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<br />77 <br />RATING <br />S&P Global Ratings, a business unit of Standard & Poor’s Financial Services LLC <br />(“S&P”), has assigned its municipal bond rating of “___” to the 2018 Bonds. <br /> Such ratings reflect only the view of S&P, and any explanation of the significance of <br />such ratings should be obtained from S&P. There is no assurance that such ratings will be <br />retained for any given period of time or that it will not be revised downward or withdrawn entirely by S&P if, in the judgment of S&P, circumstances so warrant. Any such downward revision or <br />withdrawal of any ratings obtained may have an adverse effect on the market price of the 2018 <br />Bonds. <br /> CONTINUING DISCLOSURE <br />The City will covenant for the benefit of owners of the 2018 Bonds to provide certain <br />financial information and operating data relating to the City by the date that is nine months after <br />the end of the City’s fiscal year (currently March 31 based on the City’s fiscal year end of June 30), commencing with the report for the 2017-18 fiscal year (the “Annual Report”), and to <br />provide notices of the occurrence of certain enumerated events. Such reports are required to <br />be filed with the Municipal Securities Rulemaking Board through its Electronic Municipal Market Access system (“EMMA”). The specific nature of the information to be contained in the Annual <br />Report or the notices of enumerated events is described in “APPENDIX D – FORM OF <br />CONTINUING DISCLOSURE AGREEMENT,” attached to this Official Statement. These covenants have been made in order to assist the underwriter of the 2018 Bonds in complying <br />with Securities Exchange Commission Rule 15c2 12(b)(5) (the “Rule”). <br />The City and its related governmental entities, including the Successor Agency, have previously entered into numerous disclosure undertakings under the Rule in connection with the <br />issuance of long-term obligations. During the past five years, the City and/or its related governmental entities may have failed to comply with their continuing disclosure undertakings <br />under the Rule as follows: <br /> <br />• The late filing of various annual financial information and/or operating data (for <br />example, principal amount of bonds outstanding, information about property tax levies and collections, general fund budget information, balances in reserve <br />accounts and statements of the reserve requirement) for fiscal years 2013-14 <br />through 2016-17 with respect to various undertakings; <br />• The failure to file an official statement containing required financial information and/or operating data under the “Continuing Disclosure” section of EMMA, even <br />though the information was available under the “Official Statement” section of <br />EMMA; and <br />• The late filing of a rating change in 2014 with respect to various undertakings. <br />Several of the foregoing instances of non-compliance stem from the City filing <br />information for the most recently completed fiscal year, although the undertaking makes reference to information for the fiscal year during which the annual report is filed. Supplemental <br />filings to correct known filing errors made by the City and the City’s related governmental <br />entities have been made as of the date hereof. In addition, in 2018, the City and its related