HOUSING AUTHORITY JOINT EXERCISE OF POWERS

pursuant to the provisions of the Housing Authorities Law of the State of California; WHEREAS, Article 4 of Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California (the "Marks-Roos Local Bond Pooling Act of 1985") authorizes and empowers the Authority to issue bonds and to purchase bonds issued, or to make loans to, the Housing Authority or the City for financing public capital improvements, working capital, liability and other insurance needs, or projects whenever there are significant public benefits, as determined by the City; WHEREAS, the Marks-Roos Local Bond Pooling Act of 1985 further authorizes and empowers the Authority to sell bonds so issued or purchased to public or private purchasers at public or negotiated sale; and WHEREAS, by this Agreement, the City and the Housing Authority desire to create and establish the Pleasanton Joint Powers Public Financing Authority for the purposes set forth herein and to exercise the powers described herein; NOW, THEREFORE, the City and the Housing Authority, for and in consideration of the mutual promises and agreements herein contained, do agree as follows: SECTION 1. DEFINITIONS Unless the context otherwise requires, the terms defined in this Section 1 shall for all purposes of this Agreement have the meanings herein specified.