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ESCROW INSTRUCTIONS <br /> <br /> These Escrow Instructions, dated for reference purposes as of May 1, 1994 (the <br />"Insreactions"), arc directed to First Trust California (the "Escrow Agent"), Bank of America <br />National Trust and Savings Association, as ~-ustee (the "Initial Trustee") under that certain <br />trust agxeemant, dated as of October 1, 1987 (the "1987 Trust Agreement") between the City <br />of Pleasanton Public Facilities Coy}oration (the "Corporation"), the City of Pleasanton (the <br />"City") and the Initial Trustee, relating to certain 1987 Certificates of Participation (Capitol <br />Prnjects I and II) of the Corporation (the "1987 Certificates"), and as trustee under that certain <br />trust agreement, dated as of December I, 1988 (the "1988 Trust Agreement") between the <br />Corporation, the City and the Initial Trustee in connection with the issum~ce of the <br />Corporation's 1988 Certificates of Participation (Capitol Improvements Project) (the "1988 <br />Certificates") (collectively, the 1987 Certificates and the 1988 Certifieatas shall be referred to <br />herein as the "Prior Obligations,"' and the 1987 Trust Agreement and the 1988 Trust <br />Agreement shall be referred to herein as the "Prior Trust Agreements"). <br /> <br />RECITALS <br /> <br /> A. Pursuant to the 1987 Trust Agreement, the Corporation authorized the <br />issuance and sale of the 1987 Certificates, and pursuant to the 1988 Trust Agreement the <br />Corporation authorized the issuance and sale of the 1988 Certificates. Payment of principal of <br />end interest with respect to the 1987 Certificates is secured by a pledge of certain lease <br />payments (the "1987 Rental Payments") to be paid by the City pursuant to a facility lease, <br />dated as of October 1, 1987 (the "1987 Facility Lease") between the City and the Corporation. <br />Payment of principal of and interest with respect to the 1988 Certificates is secured by a <br />pledge of certain lease payments (the "1988 Rental Payments") to be paid by the City pursuant <br />to a facility lease, dated as of December 1, 1988 (the "1988 Facility Lease") between the City <br />and the Corporation (collectively, the 1987 Rental Payments and the 1988 Rental Payments <br />shall be referred to herein as the "Rental Payments," and the 1987 Facility Lease and the 1988 <br />Facility Lease shall be referred to herein as the "Facility Leases"). <br /> <br /> B. The Facility Leases provide that City may secure payment of its Rental <br />Payments prior to their due dates if there shall have been deposited with the Escrow Agent <br />either (i) cash in an mount which shall be sufficient, or (ii) non-callable Government <br />Securities (as defined in the Pdor Trust Agreements), the prlneipal of and interest on which <br />when due will provide moneys which, together with the moneys, if any, deposited with the <br />Escrow Agent at the same time, shall be sufficient to pay when due the Rental Payments of <br />the City and the Prior Obligations allotable to the Rental Payments, including the principal at <br />maturity of those Prior Obligations. <br /> <br /> C. Pursuant to two separate Trust Agreements, each dated as of May 1, <br /> 1994 (the "1994 Trust Agreements"), between the Pleasanton Joint Powers Financing <br /> Authority (the "Authority") and the Escrow Agent, acting as trustee (the "1994 Trustee"), <br /> <br />-1- <br /> <br /> <br />