CITY OF FRESNO $159,845,000 SEWER SYSTEM REVENUE BONDS 2008 SERIES A. Fresno County, California Dated: July 24, 2008 Base CUSIP :

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1 CITY OF FRESNO $159,845,000 SEWER SYSTEM REVENUE BONDS 2008 SERIES A Fresno County, California Dated: July 24, 2008 Base CUSIP : ANNUAL CONTINUING DISCLOSURE INFORMATION STATEMENT As of March 26, 2014 Also available at: Copyright, American Bankers Association. CUSIP data is provided by Standard and Poor's, CUSIP Service Bureau, a division of The McGraw-Hill Companies, Inc. This data is not intended to create a database and does not serve in any way as a substitute for the CUSIP service. The issuer takes no responsibility for the accuracy of such number.

2 LIST OF PARTICIPANTS CITY OF FRESNO Karen Bradley Assistant Controller 2600 Fresno Street Fresno, California (559) DISCLOSURE CONSULTANT & DISSEMINATION AGENT Willdan Financial Services * Temecula, California (951) BOND COUNSEL Orrick, Herrington & Sutcliffe LLP San Francisco, California UNDERWRITERS E. J. De La Rosa & Co., Inc. Citigroup Global Markets Inc. Merrill Lynch, Pierce, Fenner & Smith Inc. BOND INSURANCE Assured Guaranty Corporation TRUSTEE Agnes Obando The Bank of New York Mellon Trust Company, N. A. 400 South Hope Street, Suite 400 Los Angeles California, (213) * In its role as Disclosure Consultant and Dissemination Agent, Willdan Financial Services has not passed upon the accuracy, completeness or fairness of the statements contained herein.

3 TABLE OF CONTENTS I. INTRODUCTION... 1 II. BOND INFORMATION... 2 A. MATURITY SERVICE SCHEDULE... 2 B. FUND BALANCE... 2 III. FINANCIAL INFORMATION... 3 A. SEWER SYSTEM BALANCE SHEET... 3 B. HISTORICAL REVENUES, EXPENDITURES AND DEBT SERVICE COVERAGE OF THE SEWER SYSTEM... 5 C. SUMMARY OF FUND BALANCES... 6 IV. OPERATING INFORMATION... 7 A. PRINCIPAL SEWER USERS... 7 B. CUSTOMER BASE BY TYPE OF ACCOUNT... 8 C. NEW CONNECTIONS PER YEAR... 8 D. SEWER SYSTEM AVERAGE DAILY MGD FLOW OF WASTEWATER... 8 E. CURRENT RATES AND APPROVED RATES... 9 F. MONTHLY RESIDENTIAL SEWER SERVICE CHARGES FOR THE SEWER SYSTEM AND OTHER CENTRAL CALIFORNIA CITIES G. PORTFOLIO SUMMARY H. BUILDING PERMIT VALUATION I. POPULATION V. OCCURRENCE OF LISTED EVENTS City of Fresno

4 I. INTRODUCTION Pursuant to an Official Statement dated July 11, 2008, the City of Fresno, California (the City ) issued $159,845,000 Sewer System Revenue Bonds, 2008 Series A (the 2008 Bonds ). The 2008 Bonds were issued to (i) fund the design, construction and installation of certain improvements to the City s wastewater reclamation facility and sewer system (the 2008 Project ); (ii) refund, on a current basis, a portion of the City s Sewer System Revenue Bonds 1995 Series A and all of the City s Outstanding Sewer System Subordinated Lien Variable Rate Revenue Refunding Bonds, 2000 Series A. The 2008 Bonds are on parity with the remaining outstanding 1993 Series A Bonds. The scheduled payment of principal of and interest on the 2008 Bonds when due are guaranteed under a financial guaranty insurance policy issued by Assured Guaranty Corporation. The City, located in Fresno County, California, was incorporated in 1885 and is comprised of 102 square miles situated 219 miles north of Los Angeles, 184 miles south of San Francisco in the center of the San Joaquin Valley. In 1966 the County Board of Supervisors designed a regional sewerage facility for the Fresno-Clovis metropolitan area (the Sewer System ). The Sewer System is the sole regional reclamation facility for the Fresno-Clovis metropolitan area and includes service to the unincorporated areas of Fresno County. The City has sold a series of bonds to finance the design and expansion of the City s wastewater reclamation facility from a reliable capacity of 68 million gallons per day ( MGD ) to 80 MGD, construction of an 84-inch interceptor sewer, acquisition of land and construction of ponding and percolation basins, and design and construction of pumping stations and pipelines and other improvements for offsite effluent export and disposal. The 2008 Bonds secured by a lien on revenues derived from the ownership and operation of the sewer system, as defined within the Official Statement. The 2008 Bonds are subject to the prior lien on revenues and payment of the 1993 Series A Bonds. The 2008 Bonds do not represent or constitute a debt of the City, the State of California or any political subdivision thereof, and shall be payable solely from the revenues pledged. Neither the faith and credit nor the taxing power of the City, the State of California or any political subdivision thereof is pledged to the payment of the principal of or interest on the 2008 Bonds. The issuance of the 2008 Bonds shall not directly or indirectly obligate the City, the State of California or any political subdivision thereof to levy or pledge any form of taxation whatsoever or to make any appropriation for payment of the 2008 Bonds. This Annual Continuing Disclosure Information Statement is being provided pursuant to a covenant made by the City for the benefit of the holders of the 2008 Bonds and includes the information specified in a Continuing Disclosure Certificate. For further information and a more complete description of the City and the 2008 Bonds, reference is made to the Official Statement. The information set forth herein has been furnished by the City and by other sources, which are believed to be accurate and reliable, but is not guaranteed as to accuracy or completeness. Statements contained in this Annual Continuing Disclosure Information Statement which involve estimates, forecasts, or other matters of opinion, whether or not expressly so described herein, are intended solely as such and are not to be construed as representations of fact. Any subsequent statements regarding the 2008 Bonds, other than a statement made by the Trustee or the City Manager of the City in an official release or subsequent notice or annual report, published in a financial newspaper of general circulation and/or filed with the Municipal Securities Rulemaking Board s Electronic Municipal Market Access ( EMMA ), are not authorized by the City or the Sewer System Project. Neither the City, the Trustee, nor the Sewer System Project shall be responsible for the accuracy, completeness or fairness of any such unauthorized statements. Further, the information and expressions of opinion contained herein are subject to change without notice and neither the City, the Sewer System Project, nor the Trustee have any obligation to update this report other than as expressly provided in the Continuing Disclosure Certificate. The delivery of this Annual Continuing Disclosure Information Statement will not, under any circumstances, create any implication that there has been no change in the affairs of the City or any other parties described herein. 2012/13 Sewer Rev 2008A City of Fresno 1

5 II. BOND INFORMATION A. MATURITY SERVICE SCHEDULE Bond Year Ending September 1, Senior Lien Bonds Sewer System Revenue Bonds 2008 Series A Bonds 1993 Series A Bonds Principal Interest Total Debt Service 2014 $10,949,488 - $7,948,844 $18,898, ,950,425-7,948,844 18,899, ,951,038-7,948,844 18,899, ,952,763-7,948,844 18,901, ,949,288-7,948,844 18,898, ,563 $5,410,000 7,948,844 13,733, ,377,200-7,678,344 14,055, ,825 6,015,000 7,678,344 13,733, ,825 5,430,000 7,377,594 13,732, ,625,000 7,106,094 13,731, ,955,000 6,774,844 13,729, ,305,000 6,427,094 13,732, ,675,000 6,061,844 13,736, ,060,000 5,678,094 13,738, ,460,000 5,275,094 13,735, ,885,000 4,852,094 13,737, ,330,000 4,407,844 13,737, ,795,000 3,941,344 13,736, ,285,000 3,451,594 13,736, ,800,000 2,937,344 13,737, ,350,000 2,397,344 13,747, ,895,000 1,839,913 13,734, ,480,000 1,255,756 13,735, ,090, ,856 13,732,856 Total Outstanding $62,469, $159,845,000 $133,476, $355,790,909 B. FUND BALANCE Fund As of January 31, 2014 Construction Fund $5,939,922 Reserve $14,067,046 Reserve Requirement $13,747, /13 Sewer Rev 2008A City of Fresno 2

6 III. FINANCIAL INFORMATION The audited financial statements for the City for the fiscal year ended June 30, 2013 will be separately filed with EMMA and are hereby incorporated by reference into this Annual Continuing Disclosure Information Statement. A. SEWER SYSTEM BALANCE SHEET 1. ASSETS Fiscal Year 2008/ / / / /13 Cash and Investments $21,135,332 $37,810,587 $63,211,514 $77,666,649 $95,651,824 Accounts and Notes Receivables (Net) 8,427,026 8,896,446 7,884,870 9,164,741 9,807,027 Material and Supplies Inventory 1,639,044 2,209,741 2,477,436 2,450,865 2,630,565 Due From Other Governments 1,264, , , ,104 1,013,301 Interest Receivable 162, , , , ,073 Total Current Assets $32,628,314 $49,838,258 $74,657,488 $90,276,229 $109,444,790 RESTRICTED ASSETS: Cash $140,563,150 $132,359,040 $119,048,160 $111,916,765 $99,235,178 Grants and Interest Receivable 534,430 1,078, , , ,906 Total Restricted Assets $141,097,580 $133,437,719 $119,415,030 $112,314,693 $99,516,084 OTHER ASSETS: Other Receivables $23,300,823 $22,347,130 $13,818,986 $11,332,361 $10,752,259 Other Assets 3,592,031 3,044,740 2,870,046 2,716,066 2,569,012 Advances to Other Funds 1,269,744 1,284,510 1,280, , ,690 Total Other Assets $28,162,598 $26,676,380 $17,969,786 $14,441,117 $13,713,961 Property, Plan and Equipment (Net) $569,332,014 $586,751,166 $603,134,861 $615,142,134 $615,018,283 Total Assets $771,220,506 $796,703,523 $815,177,165 $832,174,173 $837,693, /13 Sewer Rev 2008A City of Fresno 3

7 2. LIABILITIES AND FUND EQUITY Fiscal Year 2008/ / / / /13 CURRENT LIABILITIES (Payable from Current Assets) Accrued Liabilities $10,654,998 $7,822,758 $8,675,726 $9,440,205 $6,980,856 Unearned Revenue 15,829,019 22,776,555 22,372,180 22,111,875 22,146,792 Due to Other Funds 119, , Bonds Payable 8,555,000 9,065,000 6,790,000 7,215,000 7,670,000 Total Current Liabilities (Payable from Current Assets) $35,158,904 $39,815,228 $37,837,906 $38,767,080 $36,797,648 NON CURRENT LIABILITIES Bonds Payable $245,310,784 $236,277,645 $229,466,498 $222,181,536 $214,439,537 Other Liabilities 22,499,324 22,537,236 15,027,748 13,842,782 13,640,272 Deposits 18,759,069 15,137,644 12,336,151 10,239,405 8,473,297 Total Non Current Liabilities $286,569,177 $273,952,525 $256,830,397 $246,263,723 $236,553,106 Total Liabilities $321,728,081 $313,767,753 $294,668,303 $285,030,803 $273,350,754 FUND EQUITY Net Assets Invested in Capital Assets Net of Debt - $409,752,074 $422,326,421 $435,508,176 $431,639,095 Contributed Capital $209,376, Reserve for Net Restricted Assets 44,137, Unreserved/Unrestricted 195,978,855 73,183,696 98,182, ,635, ,703,269 Total Retained Earnings $449,492,425 $482,935,770 $520,508,862 $547,143,370 $564,342,364 Total Fund Equity $449,492,425 $482,935,770 $520,508,862 $547,143,370 $564,342,364 TOTAL LIABILITIES AND FUND EQUITY $771,220,506 $796,703,523 $815,177,165 $832,174,173 $837,693, /13 Sewer Rev 2008A City of Fresno 4

8 B. HISTORICAL REVENUES, EXPENDITURES AND DEBT SERVICE COVERAGE OF THE SEWER SYSTEM Fiscal Year 2008/ / / / /13 Senior Lien Revenues: Sewer System Service Charges $56,622,563 $68,117,348 $71,772,453 $70,942,138 $71,934,216 Pretreatment Program Charges 398, , , , ,144 City of Clovis Revenue 2,855,436 2,452,589 1,577,172 2,401,116 1,454,124 Interest Income (1) 4,511,947 3,955,335 1,618,632 3,797, ,084 Miscellaneous Income (2) 2,650,524 3,200,275 2,864,214 2,984,474 2,535,602 Total Senior Lien Revenues $67,039,361 $78,113,296 $78,246,779 $80,522,992 $76,809,170 Operating Expenses $31,646,468 $30,714,505 $31,422,980 $36,857,808 $36,431,161 Net Income Before Debt Service $35,392,893 $47,398,791 $46,823,799 $43,665,184 $40,378,009 Senior Lien Debt Service $13,391,850 $13,530,713 $10,754,019 $10,736,988 $10,724,331 Coverage Ratio (3) % Coverage Subordinate Lien: Net Current Revenue (Excluding Connection Fees) $35,392,893 $47,398,791 $46,823,799 $43,665,184 $29,653,678 Available from Senior Lien Revenues $35,392,893 $47,398,791 $46,823,799 $43,665,184 $29,653,678 Subordinate Lien Debt Service (4) (5) $7,948,844 7,948,844 7,948,844 $7,948,844 $7,948,844 Coverage Ratio % Coverage Subordinate Lien: Net Current Revenue (Excluding Connection Fees) $35,392,893 $47,398,791 $46,823,799 $43,665,184 $29,653,678 Wastewater Facility Connection Fee 1,438,343 2,336,689 1,463,172 1,133,247 1,822,946 Transfers From/To Rate Stabilization Fund 16,200, Net Current Revenue (Including Connection Fees) $53,031,236 $49,735,480 $48,286,971 $44,798,431 $31,476,624 Available From Senior Lien Revenues $53,031,236 $49,735,480 $48,286,971 $44,798,431 $31,476,624 Subordinate Lien Debt Service (4) (5) $7,948,844 7,948,844 7,948,844 $7,948,844 $7,948,844 Coverage Ratio Net Income After Debt Service (6) $45,082,392 $41,786,636 $40,338,127 $36,849,587 $23,527,780 (1) Includes interest portion of share of debt service paid by the City of Clovis. (2) Includes principal portion of share of debt service paid by the City of Clovis. (3) Coverage Ratio is calculated by dividing Net Income before Debt Service by Senior Lien Debt Service. (4) 2008 Bonds. (5) Revised. (6) Net Income after Debt Service and before cash financed capital expenditures and any other expenditures for lawful purposes. 2012/13 Sewer Rev 2008A City of Fresno 5

9 C. SUMMARY OF FUND BALANCES Fiscal Year 2008/ / / / /13 Sewer Connection Fee $14,696,206 $15,004,387 - $15,244,401 $15,799,082 Cornelia Sewer Trunk Fee 2,264,262 1,701,772 $1,054,910 1,054, ,329 Herndon Sewer Trunk Fee 4,736,138 3,945,705 3,131,996 3,131,996 1,653,121 Grantland Sewer Trunk Fee 1,289, , , , ,885 Fowler Sewer Trunk Fee (1) 269, , , ,940 41,788 UGM Sewer Oversize Development 2,140,108 2,147,810 2,202,709 2,193,310 1,954,817 Miscellaneous Restricted Deposits (6,636,488) (9,004,813) 4,877, Total Sewer Connection Fees, Trunk Fees and Other Restricted Funds $18,759,069 $15,137,644 $12,336,151 $22,693,889 $20,414,022 Sewer System Operating Fund Equity (2) $342,433,846 $376,393,488 $432,214,005 $464,350,088 $492,081,548 Funds Held By Fiscal Agents/Trustees (3) 74,675,247 74,043,553 55,448,058 49,762,578 38,730,349 Sewer System Rate Stabilization Funds 32,383,332 32,498,729 32,846,800 33,030,704 33,530,467 Total Fund Balances $449,492,425 $482,935,770 $520,508,863 $547,143,370 $564,342,364 (1) This fund currently has an obligation to repay the Operating Fund $5,000,000. (2) Sewer System Operating Fund Equity is the net of all other assets less remaining liabilities per the Annual Sewer System Enterprise Fund Financial Report. (3) 2008 Bond $51.6 million. Source: Sewer System Enterprise Fund General Ledger and Annual Financial Report. 2012/13 Sewer Rev 2008A City of Fresno 6

10 IV. OPERATING INFORMATION A. PRINCIPAL SEWER USERS (FISCAL YEAR 2012/13) Annual Annual Pounds Annual Hundred Cubic Biochemical Annual Pounds Annual Percentage [%] Gallons of Feet [HCF] of Oxygen Demand Suspended Revenues Total Revenue User Wastewater Wastewater ("BOD") Solids Received Received Fresno American Tank EFF 706, ,542 1,449 $1, % Ameripride EFF 27,355,856 36, ,933 35,747 61, % Angelica EFF 31,316,516 41,867 56,553 30,114 47, % Aramark EFF 45,924,956 61, , , , % Beef Packers EFF 265,558, , ,295 1,112, , % Cal By Products EFF 3,069,044 4,103 16,899 6,771 8, % Cal Dairies 15" EFF 312,853, ,254 1,636, , , % Cellulo SP 39,373,172 52,638 10, , , % ConAgra EFF 5,045,260 6,745 27,332 55,479 27, % Darling EFF 25,442,472 34, ,158 54, , % Faencal EFF 1,542,376 2, ,205 3,215 35, % Foster Belgravia Combined EFF 541,163, ,481 1,183, , , % Foster Poultry EFF 539,896, , , , , % Fresno Bee EFF 8,863,800 11,850 14,520 16,571 15, % Fruit Fillings EFF 6,549,488 8, ,214 33,253 55, % Gallo (Combined) EFF 272,374, ,137 1,024,232 3,072,702 1,380, % Kraft-Capri Sun EFF 36,767,192 49,154 1,967,972 15, , % Kraft-Cornnuts EFF 61,454,932 82,159 1,132, , , % La Tapatia Combined EFF 18,755,352 25, , , , % Li Destri EFF 95,958, , , , , % Lyons PLT 1 EFF 99,738, ,340 3,019, , , % Mission Linen EFF 10,176,540 13, ,994 40,798 51, % New World Pasta EFF 6,529,292 8,729 8,814 8,897 9, % Pacific Choice EFF 42,338,296 56, ,366 93, , % Palace Meat EFF 3,118,412 4,169 55,498 5,093 18, % PepsiCo EFF 72,191,724 96, ,370 63, , % Producers EFF 83,800, , , , , % Prudential EFF 10,427,868 13, ,414 56,841 56, % Rich Products EFF 8,216,032 10,984 18,414 13,331 14, % San Joaquin Fig SP 5,279,706 7, ,673 43,022 70, % SJV Concentrate EFF 1,542,376 2,062 58,210 2,500 17, % Sunnyland EFF 1,329,196 1,777 13,533 3,274 5, % Valley Fig EFF 22,071,984 29, , ,043 96, % Wawona Fresno EFF 28,048,504 37, , , , % Yergat EFF 3,202,188 4, ,547 18,620 62, % Yosemite EFF 11,270,116 15,067 39,499 16,532 23, % Zacky Packing EFF 51,555,900 68,925 85,372 31,343 70, % Zacky Turkey EFF 197,857, , , , , % Fresno Sub-Total 2,998,668,689 4,008,915 18,778,692 9,682,505 $ 10,005, % Clovis Clovis Community Hospital SP 23,586,000 31,532 57,045 50,554 65, % Mi Rancho SP 1,470,000 1,965 26,763 13,792 14, % Wawona Clovis EFF 57,026,200 76,238 1,224, , , % Clovis Sub-Total 82,082, ,736 1,307, ,657 $ 590, % Total Fresno and Clovis 3,080,750,889 4,118,651 20,086,690 9,994,162 $ 10,596, % Total Fresno Revenue: $ 70,720, [Includes Pretreatment Surcharge] Total Clovis Revenue: $ 10,390, [Includes Pretreatment Surcharge] SP: Sewer Potable Metered EFF: Sewer Effluent 2012/13 Sewer Rev 2008A City of Fresno 7

11 B. CUSTOMER BASE BY TYPE OF ACCOUNT Number of Accounts Account Class Single-Family Residential 136, , , , ,245 Multi-Family Residential (units) 83,836 78,258 78,415 78,326 78,342 Commercial 8,876 8,795 8,731 8,794 8,843 Industrial Municipal Schools Septage Haulers (loads/month) Total 230, , , , ,517 C. NEW CONNECTIONS PER YEAR Number of Connections Account Class Single-Family Residential 1, Multi-Family Residential Commercial/ Industrial Public Facilities D. SEWER SYSTEM AVERAGE DAILY MGD FLOW OF WASTEWATER Calendar Year Flow in MGD /13 Sewer Rev 2008A City of Fresno 8

12 E. CURRENT RATES AND APPROVED RATES (As Amended) 1. The historical, current and approved monthly sewer service rates are set forth below: Date of Increase Effective Dates and Approved Charges: Fiscal Year Ending June 30, Monthly Charge Per ERU (1) (1) 09/01/ $ /01/ $ /01/ $ /01/ $ /01/ $25.75 ERU means Equivalent Residential User. Excludes $0.06/ERU/monthpretreatment surcharge, levied on residential users. 2. The historical, current and approved Wastewater Reclamation Facility fee schedule is set forth below: Effective Dates and Approved Charges: Date of Increase Fiscal Year Ending June 30, Wastewater Reclamation Facility Charge Per ERU (1) (1) 07/01/ $2, /01/ $2, /01/ $2, /01/ $2, /01/ $2, ERU means Equivalent Residential User. 2012/13 Sewer Rev 2008A City of Fresno 9

13 F. MONTHLY RESIDENTIAL SEWER SERVICE CHARGES FOR THE SEWER SYSTEM AND OTHER CENTRAL CALIFORNIA CITIES (As of June 30, 2013) City Rate Fresno Clovis Visalia Modesto Bakersfield Sacramento Stockton G. PORTFOLIO SUMMARY (As of June 30, 2013) Par Value+ Amortized Pct. of Market Par Accum. Future Investments Cost Portfolio Value Value Earnings Federal Agency Notes $44,855, % $44,449,318 $44,925,000 $46,155,722 Corporate Notes 58,123, % 57,354,003 58,255,000 60,984,477 Local Agency Investment Fund (1) 100,000, % 100,000, ,000, ,000,000 Time Deposits 15,000, % 15,000,000 15,000,000 15,071,698 Total Investments $217,979, % $216,803,321 $218,180,000 $222,211,897 (1) Future Earnings Estimate. 2012/13 Sewer Rev 2008A City of Fresno 10

14 H. BUILDING PERMIT VALUATION Construction Permits Issued Commercial Residential Fiscal Year Assessed Value (1) Number of Number of Permits (2) Value (1) Permits (2) Value (1) 2008/09 $30,250,400 1,186 $162,351 3,494 $192, /10 28,552,849 1, ,795 3, , /11 28,034,081 1, ,817 3, , /12 27,327,299 1, ,757 6, , /13 26,957,486 1, ,581 7, ,457 (1) Amounts expressed in thousands (2) Includes individual units and structures as appropriate - a composite of new construction, alterations, repairs and relocations. Sources: County of Fresno Assessor's Office for Assessed Value and the City of Fresno Development Department for all other information. I. POPULATION Year City of Fresno Fresno County State of California , ,006 38,255, , ,758 37,223, , ,089 37,427, (1) 503, ,493 37,668, , ,166 37,966,471 (1) Revised. Source: State of California Department of Finance. 2012/13 Sewer Rev 2008A City of Fresno 11

15 V. OCCURRENCE OF LISTED EVENTS As amended, the Continuing Disclosure Covenants outline the Occurrence of Listed Events that must be reported in not more than ten (10) business days after the occurrence of the event, irrespective of any determination as to whether such event may or may not be deemed material. The City has no knowledge that any of the events listed below have occurred or have not been previously reported during the fiscal year ended June 30, Principal and interest payment delinquencies on the 2008 Bonds. 2. Unscheduled draws on debt service reserves reflecting financial difficulties. 3. Unscheduled draws on credit enhancements reflecting financial difficulties. 4. Substitution of credit or liquidity providers, or their failure to perform. 5. Adverse tax opinions or the issuance by the Internal Revenue Service of proposed or final determinations of taxability, Notices of Proposed Issue (IRS Form 5701-TEB) or other material notices or determinations with respect to the tax status of the 2008 Bonds. 6. Defeasances. 7. Tender offers. 8. Bankruptcy, insolvency, receivership or similar proceedings pertaining to the City. 9. Ratings changes. As amended, the Continuing Disclosure Covenants outline the Occurrence of Listed Events that must be reported in not more than ten (10) business days after the occurrence of the event, if deemed material. The City has no knowledge that any of the events listed below have occurred or have not been previously reported during the fiscal year ended June 30, Mergers, consolidations, acquisitions, the sale of all or substantially all of the assets of the City or the dissolution of the City. 11. Appointment of a successor or additional Trustee or the change of the name of the Trustee or any successor or additional Trustee. 12. Non-payment related defaults. 13. Modifications to the rights of Holders. 14. Optional, contingent or unscheduled bond calls, prepayment or redemptions other than defeasances. 15. Release, substitution or sale of property securing repayment of the 2008 Bonds. 2012/13 Sewer Rev 2008A City of Fresno 12