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<br />55 <br />events is summarized in “APPENDIX D - FORM OF SUCCESSOR AGENCY CONTINUING <br />DISCLOSURE CERTIFICATE,” attached to this Official Statement. These covenants have been <br />made in order to assist the Underwriter (as defined below) in complying with Securities <br />Exchange Commission Rule 15c2 12(b)(5) (the “Rule”). <br /> <br />The City and its related governmental entities, including the Successor Agency, have <br />previously entered into numerous disclosure undertakings under the Rule in connection with the <br />issuance of long-term obligations. See “APPENDIX E - SUCCESSOR AGENCY FINANCIAL <br />STATEMENTS FOR FISCAL YEAR 2016-17.” [[During the past five years, the City and the <br />City's affiliated governmental entities have failed to comply in certain material respects with their <br />undertakings. In particular, the City determined that certain filings relating to three issuances of <br />tax allocation bonds of the Former Agency failed to include budget information and financial <br />reports required by the related undertakings. The City’s has further determined that previous <br />filings relating to three issuances of certificates of participation of the City also omitted certain <br />fund balance amounts and statements of tax increment received as required by the related <br />undertakings. Specifically, with respect to one fiscal year, the City failed to file the audited <br />financial statements and the annual reports for several series of the City's bonds on a timely <br />basis and did not provide proper notice of delay. In addition, in 2007, the audited financial <br />statements filed by the City were not properly attributed to three outstanding bond issuances of <br />the City and reported therewith. Further, the City and the City's affiliated governmental entities <br />failed to file material event notices regarding changes to the ratings of certain of the City's <br />obligations as a result of changed underlying bond ratings and downgrades of the ratings of <br />bond insurance companies that insured their bonds. As of the date hereof, the City has <br />completed remedial filings to correct such failures. The City will adopt policies and procedures <br />to ensure compliance with their continuing disclosure undertakings in the future.]] [[SUBJECT <br />TO FURTHER REVIEW/UPDATE]] <br /> <br /> <br />CONCLUDING INFORMATION <br /> <br />Underwriting <br /> <br />The 2018 Bonds are being purchased by Raymond James & Associates, Inc. (the <br />“Underwriter”). The Underwriter has agreed to purchase the 2018A Bonds at a price of <br />$_________________ (being the principal amount of the 2018A Bonds less a net original issue <br />discount of $__________________ and less an Underwriter’s discount of <br />$__________________); and the Underwriter has agreed to purchase the 2018B Bonds at a <br />price of $_________________ (being the principal amount of the 2018B Bonds less a net <br />original issue discount of $__________________ and less an Underwriter’s discount of <br />$__________________). The Underwriter will purchase all of the 2018 Bonds if any are <br />purchased. <br /> <br />The Underwriter may offer and sell 2018 Bonds to certain dealers and others at a price <br />lower than the offering price stated on the inside cover page of this Official Statement. The <br />offering price may be changed from time to time by the Underwriter. <br /> <br />Legal Opinion <br /> <br />The final approving opinion of Jones Hall, A Professional Law Corporation, San <br />Francisco, California, Bond Counsel, will be furnished to the purchaser at the time of delivery of <br />the 2018 Bonds. <br />160