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outcome of the case) that a fee for ongoing water service through an existing connection could, under certain circumstances, constitute a "property-related fee and charge," with the result that a local government imposing such a fee and charge would be required to comply with the notice, hearing and protest requirements of Article XIIID. In late April 2004 the Supreme Court vacated the decision of the Fourth Appellate District in the Bighorn case and directed reconsideration in light of the Richmond case. No assurance can be given as to the outcome of the Bighorn case on reconsideration. Future Interpretation of Proposition 218. The provisions of Proposition 218 have not been fully interpreted by the courts. The City is unable to predict how Article XIIIC and Article XIIID will be interpreted by the courts and what, if any, further implementing legislation will be enacted, and there can be no assurance that Article XIIIC and Article XIIID will not be interpreted to limit the ability of the City to impose, levy, charge and collect increased fees and charges for the Enterprise in the future. Future Initiatives Article XII lA, Article XIIIB 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 , 2005 with the report for the 2003- 04 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 40