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29210-08 JH:SM:ACH:JMG 05-31-14 <br />IRREVOCABLE REFUNDING INSTRUCTIONS <br />These IRREVOCABLEREFUNDINGINSTRUCTIONS(these “Instructions”),dated <br />_________ __, 2014, are given by the SUCCESSOR AGENCYTO THE REDEVELOPMENT <br />AGENCY OF THE CITY OF SAN LEANDRO,a public entity existing under the laws of the State <br />of California (the “Successor Agency”),as successor agency of the REDEVELOPMENT <br />AGENCY OF THE CITY OF SAN LEANDRO(the “FormerAgency”), to U.S. Bank NATIONAL <br />ASSOCIATION, a nationalbanking association organized and existing under the laws of the <br />United States of America, acting as trustee(the “2002 Trustee”)for the hereinafter defined 2002 <br />Bonds; <br />WlTNESSETH: <br />WHEREAS, the Former Agencyhas previously issued its Plaza Redevelopment Project <br />Tax Allocation Bonds, Series 2002(the "2002 Bonds")for the purpose of financing and <br />refinancing redevelopment activities with respect to the Redevelopment Project (as defined in <br />the hereinafter mentioned 2002 Bonds), pursuant to an Indenture ofTrust dated as of <br />November 1, 2002, between the Former Agency and the 2002 Trustee(the “2002 Indenture”); <br />and <br />WHEREAS, by implementation of California Assembly Bill X1 26, which amended <br />provisions of the California Redevelopment Law, (found at Health and Safety Code Section <br />33000, et.seq.) and the California Supreme Court’s decision in California Redevelopment <br />Association v. Matosantos, the Former Agencywas dissolved on February 1, 2012 in <br />accordance with California Assembly Bill X1 26 approved by the Governor of the State of <br />California on June 28, 2011 ("AB 26"), and on February 1, 2012, the Successor Agency, in <br />accordance with and pursuant to AB 26, assumed the duties and obligations set forth in AB 26 <br />for the Former Agency, including, without limitation, the obligations of the Former Agencyunder <br />the 2002 Indentureand related documents to which the Former Agencywas aparty; and <br />WHEREAS,the Successor Agency has determined that it is in the best financial <br />interests of the Successor Agency to refund, at this time, the 2002 Bonds; and <br />WHEREAS, in order to provide funds for such purpose, the Successor Agency is issuing <br />2014 Subordinated Tax Allocation RefundingBonds(Redevelopment Projects) (the "2014 <br />Bonds")and applying a portion of the proceeds thereof, together with certain other moneys, to <br />defease and redeem all of the outstanding 2002 Bonds;and <br />WHEREAS, the 2014 Bondsare being issued pursuant to an Indenture of Trust dated as <br />of ___________1, 2014, between the Successor Agency and U.S. Bank National Association, <br />as trustee(the “2014 Trustee”); and <br />WHEREAS, the Successor Agency wishes to give these Instructions to the 2002 Trustee <br />for the purpose of providing the terms and conditions relating to the deposit and application of <br />moneys to provide for the payment and redemption of the outstanding 2002 Bonds; <br />NOW, THEREFORE, the Successor Agency hereby irrevocably instructs the 2002 <br />Trusteeas follows: