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-2- <br />WHEREAS, Livermore owns and operates facilities for the collection, treatment and transmission of wastewater from Livermore (and other territory in the service area of Livermore) to the LAVWMA facilities; and WHEREAS, Pleasanton owns and operates facilities for the collection and transmission of wastewater from Pleasanton to treatment facilities owned and operated by the District, as described below; and WHEREAS, the District owns and operates facilities for the collection, treatment and transmission of treated wastewater (including wastewater from Pleasanton) to the LAVWMA facilities; WHEREAS, Pleasanton and the District entered into an Agreement for Wastewater Disposal Services dated November 3, 1992, as amended (the “Regional Agreement,” as defined more completely herein), which Regional Agreement provides for (i) Pleasanton’s ownership and operation of its collection and transmission system, (ii) the District’s ownership and operation of its collection system, (iii) the District’s ownership and operation of regional sewerage facilities for the benefit of Pleasanton and the District, including a treatment plant and related storage and disposal facilities (“Regional Facilities,” as defined more completely herein), (iv) Pleasanton and the District’s respective capacity rights in the regional facilities owned and operated by the District, and (v) the collection and application of (A) a regional connection fee and (B) a regional service charge (the “Regional Service Charge,” as defined more completely herein); WHEREAS, Pleasanton and the District entered into a Financing Administration Agreement, dated December 5, 2000, as amended (the “Financing Administration Agreement,” as defined more completely herein), providing for (i) the District’s management of the Regional Expansion Fund and Regional Maintenance and Operation Fund established pursuant to the Regional Agreement, (ii) the operation of the Regional Expansion Fund as a Rate Stabilization Fund described in the Financing Administration Agreement for the benefit of the owners of bonds issued by the District to expand its treatment facilities (which are no longer outstanding) and the owners of bonds issued by LAVWMA to repair and expand its export and disposal facilities and (iii) requirements and procedures by which the District will manage and administer the Rate Stabilization Fund in order to minimize the possibility that Regional Services Charges will be needed to pay debt service on the Bonds; WHEREAS, to finance the cost of the acquisition and construction of its facilities, LAVWMA issued its revenue bonds in the principal amount of $142,385,000 on March 21, 2001 (the “2001 Bonds”) pursuant to an Indenture of Trust, dated as of March 1, 2001, between The Bank of New York Mellon Trust Company, N.A. (formerly known as BNY Western Trust Company) (the “2001 Trustee”) and LAVWMA (the “2001 Indenture”), as authorized by law; WHEREAS, in order to complete such financing, LAVWMA required Livermore, Pleasanton and the District (the “Members”) to agree to pay certain minimum payments for