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77 The Members intend to continue complying with the provisions of Articles XIIIC and XIIID and implementing legislation in connection with future rate increases, as such requirements may be interpreted by state courts. Conclusion. It is not possible to predict how courts will interpret Article XIIIC and Article XIIID in future judicial decisions, and what, if any, further implementing legislation will be enacted. Under the Bighorn case, local voters could adopt an initiative measure that reduces or repeals the Members’ rates and charges, although it is not clear whether (and California courts have not decided whether) any such reduction or repeal by initiative would be enforceable in a situation in which such rates and charges are pledged to the repayment of bonds or other indebtedness. There can be no assurance that the courts will not further interpret, or the voters will not amend, Article XIIIC and Article XIIID to limit the ability of local agencies to impose, levy, charge and collect increased fees and charges for utility service, or to call into question previously adopted utility rate increases. Future Initiatives Articles XIIIB, XIIIC and XIIID were adopted as measures that qualified for the ballot pursuant to California’s initiative process. From time to time other initiatives could be proposed and adopted affecting the Members’ revenues or ability to increase revenues. RISK FACTORS The following section describes certain risk factors affecting the payment of and security for the 2021 Bonds. The following discussion of risks is not meant to be an exhaustive list of the risks associated with the purchase of the 2021 Bonds and the order in which the matters are listed does not necessarily reflect the relative importance of the various issues. Potential investors are advised to consider the following factors, along with all other information in this Official Statement, in evaluating the 2021 Bonds. There can be no assurance that other risk factors will not become material in the future. Potential Impact of COVID-19 Pandemic The COVID-19 pandemic is materially adversely affecting the local, state and world economies. None of LAVWMA or the Members can currently predict the extent or duration of the outbreak or what ultimate impact it may have on their respective finances or operations. See “COVID-19 PANDEMIC.” General The payment of principal of and interest on the 2021 Bonds is secured solely by a pledge of LAVWMA Net Revenues to the extent necessary to pay debt service on the Bonds (consisting principally of Payments of the Members made from Member Net Revenues) and certain funds under the Indenture. The realization of LAVWMA Net Revenues is subject to, among other things, the capabilities of management of LAVWMA and the Members, the ability of LAVWMA to provide wastewater disposal service to Members, the ability of the Members to provide wastewater services to their users, and the ability of the Members to establish and maintain wastewater fees