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Pursuant to the 2007 Sale Agreement dated February 1, 2007 between California Infrastructure and Economic Development Bank (CIEDB), on behalf of, and as agent for, the State of California (the State), and the corporation, CIEDB agrees to sell, and the corporation agrees to purchase on the closing date the Tobacco Assets, consisting of or relating to amounts due to the State from the Series 2003A Tobacco Assets. It is likely that the CIEDB bonds will be refunded with BATA bonds secured by consolidated toll and surcharge revenues. The CIEDB is a State of California financing authority that operates pursuant to the Bergeson-Peace Infrastructure and Economic Development Bank Act. |
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