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RESOLUTION NO. <br /> <br /> CITY COUNCIL <br /> OF THE <br /> CITY OF PLEASANTON <br /> <br /> A RESOLUTION APPROVING THE FORM OF AND AUTHORIZING THE <br /> EXECUTION AND DELIVERY OF A PURCHASE AND SALE AGREEMENT <br /> AND R.ELATED DOCUMENTS WITH RESPECT TO THE SALE OF THE <br /> SELLER'S VEHICLE LICENSE FEE RECEIVABLE FROM THE STATE; <br /> AND DIRECTING AND AUTHORIZING CERTAIN OTHER ACTIONS IN <br /> CONNECTION THEREWITH <br /> WHEREAS, certain public agencies within the State of California (the "State") are <br />entitled to receive certain payments payable by the State to each such local agency on or before <br />August 15, 2006, in connection with vehicle license fees pursuant to Section 10754.11 of the <br />California Revenue and Taxation Code ("VLF Gap Repayments"); <br /> WHEREAS, the City of Pleasanton (the "Seller") is entitled to and has determined to sell <br />all right, title and interest of the Seller in and to the "VLF Receivable", as defined in Section <br />65850) of the California Government Code (the "VLF Receivable"), namely, the right to <br />payment of moneys due or to become due to the Seller out of funds payable in connection with <br />vehicle license fees to a local agency pursuant to Section 10754.11 of the California Revenue <br />and Taxation Code; <br /> <br /> WHEREAS, the California Statewide Communities Development Authority, a joint <br />exercise of powers authority organized and existing under the laws of the State (the "Authority"), <br />has been authorized pursuant to Section 6588(w) of the California Government Code to purchase <br />the VLF Receivable; <br /> WHEREAS, the Authority desires to purchase the VLF Receivable and the Seller desires <br />to sell the VLF Receivable pursuant to a purchase and sale agreement by and between the Seller <br />and the Authority in the form presented to this City Council (the "Sale Agreement") for the <br />purposes set forth herein; <br /> WHEREAS, in order to finance the purchase price of the VLF Receivable fi.om the Seller <br /> and the purchase price of other VLF Receivables from other local agencies, the Authority will <br /> issue its taxable and tax-exempt notes (the "Notes") pursuant to Section 6590 of the California <br /> Government Code and an Indenture (the "Indenture"), by and between the Authority and Wells <br /> Fargo Bank, National Association, as trustee (the "Trustee"), which Notes will be payable solely <br /> fi.om the proceeds of the VLF Receivable and such other VLF Receivables; <br /> WHEREAS, the Seller acknowledges that the Authority will grant a security interest in <br /> the VLF Receivable to the Trustee and any credit enhancer to secure payment of the Notes; and <br /> WHEREAS, a portion of the proceeds of the Notes will be used by the Authority to, <br /> among other things, pay the purchase price of the VLF Receivable; <br /> <br />Taxable <br />DOCSSFl:795390.1 <br /> <br /> <br />