158220000 CITY OF OAKLAND, CALIFORNIA 2015-2016 TAX AND REVENUE ANTICIPATION

312 Pages·2015·13.32 MB·English

NEW ISSUE - BOOK-ENTRY ONLY RATINGS:
Moody’s: “MIG 1”
Standard & Poor’s: “SP-1+”
(See “RATINGS” herein)
In the opinion of Hawkins Delafield & Wood LLP, Bond Counsel to the City, under existing statutes and court decisions and assuming continuing
compliance with certain tax certifications described herein, (i) interest on the Series A Notes is excluded from gross income for Federal income tax
purposes pursuant to Section 103 of the Internal Revenue Code of 1986, as amended (the “Code”), and (ii) interest on the Series A Notes is not treated as a
preference item in calculating the alternative minimum tax imposed on individuals and corporations under the Code; such interest, however, is included in
the adjusted current earnings of certain corporations for purposes of calculating the alternative minimum tax imposed on such corporations. Interest on
the Series B Notes is included in gross income for Federal income tax purposes pursuant to the Code. In addition, in the opinion of Bond Counsel, under
existing statutes, interest on the Notes is exempt from State of California personal income tax. See “TAX MATTERS – TAX-EXEMPT NOTES” and “TAX
MATTERS – TAXABLE NOTES” herein.
$158,220,000
CITY OF OAKLAND, CALIFORNIA
2015-2016 TAX AND REVENUE ANTICIPATION NOTES
$49,245,000 Series A $108,975,000 Series B (Federally Taxable)
Interest Rate: 2.00% Interest Rate: 1.00%
Yield: 0.29% Yield: 0.42%
†
CUSIP No. : 672240TD0 CUSIP No.†: 672240TE8
Dated: Date of Delivery Maturity Date: June 30, 2016
The City of Oakland, California (the “City”) 2015-2016 Tax and Revenue Anticipation Notes, Series A (the “Series A Notes”) and 2015-
2016 Tax and Revenue Anticipation Notes, Series B (Federally Taxable) (the “Series B Notes” and, together with the Series A Notes, the “Notes”)
are being issued pursuant to Ordinance No. 13308 C.M.S. of the City adopted on May 19, 2015 (the “Ordinance”) to finance General Fund
expenditures, including, but not limited to, current expenses, capital expenditures and the discharge of other obligations of the City. The Notes will
be issued as fixed-rate notes in fully registered form.
This cover page contains certain information for quick reference only and is not a summary of the transaction. Investors must read the
entire Official Statement to obtain information essential to the making of an informed investment decision.
The Notes, when issued, will be registered in the name of Cede & Co., as nominee for The Depository Trust Company (“DTC”) which will
act as the securities depository for the Notes. Purchases of the Notes will be made only through DTC Participants under the book-entry system
maintained by DTC in the denominations of $5,000 or any integral multiple thereof. Purchasers will not receive certificates representing their
ownership interest in the Notes purchased.
The Notes will be dated the date of delivery thereof and will not be subject to redemption prior to maturity. The Notes will bear interest at a
fixed rate per annum as set forth above from their dated date to their maturity date. Principal of and interest on the Notes are payable on their
maturity date. See “THE NOTES.”
In accordance with California law, the Notes are general obligations of the City payable from those taxes, income, revenue, cash receipts and
other moneys which are received by the City for the General Fund of the City for the Fiscal Year 2015-16 and which are available for the payment of
current expenses and other obligations of the City. Pursuant to the Ordinance, as security for the payment of the principal of and interest on the Notes,
the City has pledged and will deposit into the Special Account held by the Fiscal Agent the following amounts (the “Pledged Moneys”): (i) an amount
equal to fifty percent (50%) of the principal amount of the Series A Notes, from unrestricted moneys on deposit with the City during the period
commencing March 1, 2016 and ending March 31, 2016; (ii) an amount equal to fifty percent (50%) of the principal amount of, and all of the interest
on, the Series A Notes, from unrestricted moneys on deposit with the City during the period commencing May 2, 2016 and ending May 31, 2016; (iii)
on or before the last day of each month commencing July 31, 2015 through and including April 30, 2016, an amount equal to 1/11 of the principal
amount of the Series B Notes, from unrestricted moneys on deposit with the City during the period commencing on the first day of each such month to
the last day of each such month, as applicable; and (iv) on or before May 31, 2016, an amount equal to 1/11 of the principal amount of the Series B
Notes and all of the interest on the Series B Notes, from unrestricted moneys on deposit with the City during the period commencing May 2, 2016 and
ending May 31, 2016.
Pursuant to the Ordinance and the Fiscal Agent Agreement, dated as of July 1, 2015 (the “Fiscal Agent Agreement”), between the City and
Wilmington Trust, National Association, a national banking association organized and existing under the laws of the United States of America (the
“Fiscal Agent”), the City shall pay such Pledged Moneys to the Fiscal Agent by the last day of the respective periods set forth above for deposit in
the Special Account (as defined herein). Amounts in the Special Account are pledged to, and will be applied by the Fiscal Agent to, pay principal of,
and interest on, the Notes as such Notes mature. See “SECURITY FOR THE NOTES.”
The Notes were sold through competitive sales in accordance with the Official Notices of Sale.
The Notes are offered when, as and if issued by the City and received by the successful bidders, subject to the approval of validity by
Hawkins Delafield & Wood LLP, Bond Counsel to the City. Certain other legal matters will be passed upon for the City by the City Attorney and
certain other legal services will be provided to the City by Stradling Yocca Carlson & Rauth, a Professional Corporation, Disclosure Counsel to
the City. It is expected that the Notes will be available for delivery through the facilities of DTC on or about July 1, 2015.
Dated: June 10, 2015

† Copyright 2015, American Bankers Association. CUSIP® is a registered trademark of the American Bankers Association. CUSIP data herein is provided by the CUSIP
Service Bureau, managed on behalf of the American Bankers Association by Standard & Poor’s. This data is not intended to create a database and does not serve in any way as a
substitute for the CUSIP Services Bureau. CUSIP numbers have been assigned by an independent company not affiliated with the City and are included solely for the
convenience of the registered owners of the applicable Notes. Neither the City nor the Underwriters are responsible for the selection or uses of these CUSIP numbers, and no
representation is made as to their correctness on the applicable Notes or as included herein.
No dealer, broker, salesperson, or other person has been authorized by the City to give any
information or to make any representation other than those contained herein and, if given or made, such
other information or representation must not be relied upon as having been authorized by the City. This
Official Statement does not constitute an offer to sell nor the solicitation of an offer to buy nor shall there
be any sale of the Notes by a person in any jurisdiction in which it is unlawful for such person to make
such offer, solicitation or sale.
This Official Statement is not to be construed as a contract with the purchasers of the Notes.
Statements contained in this Official Statement, which involve estimates, forecasts or matters of opinion,
whether or not expressly so described herein, are intended solely as such and are not to be construed as
representation of facts. No representation is made that any past experience, as shown by any financial or
other information herein, will necessarily continue or be repeated in the future. The information set forth
in this Official Statement has been obtained from official sources and other sources, which are believed to
be reliable, but the accuracy or completeness of such information is not guaranteed by, and should not be
construed as a promise by, the City.
The information and expressions of opinions herein are subject to change without notice, and
neither delivery of this Official Statement nor any sale made hereunder shall, under any circumstances,
create any implication that there has been no change in the affairs of the City since the date hereof. This
Official Statement is submitted with respect to the initial sale of the Notes referred to herein and may not
be reproduced or used, in whole or in part, for any other purpose, unless authorized in writing by the City.
All summaries of the documents and laws are made subject to the provisions thereof and do not purport to
be complete statements of any or all such provisions.
Certain statements in this Official Statement, which may be identified by the use of such terms as
“plan,” “expect,” “estimate,” “budget” or other similar words, constitute “forward-looking statements.”
Such forward-looking statements include, but are not limited to, statements under the captions “CASH
FLOW PROJECTIONS,” “SPECIAL RISK FACTORS” and “APPENDIX A - CERTAIN
INFORMATION CONCERNING THE CITY OF OAKLAND - FINANCIAL INFORMATION,” and”-
OTHER FISCAL INFORMATION.” Such forward-looking statements refer to the achievement of certain
results or other expectations of performance, which involve known and unknown risks, uncertainties and
other factors. These risks, uncertainties and other factors may cause actual results, performance or
achievements to be materially different from any projected results, performance or achievements
described or implied by such forward-looking statements. The City does not plan to issue updates or
revisions to such forward-looking statements if or when its expectations, or events, conditions or
circumstances on which such statements are based, occur, or if actual results, performance or
achievements are materially different from any results, performance or achievements described or implied
by such forward-looking statements.
The Underwriters have reviewed the information in this Official Statement in accordance with,
and as part of, their responsibilities to investors under the federal securities laws as applied to the facts
and circumstances of this transaction, but the Underwriters do not guarantee the accuracy or completeness
of such information.
CITY OF OAKLAND
County of Alameda, California
CITY COUNCIL
Lynette Gibson McElhaney (District 3) Rebecca Kaplan (At-Large)
President of the City Council Councilmember and Vice Mayor
Larry Reid (District 7) Dan Kalb (District 1)
President Pro Tem of the City Council Councilmember
Abel J. Guillen (District 2) Anne Campbell Washington (District 4)
Councilmember Councilmember
Noel Gallo (District 5) Desley Brooks (District 6)
Councilmember Councilmember
CITY OFFICIALS
Libby Schaaf, Mayor
John A. Flores, Interim City Administrator
Brenda D. Roberts, City Auditor
Barbara Parker, City Attorney
LaTonda Simmons, City Clerk
Katano Kasaine, Treasurer
Bond Counsel Disclosure Counsel
Hawkins Delafield & Wood LLP Stradling Yocca Carlson & Rauth, a Professional
San Francisco, California Corporation
San Francisco, California
Financial Advisor Fiscal Agent
Public Financial Management , Inc. Wilmington Trust, National Association
San Francisco, California Costa Mesa, California
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TABLE OF CONTENTS
PAGE
INTRODUCTORY STATEMENT .................................................................................................................... 1 
THE NOTES ........................................................................................................................................................ 1 
Description of the Notes ............................................................................................................................... 1 
Book-Entry-Only System .............................................................................................................................. 2 
SECURITY FOR THE NOTES .......................................................................................................................... 3 
General........................................................................................................................................................... 3 
Special Account ............................................................................................................................................. 4 
Lien in Bankruptcy ........................................................................................................................................ 4 
Available Sources of Repayment .................................................................................................................. 4 
Cash Flow Projections .................................................................................................................................. 5 
GENERAL CITY INFORMATION ................................................................................................................... 9 
City Government ........................................................................................................................................... 9 
City Investment Policy .................................................................................................................................. 9 
SPECIAL RISK FACTORS ................................................................................................................................ 9 
Limitations on Remedies in Event of Default .............................................................................................. 9 
Bankruptcy .................................................................................................................................................. 10 
Federal Income Tax Consequences ............................................................................................................ 10 
Loss of Tax Exemption ............................................................................................................................... 10 
CONSTITUTIONAL AND STATUTORY LIMITATIONS ON TAXES AND APPROPRIATIONS ....... 11 
Article XIII A of the State Constitution ..................................................................................................... 11 
Article XIII B of the State Constitution ...................................................................................................... 12 
Articles XIII C and XIII D of the State Constitution ................................................................................. 12 
Proposition 26 .............................................................................................................................................. 13 
Future Initiatives .......................................................................................................................................... 14 
TAX MATTERS - TAX-EXEMPT NOTES .................................................................................................... 14 
Opinion of Bond Counsel ........................................................................................................................... 14 
Certain Ongoing Federal Tax Requirements and Certifications ................................................................ 15 
Certain Collateral Federal Tax Consequences ........................................................................................... 15 
Note Premium ............................................................................................................................................. 16 
Information Reporting and Backup Withholding ....................................................................................... 16 
Miscellaneous .............................................................................................................................................. 16 
TAX MATTERS - TAXABLE NOTES ........................................................................................................... 17 
Taxable Notes .............................................................................................................................................. 17 
Acquisition Discount on Short-Term Taxable Notes ................................................................................. 17 
Note Premium ............................................................................................................................................. 18 
Disposition and Defeasance ........................................................................................................................ 18 
Backup Withholding and Information Reporting ....................................................................................... 18 
U.S. Holders ................................................................................................................................................ 18 
Miscellaneous .............................................................................................................................................. 19 
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CERTAIN LEGAL MATTERS ........................................................................................................................ 19 
CONTINUING DISCLOSURE ........................................................................................................................ 19 
LITIGATION ..................................................................................................................................................... 19 
UNDERWRITING ............................................................................................................................................ 20 
FINANCIAL ADVISOR ................................................................................................................................... 20 
RATINGS .......................................................................................................................................................... 20 
FINANCIAL STATEMENTS .......................................................................................................................... 21 
ADDITIONAL INFORMATION ..................................................................................................................... 21 

APPENDIX A - CERTAIN INFORMATION CONCERNING THE CITY OF OAKLAND ............ A-1
APPENDIX B - COMPREHENSIVE ANNUAL FINANCIAL REPORT OF THE CITY FOR
THE FISCAL YEAR ENDED JUNE 30, 2014 .......................................................... B-1
APPENDIX C - CITY OF OAKLAND INVESTMENT POLICY FOR FISCAL YEAR 2014-15 .... C-1
APPENDIX D - FORM OF OPINION OF BOND COUNSEL ............................................................ D-1
APPENDIX E - PROPOSED FORM OF CONTINUING DISCLOSURE CERTIFICATE ............... E-1
APPENDIX F - BOOK-ENTRY ONLY SYSTEM .............................................................................. F-1

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$158,220,000
CITY OF OAKLAND, CALIFORNIA
2015-2016 TAX AND REVENUE ANTICIPATION NOTES

$49,245,000 Series A $108,975,000 Series B (Federally Taxable)
Interest Rate: 2.00% Interest Rate: 1.00%
Yield: 0.29% Yield: 0.42%
INTRODUCTORY STATEMENT
This Official Statement, which includes the cover and Appendices hereto, provides information in
connection with the sale of the City of Oakland, California (the “City”) $49,245,000 2015-2016 Tax and
Revenue Anticipation Notes, Series A (the “Series A Notes”) and $108,975,000 2015-2016 Tax and
Revenue Anticipation Notes, Series B (Federally Taxable) (the “Series B Notes” and, together with the
Series A Notes, the “Notes”). The Notes are issued pursuant to the Charter of the City of Oakland (the
“City”) and the Constitution and laws of the State of California (the “State”), including Title 5, Division
2, Part I, Chapter 4, Article 7.6 (commencing with Section 53850 of the Government Code of the State
(the “Law”)). Under the Law, the Notes are general obligations of the City payable from those taxes,
income, revenues, cash receipts and other moneys which are received by the City for the General Fund of
the City for the Fiscal Year 2015-16 and which are available for the payment of current expenses and
other obligations of the City (the “Unrestricted Moneys”). The Notes are authorized pursuant to
Ordinance No. 13308 C.M.S. of the City adopted on May 19, 2015 (the “Ordinance”). The City may,
under the Law, issue the Notes only if the principal of and interest on the Notes will not exceed
eighty-five percent (85%) of the estimated Unrestricted Moneys legally available for the payment of the
Notes.
Proceeds from the sale of the Notes will be used for current General Fund expenditures including,
but not limited to, current expenses, capital expenditures and the discharge of other obligations or
indebtedness of the City. The City intends to prepay its CalPERS pension payments for Fiscal Year
2015-16 with the proceeds of the Series B Notes.
THE NOTES
Description of the Notes
The Notes will be issued in the aggregate principal amount of $158,220,000 and will be in
denominations of $5,000 or any integral multiple thereof. The Notes will be dated their date of issuance
and delivery, and will mature on the date, and will bear interest at the rate, set forth on the cover page
hereof. Interest on the Notes will be payable at maturity and computed on the basis of a 30-day
month/360-day year basis.
The Notes are not subject to redemption prior to maturity.
In connection with the issuance of the Notes, the City will enter into the Fiscal Agent Agreement,
dated as of July 1, 2015 (the “Fiscal Agent Agreement”), between the City and Wilmington Trust,
National Association, a national banking association organized and existing under the laws of the United
States of America (the “Fiscal Agent”).
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Book-Entry-Only System
The City will issue the Notes as fully registered notes, in the principal amount set forth on the
cover page hereof, in the name of Cede & Co., as nominee of The Depository Trust Company (“DTC”).
DTC will act as securities depository for the Notes. The Notes will be available to Beneficial Owners
(defined in “APPENDIX F - BOOK-ENTRY ONLY SYSTEM”) only under the book-entry system
maintained by DTC. Beneficial Owners of Notes will not receive physical certificates representing their
interests in the Notes. The City will pay principal of and interest on the Notes directly to DTC or Cede &
Co. so long as DTC or Cede & Co. is the registered owner of the Notes and all such payments will be
valid and effective to fully discharge all obligations of the City and the Fiscal Agent with respect to the
principal and interest with respect to the Notes to the extent of the sum or sums so paid. Disbursements of
such payments to DTC’s Direct Participants (as defined in the “APPENDIX F - BOOK-ENTRY ONLY
SYSTEM”) is the responsibility of DTC and disbursement of such payments to Beneficial Owners is the
responsibility of DTC’s Direct Participants and Indirect Participants (together, “Participants”). See
“APPENDIX F - BOOK-ENTRY ONLY SYSTEM.”
NO ASSURANCE IS GIVEN BY THE CITY OR THE FISCAL AGENT THAT DTC AND
DTC PARTICIPANTS WILL MAKE PROMPT TRANSFER OF PAYMENTS TO BENEFICIAL
OWNERS.
When reference is made to any action that is required or permitted to be taken by the Beneficial
Owners, such reference shall only relate to those permitted to act (by statute, regulation, or otherwise) on
behalf of such Beneficial Owners for such purposes. When notices are given, they will be sent by the
City, or any fiduciary acting on behalf of the City, to DTC.
So long as Cede & Co. is the registered owner of the Notes, as nominee for DTC, references in
this Official Statement to the registered owners of the Notes (other than for federal and state income tax
purposes) shall mean Cede & Co. and shall not mean the Beneficial Owners of the Notes.
NEITHER THE CITY NOR THE FISCAL AGENT WILL HAVE ANY RESPONSIBILITY OR
OBLIGATION TO DTC PARTICIPANTS OR BENEFICIAL OWNERS WITH RESPECT TO: THE
PAYMENT OR FAILURE TO PAY BY DTC OR ANY DTC PARTICIPANT OF THE PRINCIPAL OF
OR INTEREST ON THE NOTES; THE PROVIDING OF NOTICE TO DTC PARTICIPANTS OR
BENEFICIAL OWNERS; THE ACCURACY OF ANY RECORDS MAINTAINED BY DTC OR ANY
DTC PARTICIPANT; OR ANY CONSENT GIVEN OR OTHER ACTION TAKEN BY DTC AS
REGISTERED OWNER OF THE NOTES.
Transfers of ownership interests in the Notes will be accomplished by book entries made by DTC
and the DTC Participants who act on behalf of the Beneficial Owners. For every transfer and exchange of
the Notes, the Beneficial Owner may be charged a sum sufficient to cover any tax, fee or other
governmental charge that may be imposed in relation thereto.
DTC may determine to discontinue providing its services with respect to the Notes at any time by
giving notice to the City and discharging its responsibilities with respect thereto under applicable law.
Under such circumstances (if there is not a successor securities depository), Note certificates are required
to be delivered as described in the Ordinance. The Beneficial Owner, upon registration of certificates held
in the Beneficial Owner’s name, will become the registered owner of the Notes.
In the event DTC determines not to continue to act as securities depository for the Notes, then the
City will discontinue the book-entry system with DTC. If the City determines to replace DTC with
another qualified securities depository, the City will prepare or direct the preparation of new single,
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separate, fully registered Notes, registered in the name of such successor or substitute qualified securities
depository or its nominee. If the City does not identify another qualified securities depository to replace
DTC, then the Notes will no longer be restricted to being registered in the name of Cede & Co., but will
be registered in whatever name or names owners of the Notes transferring or exchanging Notes will
designate in accordance with the Ordinance, and the City will prepare and deliver Notes to the owners
thereof for such purpose.
See “APPENDIX F - BOOK-ENTRY ONLY SYSTEM.”
SECURITY FOR THE NOTES
General
The principal amount of the Notes, together with the interest thereon, will be payable from taxes,
revenues, income, cash receipts and other moneys which are received by the City for the City’s General
Fund for the Fiscal Year 2015-16 and which are available for the payment of current expenses and other
obligations of the City (the “Unrestricted Moneys”). As security for the payment of the principal of and
interest on the Notes, the City has pledged and will deposit into the Special Account held by the Fiscal
Agent the following amounts (the “Pledged Moneys”):
(i) an amount equal to fifty percent (50%) of the principal amount of the Series A Notes
($24,622,500.00), from unrestricted moneys on deposit with the City during the period commencing
March 1, 2016 and ending March 31, 2016;
(ii) an amount equal to fifty percent (50%) of the principal amount of, and all of the interest
on, the Series A Notes ($25,604,664.17), from unrestricted moneys on deposit with the City during the
period commencing May 2, 2016 and ending May 31, 2016;
(iii) on or before the last day of each month commencing July 31, 2015 through and including
April 30, 2016, an amount equal to 1/11 of the principal amount of the Series B Notes ($9,906,818.18),
from unrestricted moneys on deposit with the City during the period commencing on the first day of each
such month to the last day of each such month, as applicable; and
(iv) on or before May 31, 2016, an amount equal to 1/11 of the principal amount of the Series
B Notes and all of the interest on the Series B Notes ($10,993,541.12), from unrestricted moneys on
deposit with the City during the period commencing May 2, 2016 and ending May 31, 2016.
The Ordinance provides that, in the event there are insufficient unrestricted moneys received by
the City to permit the deposit into the Special Account of the full amount of the Pledged Moneys to be
deposited in the applicable month, by the next to last business day of such month, then the amount of any
deficiency shall be satisfied and made up from any other moneys of the City lawfully available for the
repayment of the Notes and interest thereon. See “Special Account” below.
The Law and the Ordinance provide that the obligation to pay the principal amount of the Notes
and the interest thereon constitutes a first lien and charge against and will be paid from such Pledged
Moneys of the City. To the extent not so paid from Pledged Moneys, the Notes will be paid from any
other moneys of the City lawfully available therefor.
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Special Account
The Pledged Moneys will be deposited by the City with and held by the Fiscal Agent, in trust, in
a special fund designated “City of Oakland, California, 2015-2016 Tax and Revenue Anticipation Notes
Special Account” (the “Special Account”) and applied as directed under the Ordinance and Fiscal agent
Agreement. Any money deposited by the Fiscal Agent in the Special Account will be for the benefit of
the owners of the Notes, and until the Notes and all interest thereon are paid or until provision has been
made for the payment of the Notes at maturity with interest to maturity, the moneys in the Special
Account will be applied only for purposes for which the Special Account was created. Deposits of
Pledged Moneys may take into account as a credit any moneys on deposit in the Special Account.
Pursuant to the Ordinance and the Fiscal Agent Agreement, all Pledged Moneys will be paid to
the Fiscal Agent for deposit in the Special Account. Amounts deposited by the City in the Special
Account will be applied solely for the purpose of paying the principal of and interest on the Notes,
although such amounts will be invested in legal investments as permitted by California law and in
accordance with the investment policy of the City applicable thereto, and will include, without limitation,
any investment permitted by Section 53601 of the Government Code of the State (the “Government
Code”) and any investment agreement, repurchase agreement or guaranteed investment contract with a
commercial bank or other entity whose long term debt is rated, at the time such agreement or contract is
entered into, not less than “Aa3” by Moody’s Investors Service (“Moody’s”) and “AA-” by Standard &
Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business (“S&P” and together with
Moody’s, the “Rating Services”), provided that no such investments will have a maturity date later than
the final maturity date of the Notes. See “APPENDIX C - CITY OF OAKLAND INVESTMENT
POLICY FOR FISCAL YEAR 2014-15.”
Lien in Bankruptcy
Local agencies in California are able to file for bankruptcy under Chapter 9 of the United States
Bankruptcy Code, and any such bankruptcy could result in delays or reductions in payments on
obligations of the local agency.
In the event of a bankruptcy, the lien of the Ordinance may not attach to any Pledged Moneys that
the City receives after the commencement of a bankruptcy case, the City may not be required to transfer
those Pledged Moneys to the Fiscal Agent, and the City may be able to use those Pledged Moneys for
purposes other than making payments on the Notes.
Pledged Moneys may be commingled with other funds prior to transfer to the Fiscal Agent
pursuant to the Ordinance. It is possible that the owners of the Notes will have no rights to Pledged
Moneys that are in the possession of the City or that are otherwise commingled with other funds on the
date of commencement of a bankruptcy proceeding. See “SPECIAL RISK FACTORS - Limitations on
Remedies in the Event of Default” and “- Bankruptcy” herein.
Available Sources of Repayment
The Notes, in accordance with the Law, are general obligations of the City payable from
Unrestricted Moneys, which include the taxes, income, revenue, cash receipts and other moneys of the
City which are received by the City for the General Fund of the City for Fiscal Year 2015-16 and which
are generally available for the payment of current expenses and other obligations of the City. The
Constitution of the State substantially limits the City’s ability to levy ad valorem taxes and to increase
fees charged for services of the City (See “CONSTITUTIONAL AND STATUTORY LIMITATIONS
ON TAXES AND APPROPRIATIONS” herein). The City presently expects that other than the Notes, it
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