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ACKNOWLEDGEMENT OF RECEIPT AND RELEASE OF ALL CLAIMS THIS ACKNOWLEDGEMENT OF RECEIPT AND RELEASE OF ALL CLAIMS is executed by the CITY OF REDWOOD CITY ("Customer") as of mOrel, .;J S- ,1997, in light of the following facts and circumstances: 1. The City and County of San Francisco ("San Francisco") owns real property ("property") in Alameda, San Mateo and Santa Clara Counties (collectively "Counties") , which is used by the San Francisco Water Department ("SFWD") in its operation of a wholesale water system. 2. SFWD has paid ad valorem property taxes on this property levied by Alameda, San Mateo, and Santa Clara Counties. 3. In 1984, San Francisco entered into a Settlement Agreement and Master Water Sales Contract ("Water Sales Contract") with 30 cities, water districts and other agencies to which it sells water on a wholesale basis ("Suburban Purchasers") . Customer is one of the Suburban Purchasers. 4. The Water Sales Contract provides that property taxes paid by SFWD on the property are an expense of the wholesale water system, a portion of which should be allocated to the Suburban Purchasers based on their aggregate average annual water use during each fiscal year. Accordingly, SFWD wholesale water rates have been set so as to recover the Suburban Purchasers' share of property taxes levied on the property. 5. In 1987, San Francisco commenced lawsuits against San Mateo and Alameda Counties for refunds of property taxes, which lawsuits were later consolidated. In the lawsuits, San Francisco contended that each County had not valued San Francisco's property in compliance with Article XIIIA of the California Constitution and, as a result, had imposed excessive property taxes on San Francisco. In 1995, the California Supreme Court ruled in San Francisco's favor and ordered that taxes inappropriately collected be refunded to San Francisco. City and County of San Francisco v. County of San Mateo, (1995) 10 Cal.4th 554. 336143.25 2/12/97