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41 CONTINUING DISCLOSURE Rule 15c2-12, promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended (the “Rule”), imposes continuing disclosure obligations on the obligated parties of certain state and municipal securities to permit participating underwriters (the Underwriter) to offer and sell the securities. In order to comply with the requirements of the Rule, the Borrower will enter into the Continuing Disclosure Agreement on the date of issuance of the Series 2020 Bonds. See “APPENDIX F - FORM OF CONTINUING DISCLOSURE AGREEMENT” in this Official Statement. Except as noted below; during the previous five years, the Borrower has complied in all material respects with its continuing disclosure obligations under Rule 15c2-12. NO BOND RATING The Borrower has not applied for a rating of the Series 2020 Bonds from any of the national credit rating agencies, and, consequently, the Series 2020 Bonds have not been rated by any national credit rating agency. The Borrower has not received a rating from any of the national credit rating agencies. The Series 2020 Bonds are believed to bear higher rates of interest than obligations with investment-grade ratings in order to compensate investors for a level of risk that is higher than the risk generally associated with investment-grade obligations. In addition, unrated obligations such as the Series 2020 Bonds typically have less liquidity in the secondary market than obligations that have received a rating from a national credit rating agency. See “RISK FACTORS – Absence of Rating” in this Official Statement. THE TRUSTEE U.S. Bank National Association, a national banking association organized under the laws of the United States, will serve as Trustee, Bond Registrar, and Paying Agent. The Trustee will carry out those duties assigned to it under the Indenture. Except for the contents of this section, the Trustee has not reviewed or participated in the preparation of this Official Statement and assumes no responsibility for the nature, contents, accuracy, fairness or completeness of the information set forth in this Official Statement or for the recitals contained in the Indenture or the Series 2020 Bonds, or for the validity, sufficiency, or legal effect of any of such documents. The mailing address of the Trustee is U.S. Bank National Association, 60 Livingston Avenue, Saint Paul, Minnesota 55107, Attention: Corporate Trust Services. Additional information about the Trustee may be found at its website at http://www.usbank.com/corporatetrust. The U.S. Bank website is not incorporated into this Official Statement by such reference and is not a part hereof. MISCELLANEOUS General The references herein to the Act, the Indenture, the Loan Agreement, the Mortgage, and other materials are only brief outlines of certain provisions thereof and do not purport to summarize or describe all the provisions thereof. Reference is hereby made to such instruments, documents, and other materials, copies of which will be furnished by the Trustee upon request for further information.