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NO LITIGATION <br /> <br /> There is no action, suit, or proceeding known by the City to be pending at <br />the present time restraining or enjoining the delivery of the Bonds or in any <br />way contesting or affecting the validity of the Bonds or any proceedings of <br />the City taken with respect to the execution or delivery thereof. A no <br />litigation certificate executed by the City Attorney will be required to be <br />delivered to the Underwriters simultaneously with the delivery of the Bonds. <br /> <br />NO RATING <br /> <br /> The City has not made, and does not contemplate making, application to any <br />rating agency for the assignment of a rating to the Bonds. <br /> <br />UNDERWRITING <br /> <br /> Stone & Youngberg, the Underwriters, have purchased the Bonds from the <br />City at an aggregate discount of $ from the total par value of <br />Bonds as set forth on the cover page of this Offering Memorandum. The public <br />offering prices may be changed from time to time by the Underwriters. The <br />Underwriters may offer and sell Bonds to certain dealers and others at a price <br />lower than the offering price stated on the cover page hereof. <br /> <br />-38- <br /> <br /> <br />