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M. All acts, conditions and things required by the laws of the State of
<br />California to exist, to have happened and to have been performed
<br />precedent to and in connection with the consummation of such refinancing
<br />authorized hereby do exist, have happened and have been performed in
<br />regular and due time, form and manner as required by law, and the
<br />Authority is now duly authorized and empowered, pursuant to each and
<br />every requirement of law, to consummate such refinancing for the
<br />purpose, in the manner and upon the terms herein provided;
<br />Section 2. All of the recitals herein contained are true and correct and the
<br />Governing Board so finds.
<br />Section 3. The forms of Master Installment Agreement and the First Supplement,
<br />on file with the Secretary of the Authority, are hereby approved, and the Chair or Vice -
<br />Chair of the Authority, or such other member of the Governing Board as the Chair may
<br />designate, the Executive Director of the Authority, the Treasurer of the Authority and the
<br />Controller of the Authority (the "Authorized Officers ") are each hereby authorized and
<br />directed, for and in the name and on behalf of the Authority, to execute and deliver the
<br />Master Installment Agreement and the First Supplement in substantially said form, with
<br />such changes therein as the Authorized Officer executing the same may require or
<br />approve, such approval to be conclusively evidenced by the execution and delivery
<br />thereof; provided, however, that the aggregate amount of the principal components of
<br />the installment payments evidenced under the First Supplement shall not exceed
<br />$17,000,000 and the true interest cost applicable to the interest components of the
<br />installment payments shall not exceed 4.00 %.
<br />Section 4. The form of Indenture, on file with the Secretary of the Authority, is
<br />hereby approved, and the Authorized Officers are each hereby authorized and directed,
<br />for and in the name and on behalf of the Authority, to execute and deliver the Indenture
<br />in substantially said form, with such changes, insertions and omissions therein as the
<br />Authorized Officer executing the same may require or approve, such approval to be
<br />conclusively evidenced by the execution and delivery thereof; provided, however, that
<br />the aggregate amount of the Bonds shall not exceed $17,000,000, the final maturity
<br />date of the Bonds shall be no later than September 1, 2031 and the true interest cost
<br />applicable to the Bonds shall not exceed 4.00% and, provided, further, that such
<br />changes, insertions and omissions shall be consistent with the terms of the Bonds
<br />established by the Purchase Contract as finally executed.
<br />Section 5. The issuance of not to exceed $17,000,000 aggregate principal
<br />amount of the Bonds, in the principal amounts, bearing interest at the rates and
<br />maturing on the dates as specified in the Indenture as finally executed, is hereby
<br />authorized and approved.
<br />Section 6. The form of Purchase Contract, on file with the Secretary of the
<br />Authority, is hereby approved, and the Authorized Officers are each hereby authorized
<br />and directed, for and in the name and on behalf of the Authority, to execute and deliver
<br />Resolution No. 2014 -XXX
<br />Page 3 of 6
<br />55394.0001 1 \8780240.5 80A-237
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