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( ATTACHMENT# 2B <br /> CMFA OPEN PACE <br /> JOINT EXERCISE OF POWERS AGREEMENT <br /> RELATING TO THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY <br /> THIS AGREEMENT, dated as of January 1, 2004, among the parties executing this <br /> Agreement (all such parties, except those which have withdrawn as provided herein, are <br /> referred to as the "Members" and those parties initially executing this Agreement are referred <br /> to as the "Initial Members"): <br /> WITNESSETH <br /> WHEREAS, pursuant to Title 1, Division 7, Chapter 5 of the California Government <br /> Code (in effect as of the date hereof and as the same may from time to time be amended or <br /> supplemented, the "Joint Exercise of Powers Act"), two or more public agencies may by <br /> agreement jointly exercise any power common to the contracting parties; and <br /> WHEREAS, each of the Members is a "public agency" as that term is defined in <br /> Section 6500 of the Joint Exercise of Powers Act; and <br /> WHEREAS, each of the Members is empowered by law to promote economic, cultural <br /> and community development, including, without limitation, the promotion of opportunities for <br /> the creation or retention of employment, the stimulation of economic activity, the increase of <br /> the tax base, and the promotion of opportunities for education, cultural improvement and <br /> public health, safety and general welfare; and <br /> WHEREAS, each of the Members may accomplish the purposes and objectives <br /> • described in the preceding preamble by various means, including through making grants, <br /> loans or providing other financial assistance to governmental and nonprofit organizations; <br /> and <br /> WHEREAS, each Member is also empowered by law to acquire and dispose of real <br /> property for a public purpose; and <br /> WHEREAS, the Joint Exercise of Powers Act authorizes the Members to create a joint <br /> exercise of powers entity with the authority to exercise any powers common to the Members, <br /> as specified in this Agreement and to exercise the additional powers granted to it in the Joint <br /> Exercise of Powers Act and any other applicable provisions of the laws of the State of <br /> California; and <br /> WHEREAS, a public entity established pursuant to the Joint Exercise of Powers Act is <br /> empowered to issue or execute bonds, notes, commercial paper or any other evidences of <br /> indebtedness, including leases or installment sale agreements or certificates of participation <br /> therein (herein "Bonds"), and to otherwise undertake financing programs under the Joint <br /> Exercise of Powers Act or other applicable provisions of the laws of the State of California to <br /> accomplish its public purposes; and <br />