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<br />Absence of Litigation <br /> <br />There is no action, suit or proceeding known to be pending or threatened, restraining or <br />enjoining the issuance or sale of the Bonds or the execution of the Indenture, or in any way <br />contesting or affecting the validity of the foregoing or any proceedings of the City taken with <br />respect to any of the foregoing. <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 their ratings of "Aaa, II "AAA" and "AAA, II respectively, to <br />the Bonds, with the understanding that, upon delivery of the Bonds, a policy insuring the <br />payment when due of principal of and interest with respect to the Bonds will be issued by <br />. Additionally, underlying ratings of "_", "_" and II II have been <br />assigned to the Bonds by Moody's, S&P and Fitch, respectively. Such ratings reflect only the <br />views of such organization and any desired explanation of the significance of such ratings <br />should be obtained from the rating agency furnishing the same. <br /> <br />This rating reflects only the views of the rating agencies, and an explanation of the <br />significance of this rating should be obtained from the rating agencies. There is no assurance <br />that any rating will continue for any given period of time or that any rating will not be revised <br />downward or withdrawn entirely by the issuing rating agency if, in its judgment, circumstances <br />so warrant. Any downward revision or withdrawal of the rating may have an adverse effect on <br />the market price of the Bonds. <br /> <br />UNDERWRITING <br /> <br />The Bonds were purchased by (the "Underwriter") <br />pursuant to a competitive sale held on January -' 2005. The Underwriter has agreed to <br />purchase the Bonds at a price of $ (representing the aggregate principal amount of <br />the Bonds of $ plus an original issue premium of $ less an <br />underwriter's discount $ , such price being DID 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 thereof. The offering prices may be changed from <br />time to time. <br /> <br />42 <br />