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AGENDA VERSION <br /> <br />IRREVOCABLE REFUNDING INSTRUCTIONS <br /> <br />These IRREVOCABLE REFUNDING INSTRUCTIONS (these “Instructions”), dated <br />_________ 1, 2018, are given by the SUCCESSOR AGENCY TO 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 AGENCY <br />OF THE CITY OF SAN LEANDRO (the “Former Agency”), to U.S. BANK NATIONAL <br />ASSOCIATION, a national banking association organized and existing under the laws of the <br />United States of America, acting as trustee (the “2008 Trustee”) for the hereinafter defined 2008 <br />Bonds. <br /> <br />W l T N E S S E T H : <br /> <br />WHEREAS, the Former Agency previously issued its Alameda County - City of San <br />Leandro Redevelopment Project Tax Allocation Bonds, Series 2008 (the “2008 Bonds”) for the <br />purpose of financing redevelopment activities, pursuant to an Indenture of Trust, dated as of July <br />1, 2008, between the Former Agency and the 2008 Trustee (the “2008 Indenture”); and <br /> <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 Agency was dissolved on February 1, 2012 in accordance <br />with California Assembly Bill X1 26 approved by the Governor of the State of California on June <br />28, 2011 (“AB 26”), and on February 1, 2012, the Successor Agency, in accordance with and <br />pursuant to AB 26, assumed the duties and obligations set forth in AB 26 for the Former Agency, <br />including, without limitation, the obligations of the Former Agency under the 2008 Indenture and <br />related documents to which the Former Agency was a party; and <br /> <br />WHEREAS, the Successor Agency has determined that it is in the best financial interests <br />of the Successor Agency to refund, at this time, all of the outstanding 2008 Bonds, which bonds <br />are described on Exhibit A hereto; and <br /> <br />WHEREAS, in order to provide funds for such purpose, the Successor Agency is issuing <br />its Successor Agency to the Redevelopment Agency of the City of San Leandro Alameda County <br />- City of San Leandro Redevelopment Project Area 2018 Tax Allocation Refunding Bonds (the <br />“2018 Bonds”) and applying a portion of the proceeds thereof, together with certain other moneys, <br />to defease and redeem all of the outstanding 2008 Bonds; and <br /> <br />WHEREAS, the 2018 Bonds are being issued pursuant to an Indenture of Trust dated as <br />of _________ 1, 2018, between the Successor Agency and U.S. Bank National Association, as <br />trustee (the “2018 Trustee”); and <br /> <br />WHEREAS, the Successor Agency wishes to give these Instructions to the 2008 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 2008 Bonds; <br /> <br />NOW, THEREFORE, the Successor Agency hereby irrevocably instructs the 2008 Trustee <br />as follows: <br /> <br />Section 1. Establishment of the 2008 Bonds Escrow Fund. The 2008 Trustee shall <br />establish and hold, separate and apart from all other funds and accounts held by it, a special fund <br />414