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regional charges and fees established by DSRSD and to transfer the amount collected <br /> to DSRSD. Revenues generated from Pleasanton's local collection and transmission <br /> system are not used to make payments to LAVWMA. <br /> 2. Preliminary Official Statement. Stifel, Nicolaus & Company, Incorporated, the <br /> underwriter of the 2021 Bonds (the "Underwriter") will distribute the Preliminary Official <br /> Statement to potential investors in the 2021 Bonds. The Preliminary Official Statement <br /> describes the 2021 Bonds and the security for the 2021 Bonds. <br /> Pleasanton has provided information for the Preliminary Official Statement, including (i) <br /> the information about Pleasanton's wastewater system in the section of the Preliminary <br /> Official Statement entitled "CITY OF PLEASANTON" (the "Pleasanton Section") and (ii) <br /> excerpts from Pleasanton's audited financial statements, which are appended to the <br /> Preliminary Official Statement as part of Appendix A. In connection with the distribution <br /> of the Preliminary Official Statement, Pleasanton will certify that the Preliminary Official <br /> Statement includes all material information about Pleasanton and its wastewater <br /> collection and transmission system. <br /> The distribution of the information about Pleasanton to be included in the Preliminary <br /> Official Statement is subject to federal securities laws, including the Securities Act of <br /> 1933 and the Securities Exchange Act of 1934. These laws require the Preliminary <br /> Official Statement to include all facts that would be material to an investor in the 2021 <br /> Bonds. Material information is information that there is a substantial likelihood would <br /> have actual significance in the deliberations of the reasonable investor when deciding <br /> whether to buy or sell the 2021 Bonds. If the City Council concludes that the <br /> Pleasanton Section and the excerpts from Pleasanton's audited financial statements <br /> include all facts about Pleasanton that would be material to an investor in the 2021 <br /> Bonds, it must adopt a resolution that authorizes staff to execute a certificate to the <br /> effect that the information about Pleasanton in the Preliminary Official Statement has <br /> been "deemed final." <br /> The Securities and Exchange Commission (the "SEC"), the agency with regulatory <br /> authority over Pleasanton's compliance with the federal securities laws, has issued <br /> guidance as to the duties of the City Council with respect to its approval of the <br /> information about Pleasanton in the Preliminary Official Statement. In its "Report of <br /> Investigation in the Matter of County of Orange, California as it Relates to the Conduct <br /> of the Members of the Board of Supervisors" (Release No. 36761 / January 24, 1996) <br /> (the "Release"), the SEC indicated that, if a member of the City Council has knowledge <br /> of any facts or circumstances that an investor would want to know about prior to <br /> investing in the 2021 Bonds, or otherwise, he or she should endeavor to discover <br /> whether such facts are adequately disclosed in the Preliminary Official Statement. In the <br /> Release, the SEC indicated that the steps that a member of the City Council could take <br /> include becoming familiar with the information about Pleasanton in the Preliminary <br /> Official Statement and questioning staff and consultants about the disclosure of such <br /> facts. <br /> Staff recently provided background materials to members of the City Council about their <br /> responsibilities under federal securities laws. <br /> 3. Continuing Disclosure Certificate. To comply with federal securities law, the <br /> Page 4 of 6 <br />