AgdaPkt 2019-05-20 Joint SA PFA - Laserfiche WebLink

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8.A. - Page 50 of 73 Attachment D The City is subject to the property tax limitations set forth in Article XIIIA of the California State Constitution. However, no property taxes levied or collected by the City are pledged to the payment of SBSA Bond Payments under the Redwood City Financing Agreement. See the captions "CONSTITUTIONAL LIMITATIONS ON APPROPRIATIONS AND CHARGES" and "PARTICIPATING MEMBERS—Articles XIIIC and XIIID and the Participating Members' Sewer Rates and Charges" in the forepart of this Official Statement. Continuing Disclosure The City has covenanted in a Continuing Disclosure Certificate for the benefit of the Owners and Beneficial Owners of the 2019 Notes to provide certain financial information and operating data relating to the City by not later than nine months after the end of the City's fiscal year (currently March 31) (the "Annual Report"), commencing with the Annual Report that is due March 31, 2020. The Annual Report will be filed by the City with EMMA. The specific nature of the information to be contained in the Annual Reports is set forth in Appendix G to this Official Statement. These covenants have been made in order to assist the Underwriter in complying with Section (b)(5) of Rule 15c2-12 adopted by the Securities and Exchange Commission. The City has made previous undertakings under the Rule. Specific instances of non-compliance by the City with prior undertakings in the previous five years include: (i) with respect to water revenue bonds issued in 2006, the annual report for fiscal year 2013-14 was filed 16 days late; (ii) with respect to water revenue refunding bonds issued in 2015, certain content requirements were not included in the annual reports for fiscal years 2014-15 through 2017-18; and (iii) with respect to water revenue refunding bonds issued in 2017, certain content requirements were not included in the annual reports for fiscal years 2016- 17 through 2017-18. In addition, no notice of failure to file with respect to the above instance of non- compliance was provided at the time of the failure. Remedial filings have been made with respect to the above instances of non-compliance. In order to ensure compliance by the City with its continuing disclosure undertakings in the future, the City approved disclosure procedures on May 23, 2016, which were subsequently amended on , 2019 (the "Disclosure Procedures"). Pursuant to the Disclosure Procedures, the Assistant City Manager/Administrative Services Director of the City is required to take steps to ensure that continuing disclosure filings are prepared and filed in a timely manner. A copy of the Disclosure Procedures has been provided to the Underwriter and is available from the Assistant City Manager/Administrative Services Director of Redwood City at 1017 Middlefield Road, Redwood City, California Telephone: (650) 780- 7000. A-22 564