLOSURE <br />The City will covenant for the benefit of owners of the Bonds to provide certain financial <br />information and operating data relating to the City by the date that is nine months after the end <br />of the City’s Fiscal Year (currently March 31 based on the City’s Fiscal Year end of June 30), <br />commencing with the report for the 2015–16 fiscal year (the “Annual Report”), and to provide <br />notices of the occurrence of certain enumerated events. Such reports are required to be filed <br />with the Municipal Securities Rulemaking Board through its Electronic Municipal Market Access <br />system (“EMMA”). The specific nature of the information to be contained in the Annual Report <br />or the notices of enumerated events is described in “APPENDIX D – FORM OF CONTINUING <br />DISCLOSURE AGREEMENT,” attached to this Official Statement. These covenants have been <br />made in order to assist the underwriter of the Bonds in complying with Securities Exchange <br />Commission Rule 15c2 12(b)(5) (the “Rule”). <br />The City and its related governmental entities have previously entered into numerous <br />disclosure undertakings under the Rule in connection with the issuance of long–term <br />obligations. During the past five years, the City and/or its related governmental entities have <br />failed to comply with their continuing disclosure undertakings under the Rule as follows: <br /> <br />• The late filing of audited financial statements for fiscal years 2010-11 and 2012- <br />13 with respect to various undertakings; <br /> <br />• The late filing of certain budget information, fund balance summaries, and/or <br />financial reports for fiscal years 2009-2010, 2010-11 and 2012-13 with respect to <br />various undertakings; <br /> <br />• The late filing of taxable transactions information required to be included in the <br />City’s annual reports for fiscal years 2013-14 and 2014-15 with respect to the <br />undertaking related to the Authority’s 2013 Lease Revenue Bonds; and <br /> <br />• The late filing of a rating change in 2014 with respect to various undertakings.