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<br /> <br />INSTALLMENT SALE AGREEMENT <br /> <br /> <br />This INSTALLMENT SALE AGREEMENT (this “Agreement”), dated as of October 1, <br />2026, is between the PLEASANTON JOINT POWERS FINANCING AUTHORITY, a joint <br />exercise of powers authority duly organized and existing under the laws of the State of <br />California (the “Authority”), as seller, and the CITY OF PLEASANTON, a municipal corporation <br />duly organized and existing under the laws of the State of California (the “City”), as purchaser. <br /> <br />BACKGROUND: <br /> <br />1. The City presently owns, operates and/or contracts for facilities and property for <br />the supply, treatment and distribution of water within the service area of the City (as further <br />defined herein, the “Water System”), and the City wishes to raise funds to finance improvements <br />to the Water System as described in Appendix B hereto (the “2026 Water Project”). <br /> <br />2. The Authority has been organized for the purpose of assisting the City in its <br />public purposes, and to that end the Authority is authorized to assist the City in financing the <br />costs of acquisition, construction and installation of the Project. <br /> <br />3. In order to provide funds to finance the acquisition, construction and installation <br />of the Project, the Authority has proposed to sell the Project to the City on an installment basis, <br />and the City has proposed to purchase the Project from the Authority as provided in this <br />Agreement. <br /> <br />4. The Authority will provide the necessary funds for the acquisition, construction and <br />installation of the Project by issuing its Pleasanton Joint Powers Financing Authority 2026 Water <br />Revenue Bonds (the “2026 Bonds”), in the aggregate principal amount of $_____________ <br />under an Indenture of Trust dated as of October 1, 2026, by and between the Authority and U.S. <br />Bank Trust Company, National Association, as trustee (the “Indenture”), and under the <br />provisions of Article 4 of Chapter 5, Division 7, Title 1 of the Government Code of the State of <br />California, commencing with Section 6584 of said Code (the “Bond Law”). <br /> <br />5. The debt service on the 2026 Bonds will be payable from Installment Payments <br />made by the City to the Authority under this Agreement. <br /> <br />6. Repayment of the Installment Payments by the City shall be secured by a pledge <br />of the Net Revenues of the Water System, on a parity with the pledge in favor of the holders of <br />Parity Debt (as defined herein). <br /> <br />7. The Authority and the City have both duly authorized the execution and delivery of <br />this Agreement. <br /> <br />AGREEMENT: <br /> <br />In consideration of the foregoing and the material covenants hereinafter contained, the <br />City and the Authority formally covenant, agree and bind themselves as follows: <br /> <br /> <br />Page 76 of 205