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The Certificate Insurer has obtained a ruling fi.om the Intemal Revenue Service to the effect that the insuring of an obligation by the Certificate Insurer will not affect the treatment for federal income tax purposes of interest on such obligation and that insurance proceeds representing maturing interest paid by the Certificate Insurer under policy provisions substantially identical to those contained in its Certificate Insurance Policy shall be treated for federal income tax purposes in the same manner as if such payments were made by the City on the Series 2004 Certificates. No representation is made by the Certificate Insurer regarding the federal income tax treatment of payments that are made by the Certificate Insurer under the terms of the Certificate Insurance Policy due to nonappropriation of funds by the City. The Certificate Insurer makes no representation regarding the Series 2004 Certificates or the advisability of investing in the Series 2004 Certificates and makes no representation regarding, nor has it participated in the preparation of, this Official Statement other than the information supplied by Certificate Insurer and presented under the headings "CERTIFICATE INSURANCE" and Appendix E - "FORM OF CERTIFICATE ENSURANCE POLICY." Available Information The parent company of the Certificate Insurer, Ambac Financial Group, Inc. (the "Company"), is subject to the informational requirements of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and in accordance therewith files reports, proxy statements and other information with the Securities and Exchange Commission (the "SEC"). These reports, proxy statements and other information can be read and copied at the SEC's public reference room at 450 Fifth Street, N.W., Washington, D.C. 20549. Please call the SEC at 1-800-SEC- 0330 for further information on the public reference room. The SEC maintains an intemet site at http://www.sec.gov that contains reports, proxy and information statements and other information regarding companies that file electronically with the SEC, including the Company. These reports, proxy statements and other information can also be read at the offices of the New York Stock Exchange, Inc. (the "NYSE"), 20 Broad Street, New York, New York 10005. Copies of the Certificate Insurer's financial statements prepared in accordance with statutory accounting standards are available from the Certificate Insurer. The address of the Certificate Insurer's administrative offices and its telephone number are One State Street Plaza, 19th Floor, New York, New York 10004 and (212) 668-0340. Incorporation of Certain Documents by Reference The following documents filed by the Company with the SEC (File No. 1-10777) are incorporated by reference in this Official Statement: 1. The Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2003 and filed on March 15, 2004; 2. The Company's Current Report on Form 8-K dated April 21, 2004 and filed on April 22, 2004; and 3. The Company's Quarterly Report on Form 10~Q for the fiscal quarterly period ended March 31, 2004 and filed on May 10, 2004. All documents subsequently filed by the Company pursuant to the requirements of the Exchange Act after the date of this Official Statement will be available for inspection in the same manner as described above in "Available Information". -9-