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the benefit of any director, officer or individual, or any <br />other person, firm, or corporation excepting only the City; <br /> <br /> WHEREAS, the Corporation has obtained public <br />competitive bids for the construction of Project Phase I and <br />is ready and willing to enter into a contract for the <br />construction of Project Phase I with the lowest responsible <br />bidder therefor, simultaneously with the issuance and sale of <br />bonds of the Corporation~ <br /> <br /> WHEREAS, this City Council has determined and does <br />hereby determine that it is in the public interest, <br />convenience and welfare and for the common benefit of the <br />inhabitants of the City of Pleasanton that this City enter <br />into a site lease with the Corporation, and that the <br />Corporation proceed with the financing and construction of <br />the Project Phase I; and <br /> <br /> WHEREAS, pursuant to the Indenture, Site Lease and <br />Facility Lease, all dated as of September 1, 1982, the title <br />to Project Phase I will vest in the City upon retirement of <br />the Corporation's Bonds of Series A; and <br /> <br /> WHEREAS, this City Council has heretofore by <br />Ordinance No. 1045, adopted July 27, 1982 and effective <br />August 26, 1982, determined to lease Project Phase I from <br />Corporation pursuant to a facility lease to be in <br />substantially the form of proposed facility lease submitted <br />to this City Council and approved, upon the determination of <br /> <br />3 <br /> <br /> <br />