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WHEREAS, there has been prepared and distributed, <br />pursuant to prior authorization of this City Council, a <br />preliminary form of Official Statement describing the <br />Certificates of Participation; <br /> <br /> WHEREAS, Rauscher Pierce Refsnes, Inc., as <br />underwriter, has submitted to the City and the Corporation an <br />agreement entitled "Contract of Purchase" to purchase the <br />Certificates of Participation (herein called the "Certificate <br />Purchase Agreement"); <br /> <br /> WHEREAS, the City has full legal right, power and <br />authority under the Constitution and the laws of the State of <br />California to enter into the transactions hereinafter <br />authorized; <br /> <br /> WHEREAS, there is on file with the City Clerk the <br />form of each document referred to herein, relating to such <br />financing of the Project and refunding of the 1982 Bonds; and <br /> <br /> WHEREAS, all acts, conditions and things required by <br />the Constitution and laws of the State of California to exist, <br />to have happened and to have been performed precedent to and in <br />connection with the consummation of such financing authorized <br />hereby do exist, have happened and have been performed in <br />regular and due time, form and manner as required by law, and <br />the City is now duly authorized and empowered, pursuant to each <br />and every requirement of law, to consummate such financing for <br />the purpose, in the manner and upon the terms herein provided; <br /> <br /> 4 <br />6292S <br /> <br /> <br />