RES 18-992 - Laserfiche WebLink

• • 2. Purpose The purpose -of the Authorityis to provide financing for the acquisition, construction, improvement and rehabilitation of real property in accordance with applicable provisions of law for the benefit of residents and communities. In pursuit of this purpose, this Agreement provides for the joint exercise of powers common to any of its Members and Associate Members as_ provided herein, or.otherwise authorized by the Act and other applicable laws;including assisting in financing as authorized herein,jointly exercised in the manner set forth herein. 3. Principal Place of Business • The principal office of the Authority shall be 1215 K Street, Suite 1650, Sacramento, California 95814. • 4: Creation of Authority;Addition of Members or Associate Members a. The Authority is hereby"created pursuant to the Act. As provided in the Act, the Authority shall be a public entity separate and distinct from the Members or Associate Members. b. The Authority will cause a notice of this Agreement or any amendment hereto•to be prepared and filed with the office of the Secretary of State of California in a timely fashion in the manner set.forth in Section 6503.3 of the Act. • • c. A county that is a member of RCRC may petition to become 'a member of,the Authority by submitting to the Board a resolution or evidence.of other-formal action taken by its governing body adopting this Agreement. The Board shall review the petition for membership and shall vote to approve or disapprove the petition. If the petition is approved by a majority of _ the Board, such county shall immediately become a Member of the Authority. d. An Associate Member may be added to the Authority upon the affirmative approval of its respective governing board and pursuant to action by the Authority Board upon such terms and conditions, and with such rights, privileges and responsibilities, as may. be - .established from time to time by the Board. Such tenns and conditions, and rights, privileges and responsibilities may vary among the Associate Members. Associate Members shall be entitled to participate in one or more programs of the Authority as determined by the Board, but shall not be voting members of the Board. The Executive Director of the Authority shall enforce the terms and conditions for prospective Associate Members to the Authority as provided by resolution of the Board and as amended from time to time by the Board. Changes in the terns and conditions for Associate Membership by the Board will not constitute an amendment of this Agreement. . 5. Term and Termination of Powers This Agreement shall become effective from the date hereof until the earlier of the time when all Bonds and any .interest thereon •shall have been paid in full,, or provision for such' payment shall have been made,or when the Authority shall no longer own or hold any interest in a he City desires to become an Associate Member of the JPA by execution of the JPA Agreement, a copy of which is attached as Exhibit "A" hereto, to participate in the programs of the JPA and to assist property owners within the territory of the City in financing the cost of installing Authorized Improvements; and WHEREAS, the City will not be responsible for the conduct of any special tax proceedings; the levy and collection of special taxes or any required remedial action in the case of delinquencies in the payment of any special taxes in connection with the District.