June 8, 2026 Page 1
1 2
3 4
5 6
7 8
9 10
11 12
13 14
15 16
17 18
19 20
21 22
23 24
25 26
27 28
29 RESOLUTION NO. 2026-R____
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CULVER CITY
AUTHORIZING THE EXECUTION AND DELIVERY BY THE CITY OF A
GROUND LEASE, A LEASE AGREEMENT, AN INDENTURE, A PURCHASE
CONTRACT, AND A CONTINUING DISCLOSURE AGREEMENT IN
CONNECTION WITH THE ISSUANCE BY THE CULVER CITY PUBLIC
FINANCE AUTHORITY OF ITS LEASE REVENUE BONDS, SERIES 2026A AND SERIES 2026B (FEDERALLY TAXABLE), APPROVING THE ISSUANCE OF
SUCH BONDS IN AN AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED $48,000,000, AND AUTHORIZING THE EXECUTION OF NECESSARY
DOCUMENTS AND CERTIFICATES AND RELATED ACTIONS
WHEREAS, the City of Culver City (the “City”) desires to finance and refinance (i) recreational park and community facility improvements; (ii) City infrastructure projects, including bridges, streets, alleys, parking lots, landscaping, sidewalks, storm drains, and other right-of-way, and equipment improvements and related administrative costs; (iii) related capital facilities; (iv) City and/or Housing Authority affordable housing commitments—including Jubilo Village, Ballona Creek Affordable Housing, and Washington Palm; (v) interim support for Culver City Unified School District; (vi) capitalized interest on the bonds; and (vii) costs of issuance of the bonds (together, the “Project”);
WHEREAS, the Culver City Public Finance Authority (the “Authority”) desires to assist the City with such financing;
WHEREAS, in order to finance the Project, the City will lease certain real property designated as the site and improvements constituting the Ince Parking Structure and the Watseka Parking Structure (collectively, the “Property”), to the Authority pursuant to a Ground Lease (such Ground Lease, in the form presented at the meeting for consideration of this resolution and on file with the Office of the City Clerk, with such changes, insertions and
June 8, 2026 Page 2
1 2
3 4
5 6
7 8
9 10
11 12
13 14
15 16
17 18
19 20
21 22
23 24
25 26
27 28
29 omissions as are made pursuant to this resolution, being referred to herein as the “Ground Lease”);
WHEREAS, the City will sublease the Property back from the Authority pursuant to a Lease Agreement (such Lease Agreement, in the form presented at the meeting for consideration of this resolution and on file with the Office of the City Clerk, with such changes, insertions and omissions as are made pursuant to this resolution, being referred to herein as the “Lease Agreement”);
WHEREAS, the City and the Authority desire that the Authority issue its Culver City Public Finance Authority Lease Revenue Bonds, Series 2026A (the “Series 2026A Bonds”) and Culver City Public Finance Authority Lease Revenue Bonds, Series 2026B (Federally Taxable) (the “Series 2026B Bonds” and, together with the Series 2026A Bonds, the “Series 2026 Bonds”), in an aggregate principal amount not to exceed $48,000,000, payable from the base rental payments (the “Base Rental Payments”) to be made by the City pursuant to the Lease Agreement;
WHEREAS, the Series 2026 Bonds will be issued pursuant to the Marks -Roos Local Bond Pooling Act of 1985, commencing with Section 6584 of the California Government Code (the “Act”);
WHEREAS, on the date of this resolution, the City held a public hearing on the financing of the Project in accordance with Section 6586.5 of the Act, which hearing was held in the Council Chambers at City Hall of the City at 9770 Culver Boulevard, Culver City, California; WHEREAS, in accordance with Section 6586.5 of the Act, notice of such hearing was published once at least five days prior to the hearing in the Culver City News, an adjudicated local newspaper of general circulation in the City;
June 8, 2026 Page 3
1 2
3 4
5 6
7 8
9 10
11 12
13 14
15 16
17 18
19 20
21 22
23 24
25 26
27 28
29 WHEREAS, in order to provide for the authentication and issuance of the Series 2026 Bonds, to establish and declare the terms and conditions upon which the Series 2026 Bonds are to be issued and secured and to secure the payment of the principal thereof, premium, if any, and interest thereon, the Authority, the City, and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”), propose to enter into an Indenture (such Indenture, in the form presented at the meeting for consideration of this resolution and on file with the Office of the City Clerk, with such changes, insertions and omissions as are made pursuant to this resolution, being referred to herein as the “Indenture”); WHEREAS, all rights to receive the Base Rental Payments will be assigned without recourse by the Authority to the Trustee pursuant to the Indenture; WHEREAS, the Authority and the City desire to provide for the issuance of additional bonds payable from the Base Rental Payments on a parity with the Series 2026 Bonds as so provided in the form of Lease Agreement and Indenture;
WHEREAS, the City desires to provide for the direct purchase of the Series 2026 Bonds by Barclays Bank PLC (the “Purchaser”), and the Purchaser has presented the Authority with a proposal, in the form of a Purchase Contract (the “Purchase Contract”), together with a Letter of Representations as an exhibit to the Purchase Contract, to purchase the Series 2026 Bonds from the Authority (such Letter of Representations as an exhibit to the Purchase Contract, in the form presented at the meeting for consideration of this resolution and on file with the Office of the City Clerk, with such changes, insertions and omissions as are made pursuant to this resolution, being referred to herein as the “Letter of Representations”); WHEREAS, the Purchaser has requested, and the Authority and the City have agreed, to provide a disclosure statement or offering memorandum in a form to be prepared by the City
June 8, 2026 Page 4
1 2
3 4
5 6
7 8
9 10
11 12
13 14
15 16
17 18
19 20
21 22
23 24
25 26
27 28
29 Manager and approved as to form by the City Attorney and Disclosure Counsel, to be delivered to the Purchaser not less than 90 days following the issuance of the Series 2026 Bonds and the City Council is informed that a form of that disclosure will be presented for approval by the City Council at a regular meeting date prior to that date of delivery; WHEREAS, Rule 15c2 -12 promulgated under the Securities Exchange Act of 1934 (“Rule 15c2-12”) requires that, in order to be able to purchase or sell the Series 2026 Bonds, the purchaser thereof must have reasonably determined that the issuer thereof has, or one or more appropriate obligated persons have, undertaken in a written agreement or contract for the benefit of the holders of the Series 2026 Bonds to provide disclosure of certain financial information and certain listed events on an ongoing basis; WHEREAS, in order to cause such requirement to be satisfied, the City desires to execute and deliver a Continuing Disclosure Agreement (such Continuing Disclosure Agreement, in the form presented at the meeting for consideration of this resolution and on file with the Office of the City Clerk, with such changes, insertions and omissions as are made pursuant to this resolution, being referred to herein as the “Continuing Disclosure Agreement”); WHEREAS, Section 5852.1 of the California Government Code requires that the City Council obtain from an underwriter, financial advisor, or private lender and disclose, in a meeting open to the public, prior to authorization of the issuance of the Series 20 26 Bonds, good faith estimates of (a) the true interest cost of the Series 2026 Bonds, (b) the sum of all fees and charges paid to third parties with respect to the Series 2026 Bonds, (c) the amount of proceeds of the Series 2026 Bonds expected to be recei ved net of the fees and charges paid to third parties and any reserves or capitalized interest paid or funded with proceeds of the Series 2026 Bonds, and (d) the sum total of all debt service payments on the Series 2026
June 8, 2026 Page 5
1 2
3 4
5 6
7 8
9 10
11 12
13 14
15 16
17 18
19 20
21 22
23 24
25 26
27 28
29 Bonds calculated to the final maturity of the Series 2026 Bonds, plus the fees and charges paid to third parties not paid with the proceeds of the Series 2026 Bonds; WHEREAS, in compliance with Section 5852.1 of the California Government Code, the City has obtained from PFM Financial Advisors LLC, as the City’s municipal advisor (the “Municipal Advisor”), the required good faith estimates, which the Municipal Advisor h as prepared in consultation with the Purchaser, and such estimates are disclosed and set forth in Exhibit A attached hereto;
WHEREAS, the City is a member of the Authority and the Project is to be located within the boundaries of the City;
WHEREAS, there have been prepared and submitted in connection with the adoption of this resolution, on file with the Office of the City Clerk and attached to the staff report for Agenda Item PH-2 for the City Council meeting held on June 8, 2026, forms of:
(a) the Ground Lease (Attachment 3);
(b) the Lease Agreement (Attachment 4);
(c) the Indenture (Attachment 5);
(d) the Letter of Representations (Attachment 6, Exh.B); (e) the Purchase Contract (Attachment 6); and
(f) the Continuing Disclosure Agreement (Attachment 7); WHEREAS, the City desires to proceed to issue and sell the Series 2026 Bonds and to authorize the execution of such documents and the performance of such acts as may be necessary or desirable to effect the offering, sale, and issuance of the Series 2026 Bonds; and WHEREAS, all acts, conditions and things required by the Constitution, laws of the State of California and the Charter and laws of the City of Culver City to exist, to have happened and
June 8, 2026 Page 6
1 2
3 4
5 6
7 8
9 10
11 12
13 14
15 16
17 18
19 20
21 22
23 24
25 26
27 28
29 to have been performed precedent to and in connection with the consummation of the transactions authorized hereby do exist, have happened and have been performed in regular and due time, form and manner as required by law, and the City is now duly authoriz ed and empowered, pursuant to each and every requirement of law, to consummate such transactions for the purpose, in the manner and upon the terms herein provided; NOW, THEREFORE, the City Council of the City of Culver City DOES HEREBY RESOLVE as follows:
SECTION 1. The foregoing recitals are true and correct, and the City Council so finds and determines.
SECTION 2. The use of the Act to assist the City in financing the Project will result in significant public benefits to the citizens of the City because it is expected that such use will provide demonstrable savings in effective interest rate costs and finance efficiencies.
SECTION 3. The form of the Ground Lease, on file with the Office of the City Clerk, and attached to the staff report for Agenda Item PH-2 for the City Council meeting held on June 8, 2026, is hereby approved. Each of the Mayor, the Vice Mayor, the City Manager, the Chief Financial Officer or any officer designated in writing by the City Manager (each, an “Authorized Officer”) is hereby authorized, and any one of the Authorized Officers is hereby directed, for and in the name of the City, to execute and deliver the Ground Lease in the form submitted to this meeting, with such changes, insertions and omissions as the Authorized Officer executing the same may require or approve and as approved as to form by the City Attorney, such requirement or approval to be conclusively evidenced by the execution of the Ground Lease by such Authorized Officer.
June 8, 2026 Page 7
1 2
3 4
5 6
7 8
9 10
11 12
13 14
15 16
17 18
19 20
21 22
23 24
25 26
27 28
29 SECTION 4. The form of the Lease Agreement, on file with the Office of the City Clerk, and attached to the staff report for Agenda Item PH-2 for the City Council meeting held on June 8, 2026, is hereby approved. Each of the Authorized Officers is hereby authorized, and any one of the Authorized Officers is hereby directed, for and in the name of the City, to execute and deliver the Lease Agreement in the form submitted to this meeting, with s uch changes, insertions and omissions as the Authorized Officer executing the same may require or approve and as approved as to form by the City Attorney, such requirement or approval to be conclusively evidenced by the execution of the Lease Agreement by such Authorized Officer; provided, however, that such changes, insertions and omissions shall not result in an aggregate principal amount of the Series 2026 Bonds payable from the Base Rental Payments in excess of $48,000,000, shall not result in the term of the Lease Agreement terminating later than February 1, 2056 (provided that such term may be extended as provided therein) and shall not result in a true interest cost attributable to the Base Rental Payments in excess of 6.25% per annum.
SECTION 5. Subject to the provisions of Section 6 hereof, the issuance of the Series 2026 Bonds, in an aggregate principal amount not to exceed $48,000,000, on the terms and conditions set forth in, and subject to the limitations specified in, the Indenture, be and the same is hereby authorized and approved. The Series 2026 Bonds shall be dated, shall bear interest at the rates, shall mature on the dates, shall be subject to call and redemption, shall be issued in the form and shall be as otherwise provided in the Indenture, as the same shall be completed as provided in this resolution.
SECTION 6. The form of the Indenture, on file with the Office of the City Clerk, and attached to the staff report for Agenda Item PH-2 for the City Council meeting held on June 8,
June 8, 2026 Page 8
1 2
3 4
5 6
7 8
9 10
11 12
13 14
15 16
17 18
19 20
21 22
23 24
25 26
27 28
29 2026, is hereby approved. Each of the Authorized Officers is hereby authorized, and any one of the Authorized Officers is hereby directed, for and in the name of the City, to execute and deliver the Indenture in the form submitted to this meeting, with such changes, insertions and omissions as the Authorized Officer executing the same may require or approve and as approved as to form by the City Attorney, such requirement or approval to be conclusively evidenced by the execution of the Indenture by such Authoriz ed Officer; provided, however, that such changes, insertions and omissions shall not result in an aggregate principal amount of the Series 2026 Bonds payable from the Base Rental Payments in excess of $48,000,000, shall not result in the term of the Lease Agreement terminating later than February 1, 2056 (provided that such term may be extended as provided therein) and shall not result in a true interest cost attributable to the Base Rental Payments in excess of 6.25% per annum.
SECTION 7. The form of the Letter of Representations as an exhibit to the Purchase Contract, on file with the Office of the City Clerk, and attached to the staff report for Agenda Item PH-2 for the City Council meeting held on June 8, 2026, is hereby approved. Each of the Authorized Officers is hereby authorized, and any one of the Authorized Officers is hereby directed, for and in the name of the City, to execute and deliver the Letter of Representations in the form submitted to this meeting, with such changes, insertions and omissions as the Authorized Officer executing the same may require or approve, and as approved as to form by the City Attorney such requirement or approval to be conclusively evidenced by the execution of the Letter of Representations by such Authorized Officer; provided, however, that such changes, insertions and omissions shall not result in an aggregate purchaser’s discount (not including any original issue discount) from the principal amount of the Series 2026 Bonds in excess of 6.25% of the aggregate principal amount of the Series 2026 Bonds. The City Council
June 8, 2026 Page 9
1 2
3 4
5 6
7 8
9 10
11 12
13 14
15 16
17 18
19 20
21 22
23 24
25 26
27 28
29 hereby finds and determines that the sale of the Series 2026 Bonds at negotiated sale as contemplated by the Purchase Contract will result in a lower overall cost and closing efficiency consistent with the goals of financing the Project.
SECTION 8. The form of the Continuing Disclosure Agreement, on file with the Office of the City Clerk, and attached to the staff report for Agenda Item PH -2 for the City Council meeting held on June 8, 2026, is hereby approved. Each of the Authorized Officers is hereby authorized, and any one of the Authorized Officers is hereby directed, for and in the name of the City, to execute and deliver the Continuing Disclosure Agreement in the form submitted to this meeting, with such changes, insertions and omissions as the Authorized Officer executing the same may require or approve, and as approved as to form by the City Attorney such requirement or approval to be conclusively evidenced by the execution of the Cont inuing Disclosure Agreement by such Authorized Officer.
SECTION 9. In accordance with Section 5852.1 of the California Government Code, good faith estimates of the following have been obtained from the Municipal Advisor and are set forth in Exhibit A attached hereto: (a) the true interest cost of the Series 2026 Bonds, (b) the sum of all fees and charges paid to third parties with respect to the Series 2026 Bonds, (c) the amount of proceeds of the Series 2026 Bonds expected to be received net of the fees and charges paid to third parties and any reserves or capitalized interest paid or funded with proceeds of the Series 2026 Bonds, and (d) the sum total of all debt service payments on the Series 2026 Bonds calculated to the final maturity of the Series 2026 Bonds plus the fees and charges paid to third parties not paid with the proceeds of the Series 2026 Bonds.
SECTION 10. The Authorized Officers are hereby authorized to designate, in connection with the transactions contemplated by this resolution, the firm of PFM Financial
June 8, 2026 Page 10
1 2
3 4
5 6
7 8
9 10
11 12
13 14
15 16
17 18
19 20
21 22
23 24
25 26
27 28
29 Advisors LLC, as Municipal Advisor, the firm of Orrick, Herrington & Sutcliffe LLP, as Bond Counsel and Disclosure Counsel. Additionally, the selection of U.S. Bank Trust Company, National Association, as trustee, is hereby confirmed.
SECTION 11. The City Council hereby approves the execution and delivery of all agreements, documents, certificates, and instruments referred to herein with electronic signatures as may be permitted under the California Uniform Electronic Transactions Act and digital signatures as may be permitted under Section 16.5 of the California Government Code using DocuSign.
SECTION 12. The Authorized Officers and the officers, employees and agents of the City are, and each of them is, hereby authorized and directed, for and in the name of the City to do any and all things and to execute and deliver any and all agreements, documents, certificates or instruments which they or any of them deem necessary or advisable in order to consummate the transactions contemplated by this resolution, to record or consent to recordation of the Ground Lease and Lease Agreement or any memorandum thereof, to enter into any additional agreements to effectuate the transactions contemplated by this resolution, including escrow agreements or other agreements or accounts to hold the proceeds to be used to repay the Jubilo Village loan and to enter into any assignment or assumption agreements in order to effectuate the transfer of the Jubilo Village loan, and otherwise to carry out, give effect to and comply with the terms and intent of this resolution.
SECTION 13. All actions heretofore taken by the officers and employees of the City with respect to the issuance and sale of the Series 2026 Bonds, or in connection with or related to any of the agreements or documents referred to herein, are hereby approv ed, confirmed, and ratified.
June 8, 2026 Page 11
1 2
3 4
5 6
7 8
9 10
11 12
13 14
15 16
17 18
19 20
21 22
23 24
25 26
27 28
29 SECTION 14. This resolution shall take effect immediately upon its adoption.
APPROVED and ADOPTED this 8th day of June, 2026.
FREDDY PUZA, Mayor
City of Culver City, California
ATTESTED BY: APPROVED AS TO FORM:
_______
JEREMY BOCCHINO, City Clerk HEATHER BAKER, City Attorney
June 8, 2026 Page 12
1 2
3 4
5 6
7 8
9 10
11 12
13 14
15 16
17 18
19 20
21 22
23 24
25 26
27 28
29 EXHIBIT A
GOOD FAITH ESTIMATES
The good faith estimates set forth herein are provided with respect to the Series 2026A Bonds and the Series 2026B Bonds (together, the “Series 2026 Bonds”) in accordance with Section 5852.1 of the California Government Code. Such good faith estimates have been provided to the Authority by PFM Financial Advisors LLC, the City’s municipal advisor (the “Municipal Advisor”), which the Municipal Advisor has prepared in consultation with the Purchaser.
Series 2026A Bonds
Principal Amount of the Series 2026A Bonds.
The Municipal Advisor has informed the City that, based on the City’s financing plan and current market conditions, its good faith estimate of the aggregate principal amount of the Series 2026A Bonds to be sold is $16,270,000 (the “Estimated Principal Amount of the Series 2026A Bonds”).
True Interest Cost of the Series 2026A Bonds.
The Municipal Advisor has informed the City and the Authority that, assuming that the Estimated Principal Amount of the Series 2026A Bonds is sold, and based on market interest rates prevailing at the time of preparation of such estimate, its good faith estimate of the true interest cost of the Series 2026A Bonds, which means the rate necessary to discount the amounts payable on the respective principal and interest payment dates to the purchase price received for the Series 2026A Bonds, is 4.9674%.
/ / /
/ / /
June 8, 2026 Page 13
1 2
3 4
5 6
7 8
9 10
11 12
13 14
15 16
17 18
19 20
21 22
23 24
25 26
27 28
29 Finance Charge of the Series 2026A Bonds.
The Municipal Advisor has informed the City and the Authority that, assuming that the Estimated Principal Amount of the Series 2026A Bonds is sold, and based on market interest rates prevailing at the time of preparation of such estimate, its good faith estimate of the finance charge for the Series 2026A Bonds, which means the sum of all fees and charges paid to third parties (or costs associated with the Series 2026A Bonds), is $213,212.
Amount of Series 2026A Bonds Proceeds to be Received.
The Municipal Advisor has informed the City and the Authority that, assuming that the Estimated Principal Amount of the Series 2026A Bonds is sold, and based on market interest rates prevailing at the time of preparation of such estimate, its good faith estimate of the amount of proceeds expected to be received by the Authority for sale of the Series 2026A Bonds, less the finance charge of the Series 2026A Bonds, as estimated above, and any reserves or capitalized interest paid or funded with proceeds of the Series 2026A Bonds, is $15,250,085.81.
Total Payment Amount of the Series 2026A Bonds.
The Municipal Advisor has informed the City and the Authority that, assuming that the Estimated Principal Amount of the Series 2026A Bonds is sold, and based on market interest rates prevailing at the time of preparation of such estimate, its good faith estimate of the total payment amount, which means the sum total of all payments the Authority will make to pay debt service on the Series 2026A Bonds, plus the finance charge for the Series 2026A Bonds, as described above, not paid with the proceeds of the Series 2026A Bonds, calculated to the final maturity of the Series 2026A Bonds, is $38,055,301.39, which excludes any reserves or capitalized interest paid or funded with proceeds of the Series 2026A Bonds
June 8, 2026 Page 14
1 2
3 4
5 6
7 8
9 10
11 12
13 14
15 16
17 18
19 20
21 22
23 24
25 26
27 28
29 (which may offset such total payment amount). Such total payment amount, including capitalized interest on the Series 2026A Bonds through August 1, 2027, is $37,171,750.
Series 2026B Bonds
Principal Amount of the Series 2026B Bonds.
The Municipal Advisor has informed the City that, based on the City’s financing plan and current market conditions, its good faith estimate of the aggregate principal amount of the Series 2026B Bonds to be sold is $26,695,000 (the “Estimated Principal Amount of the Series 2026B Bonds”).
True Interest Cost of the Series 2026B Bonds.
The Municipal Advisor has informed the City and the Authority that, assuming that the Estimated Principal Amount of the Series 2026B Bonds is sold, and based on market interest rates prevailing at the time of preparation of such estimate, its good faith estimate of the true interest cost of the Series 2026B Bonds, which means the rate necessary to discount the amounts payable on the respective principal and interest payment dates to the purchase price received for the Series 2026B Bonds, is 5.9721%.
Finance Charge of the Series 2026B Bonds.
The Municipal Advisor has informed the City and the Authority that, assuming that the Estimated Principal Amount of the Series 2026B Bonds is sold, and based on market interest rates prevailing at the time of preparation of such estimate, its good faith estimate of the finance charge for the Series 2026B Bonds, which means the sum of all fees and charges paid to third parties (or costs associated with the Series 2026B Bonds), is $348,183.00. / / /
/ / /
June 8, 2026 Page 15
1 2
3 4
5 6
7 8
9 10
11 12
13 14
15 16
17 18
19 20
21 22
23 24
25 26
27 28
29 Amount of Series 2026B Bonds Proceeds to be Received.
The Municipal Advisor has informed the City and the Authority that, assuming that the Estimated Principal Amount of the Series 2026B Bonds is sold, and based on market interest rates prevailing at the time of preparation of such estimate, its good faith estimate of the amount of proceeds expected to be received by the Authority for sale of the Series 2026B Bonds, less the finance charge of the Series 2026B Bonds, as estimated above, and any reserves or capitalized interest paid or funded with proceeds of the Series 2026B Bonds, is $24,652,213.22.
Total Payment Amount of the Series 2026B Bonds.
The Municipal Advisor has informed the City and the Authority that, assuming that the Estimated Principal Amount of the Series 2026B Bonds is sold, and based on market interest rates prevailing at the time of preparation of such estimate, its good faith estimate of the total payment amount, which means the sum total of all payments the Authority will make to pay debt service on the Series 2026B Bonds, plus the finance charge for the Series 2026B Bonds, as described above, not paid with the proceeds of the Series 2026B Bonds, calculated to the final maturity of the Series 2026B Bonds, is $49,235,954.28, which excludes any reserves or capitalized interest paid or funded with proceeds of the Series 2026B Bonds (which may offset such total payment amount). Such total payment amount, including capitalized interest on the Series 2026B Bonds through August1, 2027, is $47,541,350.50.
Good Faith Estimates Only
The foregoing estimates constitute good faith estimates only and are based on market conditions prevailing at the time of preparation of such estimates. The actual principal amount of the Series 2026 Bonds issued and sold, the true interest cost thereof, the finance
June 8, 2026 Page 16
1 2
3 4
5 6
7 8
9 10
11 12
13 14
15 16
17 18
19 20
21 22
23 24
25 26
27 28
29 charges thereof, the amount of proceeds received therefrom and total payment amount with respect thereto may differ from such good faith estimates due to (a) the actual date of the sale of the Series 2026 Bonds being different than the date assumed for purposes of such estimates, (b) the actual principal amount of Series 2026 Bonds sold being different from the Estimated Principal Amounts, (c) the actual amortization of the Series 2026 Bonds being different than the amortization assumed for purposes of such estimates, (d) the actual market interest rates at the time of sale of the Series 2026 Bonds being different than those estimated for purposes of such estimates, (e) other market conditions, or (f) alterations in the City’s financing plan, or a combination of such factors. The actual date of sale of the Series 2026 Bonds and the actual principal amount of Series 2026 Bonds sold will be determined by the City and the Authority based on the timing of the need for proceeds of the Series 2026 Bonds and other factors. The actual interest rates borne by the Series 2026 Bonds will depend on market interest rates at the time of sale thereof. The actual amortization of the Series 2026 Bonds will also depend, in part, on market interest rates at the time of sale thereof. Market interest rates are affected by economic and other factors beyond the control of the City or the Authority.