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8e Page 59 There can be no assurance that the courts will not further interpret, or the voters will not amend, Article XIIIC and Article XIIID to limit the ability of local agencies to impose, levy, charge and collect increased fees and charges for water or wastewater services, or to call into question previously adopted water or wastewater rate increases. Future Initiatives Article XIIIA, Article XIIlB and Proposition 218 were each adopted as measures that qualified for the ballot through California's initiative process. From time to time other initiative measures could be adopted, further affecting the City's revenues. OTHER INFORMATION Certain Legal Matters The validity of the Bonds and certain other legal matters are subject to the approving opinion of Nossaman, Guthner, Knox & Elliott, LLP, Irvine, California, California, Bond Counsel. Certain matters will be passed upon for the Issuer by Jones Hall, A Professional Law Corporation, San Francisco, California. as Disclosure Counsel. Certain legal matters will be passed upon for the Authority and the City by the City Attorney. Payment of the fees and expenses of Bond Counsel and Disclosure Counsel is contingent upon the issuance of the Bonds. Bond Counsel has not undertaken any responsibility for the accuracy, completeness or fairness of this Official Statement or other offering materials relating to the Bonds and expresses no opinion relating thereto. Continuing Disclosure The City has covenanted on behalf of itself and the Authority, for the benefit of the holders and beneficial owners of the Bonds, to provide certain financial information and operating data relating to the City and the Bonds (the "Annual Report") by not later than nine months after the end of the City's Fiscal Year, or March 31 of each year based on the City's current Fiscal Year ending on June 30, commencing March 31, 2008 with the report for the 2006-07 Fiscal Year, and to provide notices of the occurrence of certain enumerated events, if material. The City will file, or cause to be filed, the Annual Report with each Nationally Recognized Municipal Securities Information Repository, and with the appropriate State information depository, if any. The City will file, or cause to be filed, the notices of material events with the Municipal Securities Rulemaking Board (and with the appropriate State information depository, if any). The specific nature of the information to be contained in the Annual Report or the notices of material events is set forth below in "APPENDIX 0 - FORM OF CONTINUING DISCLOSURE CERTIFICATE." These covenants have been made in order to assist the Underwriter in complying with SEC Rule 15c2-12(b)(5). The City has never failed to comply in all material respects with any previous undertakings with regard to said Rule to provide annual reports or notices of material events. 44