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L. In order to cause such requirement to be satisfied, the City desires to <br />execute and deliver a Continuing Disclosure Certificate (the "Continuing <br />Disclosure Certificate "); <br />M. The City is a member of the Authority and the Project is located within the <br />boundaries of the City; <br />N. The City Council has been presented with the form of each document <br />referred to herein relating to the refinancing contemplated hereby, and the <br />City Council has examined and approved each document and desires to <br />authorize and direct the execution of such documents and the <br />consummation of such refinancing; and <br />O. All acts, conditions and things required by the laws of the State of <br />California and the City Charter of the City to exist, to have happened and <br />to have been performed precedent to and in connection with the <br />consummation of such refinancing authorized hereby do exist, have <br />happened and have been performed in regular and due time, form and <br />manner as required by law, and the City is now duly authorized and <br />empowered, pursuant to each and every requirement of law, to <br />consummate such refinancing for the purpose, in the manner and upon <br />the terms herein provided; <br />Section 2. All of the recitals herein contained are true and correct and the City <br />Council so finds. <br />Section 3. The City Council, on behalf of the City, hereby finds that the use of <br />the Act to assist the City in refinancing the Project will result in significant public benefits <br />to the citizens of the City because it is expected that such use will provide demonstrable <br />savings in effective interest rate costs. The prepayment of the Prior Installment <br />Payments under the Prior Installment Purchase Agreement and the redemption of the <br />Prior Bonds are hereby approved. <br />Section 4. The forms of the Master Installment Agreement and First Supplement, <br />on file with the Clerk of the Council, are hereby approved, and the Mayor may <br />designate, City Manager, the Assistant City Manager, the Clerk of the Council, <br />Executive Director, Public Works and the Executive Director, Finance and Management <br />Services (the "Authorized Officers "), are each hereby authorized and directed, for and in <br />the name and on behalf of the City, to execute and deliver the Master Installment <br />Agreement and First Supplement in substantially said forms, with such changes therein <br />as the Authorized Officer executing the same may require or approve, such approval to <br />be conclusively evidenced by the execution and delivery thereof; provided, however, <br />that the aggregate amount of the principal components of the installment payments <br />shall not exceed $17,000,000 and the true interest cost applicable to the interest <br />components of the installment payments shall not exceed 4.00 %. <br />Resolution No. 2014 -XXX <br />55394.00011 \8780228.5 80A-7 Page 3 of 6 <br />