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ALAMEDAPUBLICFINANCINGAUTHORITYRESOLUTIONNO.10-20 ARESOLUTIONOFTHEBOARDOFDIRECTORSOFTHEALAMEDA PUBLICFINANCINGAUTHORITYAUTHORIZINGTHEISSUANCEOF ITS2010LOCALAGENCYREFUNDINGREVENUEBONDS(HARBOR BAYCFDANDMARINAVILLAGEAD),ANDAPPROVING DOCUMENTSANDAUTHORIZINGACTIONSINCONNECTION THEREWITH WHEREAS,theAlamedaPublicFinancingAuthority(the "Authority")hasissueditsAlamedaPublicFinancingAuthorityLocalAgency RevenueBonds,1996SeriesA(CommunityFacilitiesDistrictNo.1(Harbor Bay)Refinancing)(the"1996Bonds"),andhasassignedtothetrusteeforthe 1996Bonds,assecurityfortherepaymentofthe1996Bonds,theCityof AlamedaCommunityFacilitiesDistrictNo.1(HarborBay)1996SpecialTax RefundingBonds(the"PriorCFDBonds");and WHEREAS,thePriorCFDBondsarepayablefromspecialtaxes (the"SpecialTaxes")leviedonpropertyintheCityofAlameda(the"City") CommunityFacilitiesDistrictNo.1(HarborBay)(the"CFD"),andthe1996 BondsarepayablefrompaymentsbytheCityonthePriorCFDBonds;and WHEREAS,theAuthorityalsohasissueditsAlamedaPublic FinancingAuthority1999RevenueBonds(1997RevenueBondRefinancing) (the"1999Bonds"),andhasusedaportionoftheproceedsofthe1999Bonds toacquiretheLimitedObligationImprovementBonds,CityofAlameda,Marina VillageAssessmentDistrict89-1,Series89-1(the"PriorAssessmentBonds"); and WHEREAS,thePriorAssessmentBondsarepayablefrom specialassessments(the"Assessments")leviedonpropertyintheCity's MarinaVillageAssessmentDistrictNo.89-1(the"AssessmentDistrict"),and the1999BondsarepayablefrompaymentsbytheCityonthePrior AssessmentBonds;and WHEREAS,theCityCouncilhasauthorizedtheissuanceofits CityofAlamedaCommunityFacilitiesDistrictNo.1(HarborBay)2010Special TaxRefundingBonds(the"2010CFDBonds")torefundtheoutstandingPrior CFDBondsandtherebyrefundtheoutstanding1996Bonds;and WHEREAS,theCityCouncilhasundertakenproceedingstoform theCityofAlamedaMarinaVillageReassessmentDistrictNo.10-1(the "ReassessmentDistrict")andthelevyofreassessmentsintheReassessment DistricttosupercedeandsupplanttheunpaidAssessments,andhas authorizedtheissuanceofLimitedObligationImprovementRefundingBonds, CityofAlamedaMarinaVillageReassessmentDistrictNo.10-1(the"2010 ReassessmentBonds")torefundtheoutstandingPriorAssessmentBondsand therebyrefundtheoutstanding1999Bonds;and WHEREAS,theAuthoritynowdesirestoauthorizetheissuance ofitsAlamedaPublicFinancingAuthority2010LocalAgencyRefunding RevenueBonds(HarborBayCFDandMarinaVillageAD)(the"Authority Bonds")pursuanttotheprovisionsofArticles10and11ofChapter3ofPart1 ofDivision2ofTitle5oftheGovernmentCodeoftheStateofCalifornia(the "RefundingLaw"),andtheMarks-RoesLocalBondPoolingActof1985,being Article4ofChapter5ofDivision7ofTitle1oftheGovernmentCodeofthe StateofCalifornia(the"BondLaw"),inanaggregateprincipalamountnotto exceed$21,000,000,inordertopurchasethe2010CFDBondsandthe2010 ReassessmentBondsandtherebyprovidefundstorefundanddefeasethe PriorCFDBondsandthe1996Bonds,andthePriorAssessmentBondsand the1999Bonds,andtherebyresultinginreducedfuturespecialtaxlevieson propertyintheCFDandreassessmentleviesonpropertyintheReassessment DistrictthatwillbelowerthanthecurrentAssessmentleviesonsuchproperty; and WHEREAS,thereareonfilewiththeSecretarytotheAuthorityan IndentureofTrust(the"Indenture")authorizingtheissuanceoftheAuthority Bonds,aNoticeofIntentiontoSellBonds(the"NoticeofIntention")andan OfficialNoticeofSale(the"OfficialNoticeofSale")withrespecttoa competitivesaleoftheAuthorityBonds,aPreliminaryOfficialStatement(the "PreliminaryOfficialStatement")whichdescribesthetermsoftheAuthority Bonds,aContinuingDisclosureAgreement(the"ContinuingDisclosure Agreement")providingforperiodicdisclosurebytheAuthoritytoinvestorsinthe AuthorityBondsofinformationrelatedthereto,anEscrowDepositandTrust AgreementprovidingfortherefundingofthePriorCFDBondsandthe1996 Bonds(the"1996EscrowAgreement"),anEscrowDepositandTrust AgreementprovidingfortherefundingofthePriorAssessmentBondsandthe 1999Bonds(the"1999EscrowAgreement"),andanAgreementRegarding RefundingofAuthorityBonds(the"RefundingAgreement"),and WHEREAS,theBoardofDirectors,withtheassistanceofCity Staff,havereviewedsaiddocumentsandhasfoundasaresultofsuchreview, andherebyfindsanddetermines,thatallthings,conditionsandactsrequired bylawtoexist,happenand/orbeperformedprecedenttoandintheissuance oftheAuthorityBondsdoexist,havehappenedandhavebeenperformedin duetime,formandmannerasrequiredbyapplicablelaw,andtheAuthorityis nowauthorizedundertheIndenture,theRefundingLawandtheBondLawand eachandeveryrequirementofapplicablelawtoissuetheAuthorityBondsin themannerandformprovidedinthisIndenture;and WHEREAS,theBoardofDirectorsnowdesirestoauthorizethe issuanceoftheAuthorityBondspursuanttotheRefundingLaw,theBondLaw andtheIndentureforthepurposeofprovidingfundstorefundanddefeasethe -2- PriorCFDBonds,the1996Bonds,thePriorAssessmentBondsandthe1999 Bonds. NOW,THEREFORE,BEITRESOLVEDBYTHEBOARDOF DIRECTORSOFTHEALAMEDAPUBLICFINANCINGAUTHORITYas follows: Section 1.Eachoftheaboverecitalsistrueandcorrect. PursuanttotheBondLaw,theBoardofDirectorsherebyfindsanddetermines thattheissuanceoftheAuthorityBondswillresultinsavingsineffective interestrates,bondunderwritingcostsandbondissuancecostsandthereby resultinsignificantpublicbenefitstoitsmemberswithinthecontemplationof Section6586oftheBondLaw. Section 2.TheBoardofDirectorsherebyauthorizesthe issuanceoftheAuthorityBondsinanaggregateprincipalamountnottoexceed $21,000,000.ThetermsoftheAuthorityBondsshallbeassetforthinthe Indenture,asexecutedanddeliveredbytheAuthority. TheIndenture,intheformonfilewiththeSecretary,ishereby approvedandtheExecutiveDirectoroftheAuthorityisherebyauthorizedand directedtoexecutetheIndentureinsuchform,togetherwithsuchadditions theretoandchangesthereinastheExecutiveDirector,uponconsultationwith BondCounselandtheCityAttorney,deemsnecessaryordesirable.Approval ofsuchchangesshallbeconclusivelyevidencedbytheexecutionanddelivery oftheIndenturebytheAuthority. Section 3.TheAuthorityBondsshallbeexecutedonbehalfof theAuthoritybythemanualorfacsimilesignatureoftheChairortheExecutive DirectoroftheAuthority,andattestedwiththemanualorfacsimilesignatureof theSecretary.UnionBank,N.A.isherebyappointedtoactasthetrusteefor theAuthorityBondsunderthetermsoftheIndenture. Section 4.TheNoticeofIntentionandtheOfficialNoticeof Sale,intherespectiveformsonfilewiththeSecretary,areherebyapproved. ThetermsandconditionsoftheofferingandsaleoftheAuthorityBondsshall beasspecifiedintheOfficialNoticeofSaleintheformherebyapproved, togetherwithsuchadditionstheretoandchangesthereinasshallbeapproved bytheExecutiveDirectorfollowingconsultationwiththeAuthority'sCo- FinancialAdvisors,theCityAttorneyandBondCounsel,withtheapprovalof suchadditionsorchangestobeconclusivelyevidencedbythedisseminationof theOfficialNoticeofSalebytheAuthoritytoprospectivepurchasersofthe AuthorityBonds. TheSecretaryoftheAuthorityisherebyauthorizedanddirected tocausetobepublished,onceatleastfive(5)dayspriortothedatetoreceive bidsfortheAuthorityBonds,theNoticeofIntentionin TheBondBuyer,a -3- financialpublicationreasonablyexpectedtobedisseminatedamong prospectivebiddersfortheAuthorityBonds. TheSecretaryandtheCo-FinancialAdvisorstotheAuthorityare herebyauthorizedtocausetobefurnishedtoprospectivebiddersareasonable numberofcopiesoftheOfficialNoticeofSale.TheCo-FinancialAdvisorsare herebyauthorizedanddirected,onbehalfoftheAuthority,toreceivethebidsat thetimeandplacespecifiedintheOfficialNoticeofSale,toexaminesaidbids forcompliancewiththeOfficialNoticeofSaleandtoverifythebidwiththe lowesttrueinterestcostasprovidedintheOfficialNoticeofSale.Intheevent twoormorebidssettingforthidenticaltrueinterestcostarereceived,theCo- FinancialAdvisors,onbehalfoftheAuthority,mayexercisetheirdiscretionand judgmentinmakingtheawardandmayawardtheBondsonaproratabasisin suchdenominationsastheyshalldetermine.TheCo-FinancialAdvisors,on behalfoftheAuthority,may,intheirdiscretion,rejectanyandallbidsand waiveanyirregularityorinformalityinanybid.TheCo-FinancialAdvisors,on behalfoftheAuthority,shallawardtheAuthorityBondsorrejectallbidsnot laterthan24hoursaftertheexpirationofthetimeprescribedforthereceiptof bidsunlesssuchtimeofawardiswaivedbythesuccessfulbidder. Intheeventthatallbidsarerejected,theExecutiveDirectoris herebyauthorizedtonegotiatethesaleoftheAuthorityBondswithoneormore purchaserstobedeterminedbytheExecutiveDirectoruponconsultationwith theCo-FinancialAdvisorstotheAuthority,andtoselltheAuthorityBondson suchtermsandconditionsasshallbedeterminedbytheExecutiveDirector uponconsultationwiththeCo-FinancialAdvisorstotheAuthority. Notwithstandingtheforegoing,noawardoftheAuthorityBondsor saleoftheAuthorityBondsshalloccurunlessthepresentvaluesavingsofthe debtserviceontheAuthorityBondsisatleastsixpercent(6%)whencompared totheremainingscheduledaggregatedebtserviceonthePriorCFDBonds andthePriorAssessmentBonds. Section 5.ThePreliminaryOfficialStatementfortheAuthority Bonds,intheformonfilewiththeSecretary,isherebyapprovedand distributionofthePreliminaryOfficialStatementtoprospectivepurchasersof theAuthorityBondsinsuchform,togetherwithsuchadditionstheretoand changesthereinasaredeterminednecessaryordesirablebytheExecutive DirectoroftheAuthority,uponconsultationwiththeCityAttorneyand DisclosureCounsel,tomakesuchPreliminaryOfficialStatementfinalasofits dateforpurposesofRule15c2-12oftheSecuritiesandExchangeCommission isherebyauthorized.TheExecutiveDirectoroftheAuthorityishereby authorizedtoexecuteafinalOfficialStatementintheformofthePreliminary OfficialStatement,togetherwithsuchchangesasaredeterminednecessaryby theExecutiveDirector,uponconsultationwiththeCityAttorneyandDisclosure Counsel,tomaketheOfficialStatementcompleteandaccurateasofitsdate. ThedistributionofthefinalOfficialStatementfortheAuthorityBondsandany -4- supplementtheretotothepurchasersoftheAuthorityBondsfollowingits executionbytheAuthorityisherebyauthorized. Section 6.TheContinuingDisclosureAgreement,the1996 EscrowAgreement,the1999EscrowAgreementandtheRefunding Agreement,intherespectiveformsonfilewiththeSecretary,arehereby approvedandtheExecutiveDirectorisherebyauthorizedanddirectedto executesuchdocumentsintheformsherebyapproved,withsuchadditions thereinandchangestheretoastheExecutiveDirector,uponconsultationwith theCityAttorneyandBondCounsel,deemsnecessaryordesirable,withsuch approvaltobeconclusivelyevidencedbytheexecutionanddeliveryofsuch documentsbytheAuthority.Thepurchaseofthe2010CFDBondsandthe 2010ReassessmentBondswithproceedsoftheAuthorityBonds,as contemplatedbythePurchaseContract,theIndentureandtheRefunding Agreementisherebyauthorized. Section 7.TheExecutiveDirectorisauthorizedtoprovidefor allservicesnecessarytoeffecttheissuanceoftheAuthorityBonds.Such servicesshallinclude,butnotbelimitedto,printingtheAuthorityBonds, obtaininglegalservices,payingagentservicesandanyotherservicesdeemed appropriate.TheExecutiveDirector,orherwrittendesignee,isauthorizedto payforthecostofsuchservices,togetherwithotherCostsofIssuance(as definedintheIndenture),withamountsdepositedtotheCostsofIssuance FundestablishedpursuanttotheIndenture. Section 8.TheChair,ViceChair,Secretary,ExecutiveDirector andTreasureroftheAuthorityandanyotherofficersorstaffoftheAuthority areherebyauthorizedanddirectedtotakeanyactionsandexecuteanddeliver anyandalldocumentsasarenecessarytoaccomplishtheissuance,saleand deliveryoftheAuthorityBonds,thepurchaseofthe2010CFDBondsandthe 2010ReassessmentBondswithproceedsoftheAuthorityBonds,andthe refundinganddefeasanceofthe1996Bondsandthe1999Bondsin accordancewiththeprovisionsofthisResolution.Intheeventthatthe ExecutiveDirectoroftheAuthorityisunavailabletosignanydocument authorizedforexecutionherein,thewrittendesigneeoftheExecutiveDirector maysignsuchdocument. Section 9.ThelawfirmofQuint &ThimmigLLPishereby designatedasBondCounselandDisclosureCounseltotheAuthoritywith respecttotheAuthorityBonds.TheCityAttorney,inhercapacityasGeneral CounseltotheAuthority,isherebyauthorizedtoexecuteanagreementwith saidfirmforitsservicesasBondCounselandDisclosureCounsel,said agreementtobeinaformacceptabletotheCityAttorney. Section10.ThefirmofSequoiaFinancialGroupLLCishereby designatedasFinancialAdvisortotheAuthoritywithrespecttotheAuthority Bonds.TheExecutiveDirectorisherebyauthorizedtoenterintoanagreement -5- withsaidfirmforitsservicesasFinancialAdvisor,saidagreementtobeina formacceptabletotheExecutiveDirector. Section 11.ThisResolutionshalltakeeffectuponitsadoption bytheBoardofDirectors. ******* I,theundersigned,herebycertifythattheforegoingResolutionwasdulyand regularlyadoptedandpassedbytheBoardofDirectorsoftheAlamedaPublicFinancing AuthorityinaSpecialMeetingoftheAlamedaPublicFinancingAuthorityonthe is"dayof June,2010,bythefollowingvotetowit: AYES:BoardmembersdeHaan,Gilmore,Matarrese,Tamand ChairJohnson5. NOES:None. ABSENT:None. ABSTENTIONS:None. INWITNESS,WHEREOF,Ihavehereuntosetmyhandandaffixedtheofficialsealofsaid Authoritythis is"dayofJune,2010. LaraWeisiger,Secrer AlamedaPublicFinacigAuthority