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ii <br />Current Water Rates, Fees and Charges ......................................................................................31 <br />Water Rate Increases....................................................................................................................33 <br />Comparative Monthly Water Bills...................................................................................................33 <br />Customer Base..............................................................................................................................34 <br />Insurance.......................................................................................................................................36 <br />Employee Retirement Program......................................................................................................37 <br />Other Post-Employment Benefits...................................................................................................39 <br />ENTERPRISE FINANCIAL INFORMATION...............................................................................................41 <br />Budgetary Process.........................................................................................................................41 <br />Financial Statements .....................................................................................................................41 <br />Enterprise Accounting....................................................................................................................42 <br />Outstanding Enterprise Obligations...............................................................................................42 <br />Capitalization Policy.......................................................................................................................42 <br />Reserve Policy...............................................................................................................................43 <br />Historical Revenues, Expenses and Debt Service Coverage........................................................44 <br />Projection of Revenues, Expenses and Debt Service Coverage...................................................44 <br />INVESTMENT OF CITY FUNDS................................................................................................................48 <br />RISK FACTORS .........................................................................................................................................49 <br />Rate Covenant Not a Guarantee ...................................................................................................49 <br />Limited Obligations ........................................................................................................................49 <br />Risks Relating to Water Supplies...................................................................................................49 <br />Wholesale Water Costs .................................................................................................................50 <br />No Reserve Account......................................................................................................................50 <br />Parity Obligations...........................................................................................................................50 <br />Demand and Usage.......................................................................................................................51 <br />Statutory and Regulatory Impact ...................................................................................................51 <br />Maintenance and Operation Costs ................................................................................................51 <br />Limited Recourse on Default..........................................................................................................52 <br />Limitations on Remedies................................................................................................................52 <br />Earthquake, Flood, Wildfire or Other Natural Disasters.................................................................52 <br />California Drought Conditions........................................................................................................53 <br />Potential Impact of Climate Change; Sea Level Rise....................................................................53 <br />Cybersecurity.................................................................................................................................55 <br />Limited Recourse on Default..........................................................................................................55 <br />Effect of Bankruptcy.......................................................................................................................55 <br />Loss of Tax Exemption ..................................................................................................................56 <br />Articles XIIIC and XIIID of the California Constitution....................................................................56 <br />Insurance.......................................................................................................................................59 <br />Secondary Market..........................................................................................................................59 <br />TAX MATTERS...........................................................................................................................................59 <br />LITIGATION................................................................................................................................................61 <br />APPROVAL OF LEGALITY ........................................................................................................................61 <br />FINANCIAL STATEMENTS........................................................................................................................61 <br />RATING ......................................................................................................................................................62 <br />8.A. - Page 16 of 255 <br />644