RES 84429 - Laserfiche WebLink

evidences of indebtedness of the Authority authorized and issued pursuant to the Act. Cities means the City of Suisun City, California and the City of Pleasanton, California. Joint Power~s_~2~ means this Agteement as the same now exists or as it may from time ~o time be amended by any supplemental agreement entered into pursuant to the provisions hereof. O__o_in~t~E_we_r_s_-_La~wmeans ,~rtl,ste i (colnn,~ncin9 with Section 6500) of Chapter 5 of Division 7 of Title 1 of the Government: Code of the State of Calif!~rn~a as now in effect. Wl~rds importing the sil'~gular nuqlb~r include the p!ural number. and vice versa SECTION 2. ~.u_rsoose. illis Agreement is made pursuant to the Joint Powers Law to provide for the joint exercise of powers common to the Cities in the manner hereinafter set forth. SECTION 3. Creation of Authorit_~. There is hereby created pursuant to the Joint Powers Law an agency and public entity to be known as the "Pleasanton-Suisun Home Financing Authority." As provided in the Joint Powers Law, the Authority shall be a public entity separate from the Cities. The debts, liabilities and obligations of the Authority shall not constitute debts, liabilities or obligations of either of the Cities. SECTION 4. 1Z~_~i~. This Agreemerit shall become effective as of the date of execution by the authorized representatives of each of the parties and shall continue in full force and effect until August 1, 2020, or until such time as the Bonds and the interest thereon shall have been paid in full, or provision for such payment shall have been made, whichever period is shorter~ ~[~_~.~_e~d, however, that unless extended by an agreement supplemental hereto executed by each of ti~e Cities, this Agreement sha~l terminate on December 31, 1984 in the event that none of the Bonds shall have been issued and sold on or before such date. SECTION 5. Po__w_eE)_i_Res~_TZj!~Q_gJ~xe~9_!.~~. The Authority shall have the power to exercise all powers of each of the Cities under the Act, subject, howeverl to the conditions and restrictions set forth in this Agreement. The Aotrn)rity is aut!,orized, ~n it~ ow'; rlaff!e, i.o do ~ll acts necessary for the exercise of said powers for said puYpos~s, including but not limited to any or all of the following: to make and enter into contracts; to accept ~he assignment of contracts entered into by either of the [:ities [~rlor te the establishment of the Authority which re]ate to the purposes of this Agreement; to employ agents and employees; to acquire, construct, manage, maintain and operate any building, works or' improvemerits, to ~cqu~r'e, hold or dispose of property, including property subject to home murtgages; to incur debts, liabilities or obligations which do not ::~}!lStit.tlte debts, liabi!i~ies or ubiigatiuns of either of the Cities; and to sue and be sued i~ ~ts own name.