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RICHARDS, WATSON & GERSHON <br /> ATTORNEYS AT LAW RICHARD RICHARDS <br /> GLENN R.WATSON LAURENCE S.WIENER A PROFESSIONAL CORPORATION <br /> (1816-1888) <br /> ROBERT G.BEVERLY STEVEN R.ORR <br /> HARRY L GERSHON MICHAEL G.COLANTUONO THIRTY-EIGHTH FLOOR <br /> DOUGLAS W.ARGUE B.TILDEN KIM <br /> MARK L LAMKEN C.EDWARD DILKES 333 SOUTH HOPE STREET SAN FRANCISCO OFFICE <br /> ERWIN E.ADLER PETER M. LOS ANGELES,CALIFORNIA 90071-1469 TWO EMBARCADERO CENTER <br /> DIEDERICHS D.PIEPER BRENDA L T <br /> SUITE 200 <br /> ALLEN E.RENNETT JAMES L MARKMAN (213)626-8484 <br /> STEVEN L DORSEY DEBORAH R.HAKMANSAN FRANCISCO,CALIFORNIA 94111-3801 <br /> WILLIAM L STRAUSZ RUBIN D.WEINER FACSIMILE(213)626-0078 (416)836-1230 <br /> ANTHONY B.DREWRY SASKIA T.ASAMURA <br /> MITCHELL E.ABBOTT KAYSER O.SUMS 18QM/ 18W.COrTi FACSIMILE(416)836-1236 <br /> TIMOTHY L NEUFELD SAUL JAFFE 9 <br /> GREGORY W.STEPANICICH CRAIG A.STEELE ORANGE COUNTY OFFICE <br /> ROCHELLE BROWNE T.PETER PIERCE NUMBER ONE CIVIC CENTER CIRCLE <br /> MICHAEL JENKINS DAVID ROBERT DANIELS <br /> WILLIAM B.RUDELL BENJAMIN BARNOUW BREA,CALIFORNIA 92821 <br /> QUINN M.BARROW WILLIAM P.CURLEY III December 2, 1997 <br /> (714)990-0901 <br /> CAROL W.LYNCH D.CRAIG FOX <br /> JEFFREY A.RABIN BOYD L FACSIMILE 14 HILL )880-6230 <br /> GREGORY M.KUNERT LYNN I.IBARA <br /> THOMAS M.JIMBO JANET E.COLESON <br /> MICHELE BEAL BAGNERIS TERENCE R.BOGA OF COUNSEL <br /> AMANDA F.SUSSKIND DANIEL L PINES WILLIAM K KRAMER <br /> ROBERT C.CECCON USA BOND <br /> SAYRE GROSS <br /> STEVEN H.KAUFMANN RAVER OY A.�CLARKE 1673096 <br /> GARY E.GANS ROXANNE DIAZ MONTGOMERY OUR FILE NUMBER <br /> JOHN J.HARRIS ROBERT A.BALBUENA <br /> KEVIN G.ENNIS ERIKA M.FLEMING <br /> ROBIN D.HARRIS OLIVIA WAI-WEN SUAN R6876-00001 <br /> MICHAEL ESTRADA AMY W.CHING <br /> Board of Supervisors <br /> County of Los Angeles <br /> 383 Kenneth Hahn Hall of Administration <br /> 500 West Temple Street <br /> Los Angeles, California 90012 <br /> Reference: $5,455, 000 <br /> Rancho Palos Verdes Redevelopment Agency <br /> Project Area No. 1 <br /> Tax Allocation Bond <br /> Issue of 1997 <br /> Ladies and Gentlemen: <br /> We have examined the law and original documents or <br /> copies identified to our satisfaction of proceedings taken in <br /> connection with the issuance of the above-referenced bond (the <br /> "Bond") of the Rancho Palos Verdes Redevelopment Agency (the <br /> "Agency") . We have also examined supplemental documents <br /> furnished to us and have obtained such certificates and documents <br /> from public officials and others as we have deemed necessary for <br /> the purpose of this opinion. <br /> As to questions of fact material to our opinion we have <br /> relied upon such certificates and documents without undertaking <br /> to verify the same by independent investigation. The Bond is <br /> issued under and pursuant to Part 1 of Division 24 of the <br /> California Health and Safety Code and pursuant to Resolution No. <br /> RDA 97-21 of the Agency, adopted on November 18, 1997 (the <br /> "Resolution") . <br /> From such examination, we are of the opinion that <br /> under existing law the Bond is a valid and binding special <br /> obligation of the Agency, payable solely from Net Tax Increment <br />