Tab 27 DISCLOSURE, NO DEFAULT AND TAX CERTIFICATE OF
ASSURED GUARANTY INC.
The undersigned hereby certifies on behalf of Assured Guaranty Inc. ("AG"), in connection with the issuance by AG of
its Policy No. 224371-N (the "Policy") in respect of the $240,910,000 in aggregate principal amount of the Miami
Beach Redevelopment Agency Tax Increment Revenue Refunding Bonds Series 2025 (City Center/Historic
Convention Village)(the"Bonds")that:
(i) the information set forth under the caption "BOND INSURANCE — Assured Guaranty Inc." in the official
statement dated July 9, 2025, relating to the Bonds is true and correct,
(ii) AG is not currently in default nor has AG ever been in default under any policy or obligation guaranteeing the
payment of principal of or interest on an obligation,
(iii) the Policy is an unconditional and recourse obligation of AG (enforceable by or on behalf of the holders of the
Bonds) to pay the scheduled principal of and interest on the Bonds in the event of Nonpayment by the Issuer
(as set forth in the Policy),
(iv) the insurance premium of $1,288,526.98 (the "Premium") is a charge for the transfer of credit risk and was
determined in arm's length negotiations and is required to be paid to AG as a condition to the issuance of the
Policy,
(v) no portion of such Premium represents an indirect payment of costs of issuance, including rating agency fees,
other than fees paid by AG to maintain its ratings, which, together with all other overhead expenses of AG, are
taken into account in the formulation of its rate structure, or for the provision of additional services by AG, nor
the direct or indirect payment for a cost, risk or other element that is not customarily borne by insurers of tax-
exempt bonds (in transactions in which the guarantor has no involvement other than as a guarantor),
(vi) AG is not providing any services in connection with the Bonds other than providing the Policy, and except for
the Premium,AG will not use any portion of the Bond proceeds; provided, however, that AG or its affiliates may
independently provide a guaranteed investment contract for the investment of all or a portion of the proceeds of
the Bonds,
(vii) except for payments under the Policy in the case of Nonpayment by the Issuer, there is no obligation to pay any
amount of principal or interest on the Bonds by AG,
(viii) AG does not expect that a claim will be made on the Policy,
(ix) the Issuer is not entitled to a refund of the premium for the Policy in the event a Bond is retired before the final
maturity date, and
(x) for Bonds which are secured by a debt service reserve fund, AG would not have issued the Policy unless the
authorizing or security agreement for the Bonds provided for a debt service reserve fund funded and maintained
in an amount at least equal to, as of any particular date of computation, the reserve requirement as set forth in
such agreement.
AG makes no representation as to the nature of the interest to be paid on the Bonds or the treatment of the Policy
under Section 1.148-4(f)of the Income Tax Regulations.
ASSURED GUARANTY INC.
By:
Authorized Officer
Dated: August 7, 2025