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WHEREAS, by its Articles of Incorporation and by its <br />Bylaws no part of the net earnings, funds or assets of said <br />Corporation shall inure to the benefit of any director thereof <br />or any other person, firm or corporation, except the City; <br />WHEREAS, the City has full legal right, power and <br />authority to enter into a acquisition agreement with the <br />Corporation pursuant to which the Corporation will acquire <br />title to the existing city library and real property located <br />in the County of Alameda, California and designated as the <br />Facility (herein called the "Facility"), and the City has full <br />legal right, power and authority to enter into a facility <br />lease with the Corporation, pursuant to which the Corporation <br />will lease the Facility to the City; <br />WHEREAS, this City Council hereby determines that it <br />would be in the best interest of the City and the residents of <br />the City for the City and the Corporation to enter into an <br />agreement, entitled "Acquisition Agreement" and tentatively <br />dated as of October 1, 1991 (herein called the "Acquisition <br />Agreement"), pursuant to which the City will sell the Facility <br />to the Corporation; <br />WHEREAS, this City Council hereby determines that it <br />would be in the best interest of the City.and the residents of <br />the City for the Corporation and the City to enter into a <br />lease, entitled "Facility Lease" and tentatively dated as of <br />October 1, 1991 (herein called the "Facility Lease"), pursuant <br />to which the Corporation will lease the Facility to the City; <br />2 <br />01192-040482-000017-028 09/12/91 <br />