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California Housing Finance Agency <br />Municipal Bond Investors Assurance <br />Corporation <br />Page 2 <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 and <br />conditions of the loan documents conflicts with or results in any <br />breach or violation of any of the terms, conditions or provisions <br />of any applicable laws, including regulations, or any agreement <br />or instrument to which the Borrower is now a party or by which it <br />is bound, or constitutes a default under any of the foregoing. <br />I have also reviewed Measure C of the City of Pleasanton's <br />June 3, 1986 Special Election and the City Clerk's certification <br />regarding the voters' approval of the construction of up to 220 <br />low- income senior citizen housing units in the City of <br />Pleasanton. Based on the above and applicable law, I am of the <br />opinion that the above - referenced project consisting of 200 units <br />of low- income senior housing complies with Article 34 of the <br />California Constitution. <br />The Supreme Court's granting of a rehearing of Davis v City <br />of Berkeley has the effect of vacating the Court's previous <br />opinion of the Davis case. People v Murphy (1980) 180 Cal App 3d <br />475, 166 Cal Rptr 547. <br />This opinion letter is rendered solely for the benefit of <br />the California Housing Finance Agency and Municipal Bond <br />Investors Assurance Corporation in connection with the above <br />project loan, and is not to be made available to, or relied upon <br />by, any other person or entity. <br />20b:CHFAatty.opn <br />Very truly yours, <br />