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MORGAN STANLEY <br />MORGAN STANLEY & CO. <br />INCORPORATED <br />/22I AVENUE OF THEAMERICAS <br />NEW YORK, NEW YORK 10020 <br />(212) 703-4000 <br />August 20, 1993 <br />Pleasanton Joint Powers Financing Authority <br />Pleasanton, CA <br />Bank of America National Trust and Savings Association, <br />as Trustee <br />San Francisco, CA <br />Ladies and Gentlemen: <br />This Agreement by and between Morgan Stanley & Co. <br />Incorporated ("Morgan Stanley"), Pleasanton Joint Powers <br />Financing Authority (the "Authority") and Bank of America <br />National Trust and Savings Association, as trustee (the <br />"Trustee") pursuant to the provisions of a Trust Agreement <br />(the "Trust Agreement"), dated as of July 1, 1993, among the <br />City of Pleasanton (the "City"), the Authority and the <br />Trustee pursuant to which, pursuant to the Marks-Roos Local <br />Bond Pooling Act of 1985 (in Article 5, Chapter 5, Division <br />7, Title 1 of the California Government Code) (the "Act"), <br />the Authority issued its $64,215,000 Reassessment Revenue <br />Bonds, 1993 Series B (the "Bonds"), sets forth the specific <br />terms for a series of overnight repurchase transactions to <br />be effected between Morgan Stanley and the Trustee under the <br />Tri-Party Repurchase Transactions and Custody Agreement by <br />and among The Bank of New York (the "Custodian"), Morgan <br />Stanley and the Trustee dated as of August 20, 1993 (the <br />"Custody Agreement"). At the discretion of the Authority, <br />the Trustee, as Buyer, agrees to effect a series of <br />overnight repurchase transactions commencing on August 19, <br />1993 with Morgan Stanley, as Seller, as described below, in <br />Eligible Government Securities, as defined in Schedule A <br />hereto (each a "Repurchase Transaction") in accordance with <br />the terms and conditions of the Trust Agreement, this <br />Agreement and the Custody Agreement. Terms used herein <br />which are defined in the Custody Agreement shall have the <br />same meaning herein as in the Custody Agreement. Terms used <br />herein which are defined in the Trust Agreement shall have <br />the same meaning herein as in the Trust Agreement. <br />1. As of August 20, 1993, the Purchase Price of the <br />Repurchase Transaction (the "Transaction Amount") to be <br />affected shall be Six Million Four Hundred and Six Thousand <br />