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Proposition lA Secaritization Program 3 October 19, 2009 Proceeds of the Sale of the City of San Leandro's Proposition lA Receivable: Upon delivery of the Proposition lA Bonds, California Communities will make available to the City of San Leandro its fixed purchase price, which will equal 100% of the local agency's Proposition lA Receivable. These funds may be used for any lawful purpose of the City of San Leandro and are not restricted by the program. Proposed Proposition lA Receivables Sale Resolution: The proposed Proposition lA Receivables Sale Resolution: 1) Authorizes the sale of the City of San Leandro's Proposition lA Receivable to California Communities for 100% of its receivable; 2) Approves the form, and directs the execution and delivery, of the Purchase and Sale Agreement with California Communities and related documents; 3) Authorizes and directs any Authorized Officer to send, or to cause to be sent, an irrevocable written instruction required by statute to the State Controller notifying the State of the sale of the Proposition lA Receivable and instructing the disbursement of the Proposition lA Receivable to the Proposition 1A Bond Trustee; 4) Appoints certain City of San Leandro officers and officials as Authorized Officers for purposes of signing documents; and S) Authorizes miscellaneous related actions and makes certain ratifications, findings and determinations required bylaw. Proposed Purchase and Sale A,~reement The proposed Purchase and Sale Agreement: 1) Provides far the sale of the Proposition lA Receivable to California Communities; 2) Contains representations and warranties of the City of San Leandro to assure California Communities that the Proposition lA Receivable has not been previously sold, is not encumbered, that no litigation or other actions is pending or threatened to disrupt the transaction and that this is an arm's length "true sale" of the Proposition lA Receivable; 3) Provides mechanics for payment of the Purchase Price; and 4) Contains other miscellaneous provisions. Proposed Purchase and Sale A>reement Exhibits: The proposed Proposition lA Purchase and Sale Agreement Exhibits: (B1) Opinion of Counsel: This is an opinion of the counsel to the local agency covering basic approval of the documents, litigation, and enforceability of the document against the Seller. It will be dated as of the Pricing date of the bonds (currently expected to be November 10, 2009). G:\Council\2009-10 Reso]utions & Staff Reports\Proposition I A Securitization Program.docx