RES 99102 - Laserfiche WebLink

JOINT EXERCISE OF POWERS AGREEMENT CREATING THE EAST BAY-DELTA HOUSING & FINANCE AGENCY This Joint Exercise of Powers Agreement (the "Agreement"), dated for convenience as June 1, 1999, is made and entered into by the signatories hereto, each a public entity duly organized and existing under the Constitution and laws of the State of California (each a "Member" or a "City" or "County" and, collectively, the "Members"). RECITALS WHEREAS, the M~mbers are each authorized and empowered to provide home mortgage loans to qualified persons and families; finance the construction, rehabilitation, acquisition, lease, and sale of housing; promote economic develo ment; finance other capital improvements; and issue revenue bonds to provide the funds thereFgr; and WHEREAS, Chapter 5 of Division 7 of Title 1 of the California Government Code (commencing at Section 6500) (the "Act") provides that two or more public agencies may by agreement jointly exercise any powers common to the parties to the agreement and may by that agreement create an entity which is separate from the parties to the agreement; and WH~dEAS, the parties to this agreement have each determined (1)that the public interest and economy will be served by, and require, the joint exercise of their common powers and (2) that a separate agency shall be created which shah have and exercise those powers common to the Members; NOW, THEREFORE, for and in consideration of the mutual benefits and premises contained herein, the Members agree as follows: ARTICLE 1 DEFINITIONS AND INTERPRETATION Section 1.01. ~ons. Unless the context otherwise requires, the terms defined in this Section shall have the meanings herein specified for aH purposes of this Agreement. Agency. . The term "Agency" shah mean the East Bay-Delta Housing & Finance Agency created by this Agreement. The term "Agreement" shall mean this Joint Exercise of Powers Agreement as it now exists or as it may from time to time be amended, supplemented or modified by the addition of signatory parties or by any supplemental agreement or amendment entered into pursuant to the provisions hereof. A~ociate Member The term "Associate Member" shah mean those Members identified as such in Section 3.03, and which shall not be entitled to appoint a representative to serve on the Board.