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cost of basi. c operation. The total budget shall be equally divided <br />among the permanent members in proportion to their respective rep- <br />resentation on th$ Steering Committee. Upon dissolution of the <br />agency herein any funds remaining after payment of all legitimate <br />debts and financial obligations of the agency shall be returned to <br />the parties hereto in the same proportion as advanced. <br /> <br /> Each year the Steering Committee shall establish a budget <br />which shall be reviewed by the signatories to this agreement. <br />FoiXowing the formal adoption of the budget by the COVA Steering <br />Cor~ittee, each of the signatory agencies herein shall be notified <br />of and shall pay its proportionate share. <br /> <br /> In addition, COVA may by grant application or otherwise <br />obtain funds from whatever sources available upon approval of the <br />Steering Committee. <br /> <br /> Section 6. PO~ERS OF AGENCY: The agency shall have the <br />powers to make and enter contracts, to employ agents and employees, <br />to incur debts, liabilities or obligations provided that such debts, <br />liabilities or obligations have been provided for in the budget or, <br />if an unbudgeted item, the Steering Co~nittee shall approve same. <br />Further~ COVA shall have the right to sue and be sued in its own <br />name and shall have the power to invest any money in the treasury <br />as created herein that is not required for the immediate necessitLes <br />of the agency a~ the agency through its Steering Committee deems <br />advisable and in the same manner and upon the same conditions as <br />local agencies pursuant to ~53601 of the Government Code. <br /> <br /> <br />