Laserfiche WebLink
47 <br />counsel, ArentFox Schiff LLP, San Francisco, California. The fees of Bond Counsel, Disclosure <br />Counsel and Underwriter’s counsel are contingent on the sale and closing of the 2024 Bonds. <br />NO MATERIAL LITIGATION <br />No litigation is pending or threatened concerning the validity of the 2024 Bonds. Neither <br />the Authority nor the City is aware of any litigation pending or threatened questioning the <br />political existence of the Authority or the City or contesting the City’s power to fix water rates <br />and charges, or the power of the governing body of the Authority or the City Council or in any <br />way questioning or affecting: (i) the proceedings under which the 2024 Bonds are to be issued; <br />(ii) the validity of any provision of the 2024 Bonds, the Installment Sale Agreement or the <br />Indenture; (iii) the pledge of Net Revenues under the Installment Sale Agreement or the pledge <br />of Revenues under the Indenture; or (iv) the titles to office of the present members of the <br />governing body of the Authority or the City Council. <br />There are a number of suits and claims pending against the City, which may include <br />personal injury, wrongful death and other suits and claims against which the City may self- <br />insure. The aggregate amount of the self-insured liabilities of the City which may result from <br />such suits and claims will not, in the opinion of the City, materially impair the ability of the City to <br />pay the Installment Payments securing the 2024 Bonds as they become due. <br />There is no litigation pending, with service of process having been accomplished, <br />against the City which if determined adversely to the City would, in the opinion of the City, <br />materially impair the ability of the City to pay the Installment Payments securing the 2024 Bonds <br />as they become due. <br />RATING <br />S&P Global Ratings, a division of Standard & Poor’s Financial Services LLC (“S&P”) has <br />assigned its municipal bond rating of “___” to the 2024 Bonds. This rating reflects only the views <br />of S&P, and an explanation of the significance of this rating, and any outlook assigned to or <br />associated with this rating, should be obtained from S&P. Generally, a rating agency bases its <br />rating on the information and materials furnished to it and on investigations, studies and <br />assumptions of its own. The Authority has provided certain additional information and materials <br />to S&P (some of which does not appear in this Official Statement). There is no assurance that <br />this rating will continue for any given period of time or that this rating will not be revised <br />downward or withdrawn entirely by S&P, if in the judgment of S&P, circumstances so warrant. <br />Any such downward revision or withdrawal of any rating on the 2024 Bonds may have an <br />adverse effect on the market price or marketability of the 2024 Bonds. <br />CONTINUING DISCLOSURE <br />The City will covenant for the benefit of owners of the 2024 Bonds to provide certain <br />financial information and operating data by not later than nine months after the end of the City’s <br />fiscal year, or March 31, of each year (based on the City’s current fiscal year-end of June 30), <br />commencing March 31, 2025, with the report for the 2023-24 fiscal year (the “Annual Report”) <br />and to provide notices of the occurrence of certain listed events. <br />Page 323 of 448Page 332 of 557