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(which consists of the Property) pursuant to Article X1IIC, Section 2(d) of the California Constitution and the Code, to finance: (i) the City's acquisition of the Levee Improvements from Owner, (ii) the maintenance and operation of certain improvements to be dedicated to City as described below (which consists of the Levee Improvements), and (iii) the continued maintenance and operation of the Seaport Centre Levee and Seaport Centre Wet Utilities currently being funded by the Maintenance District, not otherwise being funded under (ii) above; and (d) pursuant to the Improvement Act of 1911 (Division 7, Part 3, Chap. 26 of the Streets and Highways Code) ("1911 Act") (including without limitation Government Code Sections 5848 et seq.), the dissolution of the Maintenance District following formation of the CFD. H. As set forth in Section 4(a) below, once City Council has approved this Agreement, the Owners will petition the City to establish the CFD pursuant to the City's Statement of Local Goals and Policies Concerning the Use of the Mello -Roos Community Facilities Act of 1982, as amended, {"City's Local Goals and Policies"), the Code, which incorporates the Mello -Roos Community Facilities Act of I982, as amended (Chapter 2.5 of Division 2 of Title 5 of the California Government Code, commencing with Section 55311) ("Mello -Roos Act")), and following such petition from the Owners, the City Council will adopt a resolution of intention to form the CFD. L On October 26, 2020, by Resolution No. 15900, the City Council approved this Agreement and, in connection therewith, determined that the New Levee project is categorically exempt under Sections 15301, 15302 and 15304 of the State CEQA Guidelines, 14 CCR §§ 15000, et seq. AGREEMENTS: NOW THEREFORE, In consideration of the foregoing recitals and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties hereby agree as follows: 1. Definitions. "1911 Act" is defined in Recital G. "Agreement" shall mean this Levee Financing and Improvement Agreement, including all Exhibits hereto. "Acquisition Price" is defined in Section 15. `BKF' is defined in Subsection 3(a). "CC&R's" is defined in Recital C. "CEO" means the California Environmental Quality Act (Public Resources Code §§ 21000, et seq.) "CFD" is defined in Recital G. OAK #4819-4834-1908 v20