RES 2024025 - Laserfiche WebLink

INSTALLMENT SALE AGREEMENT This INSTALLMENT SALE AGREEMENT (this “Agreement”), dated as of June 1, 2024, is between the PLEASANTON JOINT POWERS FINANCING AUTHORITY, a joint exercise of powers authority duly organized and existing under the laws of the State of California (the “Authority”), as seller, and the CITY OF PLEASANTON, a municipal corporation duly organized and existing under the laws of the State of California (the “City”), as purchaser. BACKGROUND: 1. The City presently owns, operates and/or contracts for facilities and property for the supply, treatment and distribution of water within the service area of the City (as further defined herein, the “Water System”), and the City wishes to raise funds to finance additional obligations of the Water System as described in Appendix B hereto (the “Project”). 2. The Authority has been organized for the purpose of assisting the City in its public purposes, and to that end the Authority is authorized to assist the City in financing the costs of acquisition, construction and installation of the Project. 3. In order to provide funds to finance the acquisition, construction and installation of the Project, the Authority has proposed to sell the Project to the City on an installment basis, and the City has proposed to purchase the Project from the Authority as provided in this Agreement. 4. The Authority will provide the necessary funds for the acquisition, construction and installation of the Project by issuing its Pleasanton Joint Powers Financing Authority 2024 Water Revenue Bonds (the “2024 Bonds”), in the aggregate principal amount of $___________ under an Indenture of Trust dated as of June 1, 2024, by and between the Authority and U.S. Bank Trust Company, National Association, as trustee (the “Indenture”), and under the provisions of Article 4 of Chapter 5, Division 7, Title 1 of the Government Code of the State of California, commencing with Section 6584 of said Code (the “Bond Law”). 5. The debt service on the 2024 Bonds will be payable from Installment Payments made by the City to the Authority under this Agreement. 6. Repayment of the Installment Payments by the City shall be secured by a pledge of the Net Revenues of the Water System, on a parity with the pledge in favor of the holders of Parity Debt (as defined herein). 7. The Authority and the City have both duly authorized the execution and delivery of this Agreement. AGREEMENT: In consideration of the foregoing and the material covenants hereinafter contained, the City and the Authority formally covenant, agree and bind themselves as follows: