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INDENTURE OF TRUST This INDENTURE OF TRUST (the "Indenture"), dated as of June 1, 2013, by and between the CITY OF REDWOOD CITY PUBLIC FINANCING AUTHORITY, a joint powers authority, operating and acting pursuant to the laws of the State of California (the "Authority") and U.S. BANK NATIONAL ASSOCIATION, a national banking association duly organized and existing under and by virtue of the laws of the United States of America, as trustee (the "Trustee"). WITNESSETH: WHEREAS, the Authority has determined that it is in the interests of the Authority and the City of Redwood City (the "City") at this time to provide for the refinancing of the acquisition and construction of certain improvements (the "Project") to the City's water system (the "Enterprise"), as described in Exhibit A to the Installment Purchase Contract (defined below); and WHEREAS, in order to finance certain improvements to the Enterprise, the City and the Authority have previously entered into an Installment Purchase Contract, dated as of February 1, 2005 (the"2005 Installment Purchase ContracY'); and WHEREAS, pursuant to an Indenture of Trust, dated as of February l, 2005 (the "2005 Indenture") between the Authority and The Bank of New York Trust Company, N.A., as trustee (the "Prior Trustee"), the Authority issued its Water Revenue Bonds, Series 2005A, in the original principal amount of$35,790,000, of which $29,305,000 remains outstanding (the "Prior Bonds"), secured by payments made by the City pursuant to the 2005 Installment Purchase Contract; and WHEREAS, in order to provide moneys to prepay the City's obligations under the 2005 Installment Purchase Contract, the City and the Authority have entered in to that certain Installment Purchase Contract, dated as of June 1, 2013 (the "Installment Purchase ContracY'); and . WHEREAS, the Authority is authorized under the Mazks Roos Local Bond Pooling Act of 1985 (commencing with Section 6584 of the California Government Code) (the "Act") to incur indebtedness to refinance public capital improvements (as such term is defined in the Act); and WI-iEREAS, in order to refinance the Prior Bonds, the Authority has decided to issue its Water Revenue Refunding Bonds, Series 2013 in an aggregate principal amount of$26,870,000, secured by the Revenues (as provided herein); and WHEREAS, the Authority hereby certifies that all acts, conditions and things required by law to exist, to have happened and to have been performed precedent to and in connection with the execution and entering into of this Indenture by such party does exist, have happened and -1- 338471 1.DOC