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q i'" <br />payments and the Authority's collection of these lease payments, as well as <br />material risk factors relating to the security for the bonds in general, and other <br />miscellaneous matters. <br />Continuina Disclosure Certificate <br />The Securities and Exchange Commission (SEC) does not have the authority to <br />regulate municipal bond issuers. It can, however, regulate bond underwriters. <br />The official statement provides comprehensive disclosure to investors at the <br />time bonds are initially sold. In the interest of requiring more up -to -date <br />information to be provided to investors, the SEC also requires bond <br />underwriters to provide continuing disclosure of material events and key credit <br />information on all bond issues that they underwrite. To comply with this <br />requirement, bond underwriters, as a condition to purchasing the bonds, require <br />issuers to provide this information to the public on an annual basis. The <br />continuing disclosure certificate requires the City to annually collect and <br />disseminate to certain firms serving as national repositories, information <br />regarding bonds outstanding and debt service coverage, the balance in the debt <br />service reserve fund, the status of any significant legislative, administrative, and <br />judicial challenges or investigations to the operation of the leased facilities that <br />are known to the City, and the occurrence of certain significant events (all of <br />which are listed listed) relating to the security provided to investors. <br />IV -2 <br />