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IN THE PUBLIC FINANCING AUTHORITY OF THE CITY OF SAN LEANDRO RESOLUTION NO. 2007-002 PFA (2735/2851 ) RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF NOT TO EXCEED $26,000,000 CITY OF SAN LEANDRO 2007 CERTIFICATES OF PARTICIPATION (LIBRARY AND FIRE STATIONS REFUNDING PROJECT), AUTHORIZING AND DIRECTING EXECUTION OF RELATED LEASE FINANCING DOCUMENTS, TRUST AGREEMENT, AND ESCROW AGREEMENT, APPROVING OFFICIAL STATEMENT AND AUTHORIZING OFFICIAL ACTIONS RESOLVED, by the San Leandro Public Financing Authority (the "Authority"), as follows: WHEREAS, the Authority and the City of San Leandro (the "City") have heretofore caused the execution and delivery of 1999 Certificates of Participation (Library and Fire Stations Financing) (the "1999 Certificates") evidencing the direct, undivided fractional interest of the owner hereof in lease payments to be made by the City as the rental for certain property pursuant to a Lease Agreement dated as of May 1, 1999 (the "1999 Lease Agreement") with the Authority; and WHEREAS, the proceeds of the 1999 Certificates were used to provide certain capital improvements to the City, including a library, a community center and two fire stations; and WHEREAS, in order to provide funds to allow the City to prepay its obligations under the 1999 Lease and to refund the 1999 Certificates, the City has agreed to lease certain real property, consisting of the City's main library building (the "Leased Premises"), to the Authority as provided in the Site Lease, as defmed herein, and has further agreed to sublease the Leased Premises back from the Authority pursuant to that certain Lease Agreement expected to be dated as of May 1, 2007, by and between the Authority as sublessor and the City as sublessee (the "Lease Agreement"); and WHEREAS, the Authority proposes to assign and transfer certain of its rights under the Lease Agreement to the Trustee and, in consideration of such assignment and the execution of a Trust Agreement expected to be dated as of May 1, 2007 among the City, the Authority and U.S. Bank National Association, as trustee (the "Trustee"), the Trustee has agreed to execute and deliver 2007 Certificates of Participation (Library and Fire Stations Refunding Project) in the aggregate principal amount of not to exceed $26,000,000 (the "Certificates"), each evidencing a direct, undivided fractional interest in the lease payments to be paid by the City pursuant to the Lease Agreement; NOW, THEREFORE, it is hereby ORDERED and DETERMINED, as follows: Section 1. Execution and Delivery of Certificates. The Authority hereby authorizes the execution and delivery of the Certificates, representing the right to receive lease payments under