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. WHEREAS, the Members have determined to specifically authorize a public entity <br /> authorized pursuant to the Joint Exercise of Powers Act to issue Bonds pursuant to the Joint <br /> Exercise of Powers Act or other applicable provisions of the laws of the State of California; and <br /> WHEREAS, it is the desire of the Members to use a public entity established pursuant to <br /> the Joint Exercise of Powers Act to undertake the financing and/or refinancing of projects of any <br /> nature, including, but not limited to, capital or working capital projects, insurance, liability or <br /> retirement programs or facilitating Members use of existing or new financial instruments and <br /> mechanisms; and <br /> WHEREAS, it is further the intention of the Members that the projects undertaken will <br /> result in significant public benefits to the inhabitants of the jurisdictions of the Members; and <br /> WHEREAS, by this Agreement, each Member desires to create and establish the. <br /> "California Municipal Finance Authority" for the purposes set forth herein and to exercise the <br /> powers provided herein; <br /> NOW, THEREFORE, the Members, for and in consideration of the mutual promises and <br /> agreements herein contained, do agree as follows: <br /> Section 1. Purpose. <br /> This Agreement is made pursuant to the provisions of the Joint Exercise of Powers Act. <br /> The purpose of this Agreement is to establish a public entity for the joint exercise of powers <br /> common to the Members and for the exercise Of additional powers given to a joint powers entity <br /> under the Joint Powers Act or any other applicable law, including, but not limited to, the issuance <br /> of Bonds for any purpose or activity permitted under the Joint Exercise of Powers Act or any <br /> other applicable law. Such purpose will be accomplished and said power exercised in the manner <br /> hereinafter set forth. <br /> Section 2. Term. <br /> This Agreement shall become effective in accordance with Section 17 as of the date hereof <br /> and shall continue in full force and effect until such time as it is terminated in writing by all the <br /> Members; provided, however, that this Agreement shall not terminate or be terminated until all <br /> Bonds issued or caused to be issued by the Authority (defined below) shall no longer be <br /> outstanding under the terms of the indenture, trust agreement or other instrument pursuant to <br /> which such Bonds are issued, or unless a successor to the Authority assumes all of the Authority's <br /> debts, liabilities and obligations. <br /> Section 3. Authority. <br /> A. CREATION AND POWERS OF AUTHORITY. <br /> Pursuant to the Joint Exercise of Powers Act, there is hereby created a public entity <br /> to be known as the "California Municipal Finance Authority" (the "Authority"), and said <br /> Authority shall be a public entity separate and apart from the Members. Its <br />l action in the case of <br /> delinquencies in such assessment payments; or the issuance, sale, administration, <br /> repayment or guarantee of any bonds issued in connection with the Programs. <br /> SECTION 5. The appropriate officials and staff of the City are hereby authorized and <br /> directed to make applications for the Programs available to all property owners who wish to <br />d the Authority will notify the City in advance of any additions or changes; <br /> and <br />