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3. The City has the power to execute and deliver the <br />Deeds of Trust, the Regulatory Agreement and other loan <br />documents and to enter into the transaction contemplated <br />thereby, and the execution, delivery and performance of said <br />instruments, have been duly authorized by all necessary <br />action. <br />4. Neither the execution and delivery of the loan <br />documents, the consummation of the transaction contemplated <br />thereby nor the fulfillment of or compliance with the terms <br />and conditions of the loan documents conflicts with or <br />results in any breach or violation of any of the terms, <br />conditions or provisions of any applicable laws, including <br />regulations, or any agreement or instrument to which the City <br />is now a party or by which it is bound, or constitutes a <br />default under any of the foregoing. <br />I have also reviewed Measure C of the City of <br />Pleasanton's June 3, 1986 Special Election and the City <br />Clerk's certification regarding the voters' approval of the <br />construction of up to 220 low- income senior citizen housing <br />units in the City of Pleasanton. Based on the above and <br />applicable law, I am of the opinion that the above - referenced <br />project consisting of 200 units of low- income senior housing <br />complies with Article 34 of the California Constitution. <br />The Supreme Court's granting of a rehearing of Davis v <br />City of Berkeley has the effect of vacating the Court's <br />previous opinion of the Davis case. People v Murphy (1980) <br />180 Cal App 3d 475, 166 Cal Rptr 547. <br />This opinion letter is rendered solely for the benefit <br />of the Municipal Bond Investors Assurance Corporation and the <br />California Housing Finance Agency in connection with the <br />above project loan, and is not to be made available to, or <br />relied upon by, any other person or entity. <br />MHR /ph(cahgfin.phl) <br />Very your <br />Michael-H. Roush <br />City Attorney <br />