9/4/22
CONTINUING DISCLOSURE CERTIFICATE
This Continuing Disclosure Certificate (this “Disclosure Certificate”), dated October __, 2022, is executed and delivered by the City of Santa Clarita, California (the “City”), for the benefit of the Holders (hereinafter defined) of the Bonds (hereinafter defined) in order to provide certain continuing disclosure with respect to the Bonds in accordance with Rule 15c2-12 of th e United States Securities and Exchange Commission under the Securities Exchange Act of 1934, as the same may be amended from time to time (the “Rule”).
SECTION 1. Definitions. Capitalized terms not otherwise defined in this Disclosure Certificate shall have the meaning assigned in the Rule or, to the ex tent not in conflict with the Rule, in the Official Statement (hereinafter defined). The capitalized terms shall have the following meanings:
“Annual Report” means an Annual Report described in and consistent with Section 3 of this Disclosure Certificate.
“Annual Filing Date” means the date, set in Sec tion 2(a) and Section 2(f), by which the Annual Report is to be filed with the MSRB.
“Annual Financial Information” me ans annual financial information as such term is used in paragraph (b)(5)(i) of the Rule and specified in Section 3(a) of this Disclosure Certificate. “Audited Financial Statements” means the financial statements (if any) of the City for the prior fiscal year, certified by an independent auditor as prepared in accordance with generally accepted accounting principles or otherwise, as such term is used in paragraph (b)(5)(i) of the Rule and specified in Section 3(b) of this Disclosure Certificate. “Bonds” mean, collectively, the $__________________ Santa Clarita Public Financing Authority Lease Revenue Bonds (Energy Efficiency Program ), Series 2022A (Green Bonds) (the “Series A Bonds”) and the $____________ Santa Clarita Public Financing Authority Lease Revenue Bonds (Energy Efficiency Program), Series 2022B (Green Bonds) (the “Series B Bonds”). “Certification” means a written certification of compliance signed by the Disclosure Representative stating that the Annual Report, Audited Financial Statements, Notice Event notice, or Failure to File Event notice delivered to the Disclosure Di ssemination Agent is the Annual Report, Audited Financial Statements, Notice Event notice, or Failure to File Event notice, required to be submitted to the MSRB under this Disclosure Certificate. A Certification shall accompany each such document submitted to the Disclosure Dissemination Agent by the City and include the full name of the Bonds and the 9-digit CUSIP numbers for all Bonds to which the document applies. “Disclosure Representative” means the Treasurer of the City or his or her designee, or such other person as the City shall designate in writing to the Disclosure Dissemination Agent from time to time as the person responsible for providing Information to the Disclosure Dissemination Agent. “Disclosure Dissemination Agent” shall mean Digital Assurance Certification LLC, or any successor Dissemination Agent designated in writing by the Distri ct and which has filed with the District a written acceptance of such designation.
“Failure to File Event” means the City’s failure to file an Annual Report on or before the Annual Filing Date.
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“Financial Obligation” means a (a) debt obligatio n; (b) derivative instrument entered into in connection with, or pledged as security or a source of payment for, an existing or planned debt obligation; or (c) guarantee of a debt obligation or any such derivative instrument; provided that “financial obligation” shall not include municipa l securities as to which a final official statement has been provided to the MSRB consistent with the Rule. “Force Majeure Event” means: (i) acts of God, war, or terrorist action; (ii) failure or shut-down of the Electronic Municipal Market Access system main tained by the MSRB; or (iii) to the extent beyond the Disclosure Dissemination Agent’s reasonable control, interruptions in telecommunications or utilities services, failure, malfunction or error of any telecommunications, computer or other electrical, mechanical or technological application, service or system, computer virus, interruptions in Internet service or tele phone service (including due to a virus, electrical delivery problem or similar occurrence) that affect Internet users generally, or in the local area in which the Disclosure Dissemination Agent or the MSRB is located, or acts of any government, regulatory or any other competent authority the effect of which is to prohibit the Disclosure Dissemination Agent from performance of its obligations under this Disclosure Certificate. “Holder” means any person (i) having the power, di rectly or indirectly, to vote or consent with respect to, or to dispose of ownership of, any Bonds (including pers ons holding Bonds through nominees, depositories or other intermediaries) or (ii) treated as the owner of any Bonds for federal income tax purposes.
“Information” means, collectively, the Annual Reports, the Audited Financial Statements (if any), the Notice Event notices, and the Failure to File Event notices. “Issuer” means the Santa Clarita Public Financing Authority. “MSRB” means the Municipal Securities Rulemaking Board established pursuant to Section 15B(b)(1) of the Securities Exchange Ac t of 1934 or any other entity designated or authorized by the Securities and Exchange Commission to receive reports pursuant to the Rule.
Until otherwise designated by the MSRB or the Securities and Exchange Commission, filings with the MSRB are to be made through the Electronic Municipal Marketplace Access (EMMA) website of the MSRB, currently located at http://emma.msrb.org. “Notice Event” means any of the events enumerated in paragraph (b)(5)(i)(C) of the Rule and listed in Section 4(a) of this Disclosure Certificate.
“Obligated Person” means any person, including th e City, who is either generally or through an enterprise, fund, or account of such person committed by contract or other arrangement to support payment of all, or part of the obligations on the Bonds (other than providers of municipal bond insurance, letters of credit, or other liquidity f acilities). With respect to the Bonds, only the City constitutes the Obligated Person.
“Official Statement” means that Official Stat ement, dated October ___, 2022, prepared by the Issuer and the City in connection with the Bonds.
“SEC” means the United States Securities and Exchange Commission. “Trustee” means U.S. Bank Trust Company, Na tional Association (formerly U.S. Bank National Association, as trustee under (a) the Indenture, dated as of October 1, 2020, as amended and supplemented by the First Supplemental Indenture, dated as of October 1, 2022 (as amended, the
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“Series A Indenture”), each by and between the Issuer and the Trustee, providing for the issuance of the Series A Bonds; and (b) the Indenture, dated as of June 1, 2016, as amended and supplemented by the First Supplemental Indenture, dated as of October 1, 2022 (as amended, the “Series B Indenture”), each by and between the Issuer and the Trustee, providing for the issuance of the Series B Bonds. The Series A Indenture and the Series B Indenture are collectively referred to herein as the “Indentures.”
SECTION 2. Provision of Annual Reports and Other Disclosures. (a) The City shall provide, annually, an electronic copy of the Annual Report and Certification to the Disclosure Dissemination Agent not later than the Annual Filing Date. Promptly upon receipt of an electronic copy of the Annual Report and the Certification, the Disclosure Dissemination Agent shall provide an Annual Report to the MSRB no later than March 31 following the end of each fiscal year, commencing with the report for Fiscal Year 2022-23. Such date and each anniversary thereof is the Annual Filing Date. The Annual Report may be submitte d as a single document or as separate documents comprising a package, and may cross-reference othe r information as provided in Section 3 of this Disclosure Certificate.
(b) If on the fifteenth (15th) day prior to the Annual Filing Date, the Disclosure Dissemination Agent has not received a copy of the Annual Report and Certification, the Disclosure Dissemination Agent shall contact the Disclosure Representative by telephone and in writing (which may be by e-mail) to remind the City of its undertaking to provide the Annual Report pursuant to Section 2(a). Upon such reminder, the Disclosure Representative shall either (i) provide th e Disclosure Dissemination Agent with an electronic copy of the Annual Report and the Certification no la ter than two (2) business days prior to the Annual Filing Date, or (ii) instruct the Disclosure Disseminati on Agent in writing that the City will not be able to file the Annual Report within the time required under th is Disclosure Certificate, state the date by which the Annual Report for such year will be provided and instruct the Disclosure Dissemination Agent that a Failure to File Event has occurred and to immediately send a notice to the MSRB in substantially the form attached as Exhibit A.
(c) If the Disclosure Dissemination Agent has not received an Annual Report and Certification by 6:00 p.m. Eastern time on the Annual Filing Date (o r, if such Annual Filing Date falls on a Saturday, Sunday or holiday, then the first business day thereafter) for the Annual Report, a Failure to File Event shall have occurred and the City irrevocab ly directs the Disclosure Dissemination Agent to immediately send a notice to the MSRB in substantially the form attached as Exhibit A wit hout reference to the anticipated filing date for the Annual Report.
(d) If Audited Financial Statements of the City are prepared but not available prior to the Annual Filing Date, the City shall, when the Audited Financial Statements are available, provide in a timely manner an electronic copy to the Disclosure Dissemin ation Agent, accompanied by a Certification, for filing with the MSRB.
(e) The Disclosure Dissemination Agent shall:
(i) verify the filing specifications of the MSRB each year prior to the Annual Filing Date;
(ii) upon receipt, promptly file each Annua l Report received under Sections 2(a) and 2(b) with the MSRB;
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(iii) upon receipt, promptly file each Audited Financial Statement received under Section 2(d) with the MSRB;
(iv) upon receipt, promptly file the text of each Notice Event received under Sections 4(a) and 4(b)(ii) with the MSRB, identifying the Notice Event as instructed by the City pursuant to Section 4(a) or 4(b)(ii) when filing pursuant to Section 4(c) of this Disclosure Certificate.
(v) upon receipt (or irrevocable direction purs uant to Section 2(c) of this Disclosure Certificate, as applicable), promptly fi le a completed copy of Exhibit A to this Disclosure Certificate with the MSRB, identifying the filing as “Failure to provide annual financial information as required” when filing pursuant to Section 2(b)(ii) or Section 2(c) of this Disclosure Certificate;
(f) The City may adjust the Annual Filing Date upon change of its fiscal year by providing written notice of such change and the new Annual Filing Date to the Disclosure Dissemination Agent, and the MSRB, provided that the period between the exis ting Annual Filing Date and new Annual Filing Date shall not exceed one year.
(g) Any Information received by the Disclosure Diss emination Agent before 6:00 p.m. Eastern time on any business day that it is required to file with the MSRB pursuant to the terms of this Disclosure Certificate and that is accompanied by a Certification and all other information required by the terms of this Disclosure Certificate will be filed by the Disclos ure Dissemination Agent with the MSRB no later than 11:59 p.m. Eastern time on the same business day; provided, however, the Disclosure Dissemination Agent shall have no liability for any delay in filing with the MSRB if such delay is caused by a Force Majeure Event provided that the Disclosure Dissemination Agent uses reasonable efforts to make any such filing as soon as possible.
SECTION 3. Content of Annual Reports.
(a) Each Annual Report shall contain an update of the following information with respect to the City’s preceding Fiscal Year (to the extent not included in the audited financial statements described in paragraph (b) below):
(i) [Outstanding indebtedness and lease oblig ations similar to information found in Table 9;
(ii) General fund balance sheet, statemen t of revenues, expenditures and changes in fund balance budget and actual results for preceding Fiscal Year similar to information found in Tables 1, 2 and 3;
(iii) Assessed valuations similar to information found in Table 4; (iv) Largest local secured taxpayers similar to information found in Table 7; and (v) Tax revenue by sources similar to information found in Table 8.] (b) Audited Financial Statements prepared in accordance with generally accepted accounting principles (“GAAP”) as described in the Official Statement will also be included in the Annual Report. If audited financial statements are not available, then, unaudited financial statements, prepared in accordance
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with GAAP as described in the Official Statement will be included in the Annual Report. Audited Financial Statements (if any) will be provided pursuant to Section 2(d).
Any or all of the items listed above may be included by specific reference to other documents, including official statements of debt issues with resp ect to which the City is an Obligated Person, which have been previously filed with the Securities and Exchange Commission or available to the public on the MSRB Internet website. If the document incorporated by reference is a final official statement, it must be available from the MSRB. The City will clearly identify each such document so incorporated by reference.
Any Annual Financial Information containing modified operating data or financial information is required to explain, in narrative form, the reasons for the modification and the impact of the change in the type of operating data or financial information being provided.
SECTION 4. Reporting of Notice Events.
(a) The occurrence of any of the following even ts with respect to the Bonds constitutes a Notice Event:
1. Principal and interest payment delinquencies;
2. Non-payment related defaults, if material;
3. Unscheduled draws on debt service reserves reflecting financial difficulties;
4. Unscheduled draws on credit enhancements reflecting financial difficulties;
5. Substitution of credit or liquidity providers, or their failure to perform;
6. Adverse tax opinions, the issuance by the Internal Revenue Service of proposed or final determinations of taxability, No tices of Proposed Issue (IRS Form 5701- TEB) or other material notices or determina tions with respect to the tax status of the Bonds, or other material events affecting the tax status of the Bonds;
7. Modifications to rights of Bond holders, if material;
8. Bond calls, if material, and tender offers;
9. Defeasances;
10. Release, substitution, or sale of proper ty securing repayment of the Bonds, if material;
11. Rating changes;
12. Bankruptcy, insolvency, receivership or similar event of the Obligated Person;1
1 For the purposes of the event described in subsection (12), the event is considered to occur when any of the following occur: the appointment of a receiver, fiscal agent or similar officer for an Obligated Person in a proceeding under the U.S. Bankruptcy Code or in any other proceeding under state or federal law in which a court or governmental authority has assumed jurisdiction over substantially all of the assets or business of the Obligated Person, or if such jurisdiction has been assumed by leaving the existing governing body and officials or officers in possession but subject to the
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13. The consummation of a merger, consolid ation, or acquisition involving an Obligated Person or the sale of all or substantially all of the assets of the Obligated Person, other than in the ordinary cour se of business, the entry into a definitive Certificate to undertake such an action or the termination of a definitive Certificate relating to any such actions, other than pursuant to its terms, if material;
14. Appointment of a successor or additional trustee or the change of name of a trustee, if material;
15. Incurrence of a Financial Obligation of an Obligated Person, if material, or agreement to covenants, events of default, remedies, priority rights, or other similar terms of a Financial Obligation of an Obligated Person, any of which affect security holders, if material; and
16. Default, event of acceleration, termination event, modification of terms, or other similar events under the terms of a Financ ial Obligation of an Obligated Person, any of which reflect financial difficulties.
The City shall, in a timely manner not in excess of te n (10) business days after its occurrence, notify the Disclosure Dissemination Agent in writing of the occurrence of a Notice Event. Such notice shall instruct the Disclosure Dissemination Agent to report the o ccurrence pursuant to subsection (c) and shall be accompanied by a Certification. Such notice or Cer tification shall identify the Notice Event that has occurred (which shall be any of the categories set forth in Section 2(e)(iv) of this Disclosure Certificate), include the text of the disclosure that the City desires to make, contain the written authorization of the City for the Disclosure Dissemination Agen t to disseminate such information, and identify the date the City desires for the Disclosure Dissemination Agent to dissemi nate the information (provided that such date is not later than the tenth business day after the occurrence of the Notice Event). (b) The Disclosure Dissemination Agent is under no obligation to notify the City or the Disclosure Representative of an event that may constitu te a Notice Event. In the event the Disclosure Dissemination Agent so notifies the Disclosure Represen tative, the Disclosure Representative will within two business days of receipt of such notice (but in an y event not later than the tenth business day after the occurrence of the Notice Event, if the City determines that a Notice Event has occurred), instruct the Disclosure Dissemination Agent that (i) a Notice Event has not occurred and no filing is to be made or (ii) a Notice Event has occurred and the Disclosure Dissemination Agent is to report the occurrence pursuant to subsection (c) of this Section 4, together with a Certification. Such Certification shall identify the Notice Event that has occurred (which shall be any of the categories set forth in Section 2(e)(iv) of this Disclosure Certificate), include the text of the disclosure that the City desires to make, contain the written authorization of the City for the Disclosure Dissemination Agent to disseminate such information, and identify the date the City desires for the Disclosure Dissemination Agent to disseminate the information (provided that such date is not later than the tenth business day after the occurrence of the Notice Event). (c) If the Disclosure Dissemination Agent has been instructed by the City as prescribed in subsection (a) or (b)(ii) of this Section 4 to re port the occurrence of a No tice Event, the Disclosure Dissemination Agent shall promptly file a notice of such occurrence with the MSRB in accordance with Section 2(e)(iv) hereof.
supervision and orders of a court or governmental authority, or the entry of an order confirming a plan of reorganization, arrangement or liquidation by a court or governmental authority having supervision or jurisdiction over substantially all of the assets or business of the Obligated Person.
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SECTION 5. CUSIP Numbers. Whenever providing information to the Disclosure Dissemination Agent, including but not limited to Annual Reports, documents incorporated by reference to the Annual Reports, Audited Financial Statements, Notice Event notices, and Failure to File Event notices, the City shall indicate the full name of the Bonds and the 9-digit CUSIP numbers for the Bonds as to which the provided information relates.
SECTION 6. Additional Disclosure Obligations. The City acknowledges and understands that other state and federal laws, including but not lim ited to the Securities Act of 1933 and Rule 10b-5 promulgated under the Securities Exchange Act of 1934, ma y apply to the City, and that the failure of the Disclosure Dissemination Agent to so advise the Ci ty shall not constitute a breach by the Disclosure Dissemination Agent of any of its duties and responsib ilities under this Disclosure Certificate. The City acknowledges and understands that the duties of the Di sclosure Dissemination Agent relate exclusively to execution of the mechanical tasks of disseminating information as described in this Disclosure Certificate.
SECTION 7. Voluntary Filings. Nothing in this Discl osure Certificate shall be deemed to prevent the City from disseminating any other inform ation through the Disclosure Dissemination Agent using the means of dissemination set forth in this Disclosure Certificate or including any other information in any Annual Report, Audited Financ ial Statements, Notice Event notice, or Failure to File Event notice, in addition to that required by this Disclosure Certificate. If the City chooses to include any information in any Annual Report, Audited Financial Statements, Notice Event notice, or Failure to File Event notice in addition to that which is specifically required by this Disclosure Certificate, the City shall have no obligation under this Disclosure Certificate to update such information or include it in any future Annual Report, Audited Financial Statements, Notice Event notice, or Failure to File Event notice.
SECTION 8. Termination of Reporting Obligation. The obligations of the City and the Disclosure Dissemination Agent under this Disclosure Certificate shall terminate with respect to the Bonds upon the legal defeasance, prior redemption or payment in full of all of the Bonds, when the City is no longer an Obligated Person with respect to such Bonds, or upon delivery by the Disclosure Representative to the Disclosure Dissemination Agent of an opinion of nationally recognized bond counsel to the effect that continuing disclosure is no longer required with respect to such Bonds.
SECTION 9. Disclosure Dissemination Agent. Digital Assurance Certification LLC will serve as the initial Disclosure Dissemination Agent under this Disclosure Certificate. The City may, upon thirty days written notice to the Disclosure Dissemination Ag ent and the Trustee, replace or appoint a successor Disclosure Dissemination Agent. Upon termination of the Disclosure Dissemination Agent, whether by notice of the City or the Disclosure Dissemination Agent, the City agrees to appoint a successor Disclosure Dissemination Agent or, alternately, agrees to assu me all responsibilities of Disclosure Dissemination Agent under this Disclosure Certificate for the benefit of the Holders of the Bonds. Notwithstanding any replacement or appointment of a successor, the City sh all remain liable, until payment in full, for any and all sums owed and payable to the Disclosure Dissemi nation Agent. The Disclosure Dissemination Agent may resign at any time by providing thirty days’ prior written notice to the City.
SECTION 10. Remedies in Event of Default. In the event of a failure of the City or the Disclosure Dissemination Agent to comply with any provision of this Disclosure Certificate, the Holders’ rights to enforce the provisions of this Disclosure Certificate shall be limited solely to a right, by action in mandamus or for specific performance, to compel performance of the parties’ obligation under this Disclosure Certificate. Any failure by a party to perform in accordance with this Disclosure Certificate shall not constitute a default on the Bonds or under any othe r document relating to the Bonds, and all rights and remedies shall be limited to those expressly stated herein.
SECTION 11. Duties, Immunities and Liabilities of Disclosure Dissemination Agent.
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(a) Article VI of each of the Indentures is hereby made applicable to this Disclosure Certificate as if this Disclosure Certificate were (solely for this purpose) contained in the Indentures. The Disclosure Dissemination Agent shall be entitled to the protections and limitations from liability afforded to the Trustee thereunder. The Disclosure Dissemination Agent shall have only such duties as are specifically set forth in this Disclosure Certificate. and the City agrees to indemnify and save the Disclosure Dissemination Agent, the Trustee, their officers, directors, employees and agents, harmless against any loss, expense and liabilities which it may incur arising out of the disclosure of info rmation pursuant to this Disclosure Certificate or arising out of or in the exercise or performance of its powers and duties hereunder, including the costs and expenses (including attorneys’ fees) of defending against any claim of liability, but excluding liabilities due to the Disclosure Dissemination Agent’s negligence or willful misconduct. The Disclosure Dissemination Agent’s obligation to deliver the information at the ti mes and with the contents described herein shall be limited to the extent the City has provided such in formation to the Disclosure Dissemination Agent as required by this Disclosure Certificate. The Disclosure Dissemination Agent shall have no duty with respect to the content of any disclosures or notice made pursuant to the terms hereof. The Disclosure Dissemination Agent shall have no duty or obligation to review or verify any Information or any other information, disclosures or notices provided to it by the City and sh all not be deemed to be acting in any fiduciary capacity for the City, the Holders of the Bonds or any other party. The Disclosure Dissemination Agent shall have no responsibility for the City’s failure to report to the Disclosure Dissemination Agent a Notice Event or a duty to determine the materiality thereof. The Disclosur e Dissemination Agent shall have no duty to determine, or liability for fa iling to determine, whether the City has complied with this Disclosure Certificate. The Disclosure Dissemination Agent may c onclusively rely upon certifications of the City at all times.
The obligations of the City under this Section sh all survive resignation or removal of the Disclosure Dissemination Agent and defeasance, redemption or payment of the Bonds. (b) The Disclosure Dissemination Agent may, from time to time, consult with legal counsel (either in-house or external) of its own choosing in the event of any disagreement or controversy, or question or doubt as to the construction of any of the provisions hereof or its respective duties hereunder, and shall not incur any liability and shall be fully protected in acting in good faith upon the advice of such legal counsel. The reasonable fees and expenses of such counsel shall be payable by the City. (c) All documents, reports, notices, statements, in formation and other materials provided to the MSRB under this Disclosure Certificate shall be provided in an electronic format and accompanied by identifying information as prescribed by the MSRB.
SECTION 12. Amendment; Waiver. Notwithstanding a ny other provision of this Disclosure Certificate, the City and the Disclosure Dissemina tion Agent may amend this Disclosure Certificate and any provision of this Disclosure Certificate may be wa ived, if such amendment or waiver is supported by an opinion of counsel expert in federal securities la ws acceptable to both the City and the Disclosure Dissemination Agent to the effect that such amendment or waiver does not materially impair the interests of Holders of the Bonds and would not, in and of itself, cause the undertakings herein to violate the Rule if such amendment or waiver had been effective on the date hereof but taking into account any subsequent change in or official interpretation of the Rule; provided neither the City nor the Disclosure Dissemination Agent shall be obligated to agree to any amendment modifying their respective duties or obligations without their consent thereto.
Notwithstanding the preceding paragraph, the Disclosure Dissemination Agent shall have the right but not the duty to adopt amendments to this Disclosure Certificate necessary to comply with modifications to and interpretations of the provisions of the Rule as announced by the Securities and Exchange Commission from time to time by giving not less than 20 days prior written notice of the intent to do so together with a
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copy of the proposed amendment to the City. No such amendment shall become effective if the City shall, within 10 days following the giving of such notice, send a notice to the Disclosure Dissemination Agent in writing that it objects to such amendment.
SECTION 13. Beneficiaries. This Disclosure Certificate shall inure solely to the benefit of the City, the Trustee of the Bonds, the Disclosure Dissem ination Agent, the participating underwriter (as defined in the Rule), and the Holders from time to time of the Bonds, and shall create no rights in any other person or entity.
SECTION 14. Governing Law. This Disclosure Certificate shall be governed by the laws of the State of California (other than with respect to conflicts of laws).
The City has caused this Disclosure Certificate to be executed, on the date first written above.
CITY OF SANTA CLARITA, as Obligated Person
By: _________________________________________
Kenneth W. Striplin, Ed.D, City Manager
ACCEPTED AND AGREED TO:
DIGITAL ASSURANCE CERTIFICATION LLC,
as Disclosure Dissemination Agent
By:
Name:
Title:
A-1
EXHIBIT A
NOTICE TO MSRB OF FAILURE TO FILE ANNUAL REPORT
Issuer: Santa Clarita Public Financing Authority
Obligated Person: City of Santa Clarita, California
Name of Bond Issue: $________ _________ Santa Clarita Public Financing Authority Lease Revenue Bonds (Energy Efficiency Program), Series 2022A (Green Bonds)
and
$____________________ Santa Clarita Public Financing Authority Lease Revenue Bonds (Energy Efficiency Program), Series 2022B (Green Bonds)
Date of Issuance: October __, 2022
NOTICE IS HEREBY GIVEN that the City of Sa nta Clarita (the “City”) has not provided an Annual Report with respect to the above-named Bonds as required by the Disclosure Certificate of the City.
The City anticipates that the Annual Report will be filed by ____________.
Dated: ______, 20__
Digital Assurance Certification LLC, as Disclosure
Dissemination Agent