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FIRST SUPPLEMENT TO <br />FISCAL AGENT AGREEMENT <br />THIS FIRST SUPPLEMENT TO FISCAL AGENT AGREEMENT (the "Agreement') is <br />made and entered into as of July 1, 1997 by and between the City of San Leandro, a chartered <br />city and a political subdivision of the State of California (the "City") and the Treasurer of the <br />City of San Leandro, as fiscal agent (the "Fiscal Agent'), <br />WITNESSETH: <br />WHEREAS, on August 5, 1996, the City of San Leandro (the "City") issued its Seismic <br />Retrofit Assessment District No. 96-2 Limited Obligation Improvement Bonds (the 'Bonds") <br />pursuant to a Fiscal Agent Agreement dated as of August 1, 1996 (the "Fiscal Agent <br />Agreement'), by and between the City and the Treasurer of the City as Fiscal Agent; <br />WHEREAS, the City and the Fiscal Agent now wish to amend the Fiscal Agent <br />Agreement to provide that investment earnings on the Improvement Fund established therein <br />may be transferred to the Redemption Fund and be used for the purposes thereof, as set forth in <br />this First Supplement to Fiscal Agent Agreement; <br />WHEREAS, the City as the owner of one hundred percent of the Bonds has consented to <br />such amendment; <br />NOW, THEREFORE, in consideration of the covenants and provisions herein set forth <br />and for other valuable consideration the receipt and sufficiency of which is hereby <br />acknowledged, the parties hereto do hereby agree as follows: <br />