JOINT POWERS FINANCING AUTHORITY AGENDA PACKET 9-15-26

INDENTURE OF TRUST This INDENTURE OF TRUST (this “Indenture”), dated as of October 1, 2026, is between the PLEASANTON JOINT POWERS FINANCING AUTHORITY, a joint exercise of powers authority organized and existing under the laws of the State of California (the “Authority”), and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, a national banking association organized and existing under the laws of the United States of America, with a corporate trust office in San Francisco, California, being qualified to accept and administer the trusts hereby created (the “Trustee”). BACKGROUND: 1. The City of Pleasanton (the “City”) presently owns, operates and/or contracts for facilities and property for the supply, treatment and distribution of water within the service area of the City (as further defined herein, the “Water System”), and the City wishes to raise funds to finance improvements to the Water System as described in Appendix B to the hereinafter defined Installment Sale Agreement (the “2026 Water Project”). 2. The Authority has been organized for the purpose of assisting the City in its public purposes, and to that end the Authority is authorized to assist the City in financing the costs of acquisition, construction and installation of the 2026 Water Project. 3. The Authority, at this time, is entering into an Installment Sale Agreement dated as of October 1, 2026 (the Installment Sale Agreement”) with the City in order to finance the 2026 Water Project. 4. For the purpose of obtaining funds to finance the 2026 Water Project, the Authority has authorized the issuance of its Pleasanton Joint Powers Financing Authority 2026 Water Revenue Bonds (the “2026 Bonds”), in the aggregate principal amount of $__________ under this Indenture and under the provisions of Article 4 of Chapter 5, Division 7, Title 1 of the Government Code of the State of California, commencing with Section 6584 of said Code (the “Bond Law”). 5. The debt service on the 2026 Bonds will be payable from Installment Payments made under the Installment Sale Agreement. 6. Repayment of the Installment Payments by the City shall be secured by a pledge of the Net Revenues of the Water System, on a parity with the pledge in favor of the holders of Parity Debt (as defined herein). 7. In order to establish and declare the terms and conditions upon which the 2026 Bonds (including Additional Bonds (as defined herein), if any and together referred to as the “Bonds”), are to be issued and to secure the payment of the principal thereof, premium (if any) and interest thereon, and to provide for the authentication and delivery of the Bonds, the Authority has authorized the execution and delivery of this Indenture. 8. The Authority has found and determines, and hereby affirms, that all acts and proceedings required by law necessary to make the Bonds, when executed by the Authority, authenticated and delivered by the Trustee and duly issued, the valid, binding and legal special Page 17 of 205