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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />WHEREAS, under and pursuant to Resolution No. R-44-07 (the "POB Resolution") <br />adopted by the City Council on April 3, 2007, the City authorized the issuance of its taxable <br />pension obligation bonds in one or more series (the "Bonds") in an aggregate principal <br />amount equal to the sum of (a) the principal amount not to exceed the total amount of the <br />PERS Obligation, (b) the costs of issuance of the Bonds (including underwriters' discount), <br />and (c) the original issue discount (if any) on the Bonds, for the purpose of refunding the <br />PERS Contract and thereby providing funds to the State Retirement System for investment; <br />WHEREAS, the City, acting pursuant to the provisions of Section 860 et seq. of the <br />California Code of Civil Procedure and Government Code Sections 53511 and 53589.5, filed <br />a complaint in the Superior Court of the State of California for the County of San Bernardino <br />seeking judicial validation of the proceedings and transactions relating to the issuance of the <br />Bonds and any future series of bonds to be issued by the City in connection therewith and the <br />court has entered a default judgment to the effect, among other things, that the Bonds are <br />valid, legal and binding obligations of the City and in conformity with all applicable of law; <br />WHEREAS, there were presented to the Council at its meeting of June 19, 2007, <br />forms of an Indenture proposed to be entered into by and between the City and U.S. Bank <br />National Association, as trustee (the "Trustee"), relating to the Bonds (the "Indenture"), a <br />proposed form of Bond Purchase Agreement for the Bonds (the "Bond Purchase Agreement") <br />among the City and the underwriter, E.J. De La Rosa & Co., Inc. (the "Underwriter") and a <br />proposed form of Official Statement relating to the Bonds; <br />WHEREAS, by action of the Council taken on June 19, 2007, the Council approved <br />the forms of the Indenture, the Bond Purchase Agreement and the Official Statement and the <br />sale of the Bonds; <br />WHEREAS, the Council has determined to supplement the POB Resolution and ratify <br />its actions taken at the meeting of June 19, 2007 as provided herein; <br />WHEREAS, the City has full legal right, power and authority under the Constitution <br />and the laws of the State of California to enter into the transactions hereinafter authorized; <br />RVPUB\FBAUM\735967.1 <br />2 <br />