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itsBy-laws no part of the net earnings, funds or assets <br /> of said Corporation shall inure to the benefit of any mem- <br /> ber thereof or any other person, firm orcorporation, ex- <br /> cept the City of Pleasanton~ and <br /> <br /> WHEREAS, public competitive bids for the construction <br />of the Project have been obtained and the Corporation is <br />ready and willing to enter into a ~ontract for the construC- <br />tion of the Project with Newby Construction Company, the <br />lowest responsible bidder, simultaneously with the borrowing <br />of funds by the Corporation to finance the Project~ .and <br /> <br /> WHEREAS, this City Council has determined that it <br /> <br />is to.the best interest of the City and necessary and proper <br />for municipal purposes to enter into a site lease and a <br />facility lease with the Corporation, and for the Corporation <br />to proceed with the financing and construction of the Proj- <br />ect~ and <br /> <br /> WHEREAS, Government Code section 54241 does not <br /> <br />apply to the execution by the City of said facility lease <br />for the reason that the City has taken formal action to im- <br />plement the Project to be acquired and constructed pur- <br />suant to said facility lease prior to March 7, 1973, the <br />effective date of Government Code section 54241, such formal <br />action including the following: <br /> <br /> (a) On January 15, 1973, this City Council authorized <br />the entering into of an agreement with J. Jack Bras & Asso- <br />ciates to prepare the plans and specifications for the con- <br />struction of the Project, for a fixed fee of $14,500, said <br />Mount later being increased to $17,255. <br /> <br /> (b) The City prior to March 7, 1973 acquired the <br />site of the Project. <br /> <br /> (c) The City prior to March 7, 1973 made a con- <br /> <br /> <br />