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<br />8e <br />Page 61 <br /> <br />RATINGS <br /> <br />Moody's Investors Service (" Moody's"), Standard & Poor's Ratings Group ("S&P") and <br />Fitch Ratings ("Fitch") have assigned ratings of "_", "_", and "_", respectively. <br /> <br />Such ratings reflect only the views of the rating agencies, and an explanation of the <br />significance of these ratings should be obtained from the rating agencies. There is no <br />assurance that any rating will continue for any given period of time or that any rating will not be <br />revised downward or withdrawn entirely by the issuing rating agency if, in its judgment, <br />circumstances so warrant. Neither the Authority nor the City are obligated to maintain any <br />ratings on the Bonds. Any downward revision or withdrawal of the rating may have an adverse <br />effect on the market price of the Bonds. <br /> <br />UNDERWRITING <br /> <br />The Bonds were purchased by (the "Undervvriter") <br />pursuant to a competitive sale held on May _, 2007. The Underwriter has agreed to purchase <br />the Bonds at a price of $ (representing the aggregate principal amount of the <br />Bonds of $ less a net original issue discount of $ less an <br />underwriter's discount of $ , such price being _% of the principal amount of the <br />Bonds. The Bonds may be offered and sold to certain dealers and others at prices lower than <br />the offering prices stated on the cover page hereof. The offering prices may be changed from <br />time to time. <br /> <br />FINANCIAL ADVISOR <br /> <br />The City has entered into an agreement with William Euphrat Municipal Finance, Inc. <br />(the "Financial Advisor"), whereunder the Financial Advisor is providing financial advisory <br />services to the City with respect to preparation and sale of the Bonds. The Financial Advisor <br />has read and participated in the drafting of certain portions of this Official Statement. The <br />Financial Advisor has not audited, authenticated or otherwise verified the information set forth in <br />the Official Statement, or any other related information available to the City with respect to <br />accuracy and completeness of disclosure of such information, and the Financial Advisor makes <br />no guaranty, warranty or other representation respecting accuracy and completeness of the <br />Official Statement or any other matter related to the Official Statement. The compensation of <br />the Financial Advisor is contingent upon the sale of the Bonds. <br /> <br />46 <br />