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62 <br />California, Bond Counsel. Certain legal matters will be passed upon for the City and the Authority <br />by Veronica Ramirez, Esq., the City Attorney. Certain legal matters will be passed upon for the <br />City by its Disclosure Counsel, Jones Hall, A Professional Law Corporation, San Francisco, <br />California and for the Underwriter by Stradling Yocca Carlson & Rauth LLP, Newport Beach, <br />California. <br />Payment of the fees and expenses of Bond Counsel and Underwriter’s Counsel is <br />contingent upon execution and delivery of the Bonds. <br />FINANCIAL STATEMENTS <br />Maze & Associates, Certified Public Accountants (the “Auditor”), audited the financial <br />statements of the City for the Fiscal Year ended June 30, 2023. The Auditor’s examination was <br />made in accordance with generally accepted auditing standards and Governmental Auditing <br />Standards, issued by the Comptroller General of the United States. See “APPENDIX B – ANNUAL <br />COMPREHENSIVE FINANCIAL REPORT OF THE CITY FOR THE FISCAL YEAR ENDED <br />JUNE 30, 2023.” <br />The City has not requested nor did the City obtain permission from the Auditor to include <br />the audited financial statements as an appendix to this Official Statement. Accordingly, the <br />Auditor has not performed any post-audit review of the financial condition or operations of the City <br />and has not participated in the preparation of, or reviewed, this Official Statement. <br />RATING <br />S&P Global Ratings, a business unit of Standard & Poor’s Financial Services LLC (“S&P”), <br />is expected to assign the Bonds the long-term rating of “AA”. <br />This rating reflects only the views of S&P, and any explanation of the significance of such <br />rating may be obtained only from S&P. There is no assurance that the rating will remain in effect <br />for any given period of time or that it will not be revised downward or withdrawn entirely by S&P, <br />if, in their judgment, circumstances so warrant. The City undertakes no responsibility to oppose <br />any such revision or withdrawal. Any downward revision or withdrawal of the rating may have an <br />adverse effect on the market price of the Bonds. <br />CONTINUING DISCLOSURE <br />The City will covenant for the benefit of owners of the Bonds to provide certain financial <br />information and operating data relating to the City by not later than 9 months after the end of each <br />fiscal year of the City (currently June 30th), commencing with the report for the 2023-24 Fiscal <br />Year (the “Annual Report”), and to provide notices of the occurrence of certain enumerated <br />events. Such reports are required to be filed with the Municipal Securities Rulemaking Board <br />through its Electronic Municipal Market Access system (“EMMA”). The specific nature of the <br />information to be contained in the Annual Report or the notices of enumerated events is described <br />in “APPENDIX F – Form of Continuing Disclosure Certificate,” attached to this Official Statement. <br />These covenants have been made in order to assist the underwriter of the Bonds in complying <br />with Securities Exchange Commission Rule 15c2-12(b)(5). <br />8.A. - Page 76 of 255 <br />704