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WHEREAS, by i~tS A~ticles 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 of <br />Pleasanton; <br /> <br /> WHEREAS, the City has full legal right, power and <br />authority to enter into a facility lease with the Corporation <br />of a water reservoir and pipeline located in the County of <br />Alameda, California and designated as Sycamore Water Reservoir <br />("Capital Project I") and of certain office facilities located <br />at 123 Main Street in the City of Pleasanton, California <br />("Capital Project II"); <br /> <br /> WHEREAS, the City will lease Capital Projects I and <br />II from the Corporation, pursuant to the Facility Lease <br />(Capital Projects I and II), dated as of October 1, 1987 (the <br />"Facility Lease"), and the Corporation will, pursuant to an <br />Assignment Agreement and a Trust Agreement, dated as of October <br />1, 1987 (the "Trust Agreement") among the City, the Corporation <br />and Bank of America National Trust and Savings Association, as <br />trustee, arrange for the execution and delivery of certificates <br />of participation (the "Certificates") evidencing fractional <br />undivided interests in the base rental payments to be made by <br />the City pursuant to the Facility Lease. Such base rental <br />payments may be made from any funds of the City lawfully <br />available therefor, including the proceeds of the Certificates; <br /> <br /> WHEREAS, this City Council pursuant to Resolution <br />No.87-418 adopted on September 15, 1987 approved certain <br /> <br /> 2 <br /> <br /> <br />