RES 84429 - Laserfiche WebLink

Such power shall be exercised subject only to such restrictions upon the manner of exercising such power as are imposed upon the City of Suisun City in the exercise of similar powers as provided in Section 6509 of the Joint Powers Law. Subject to the applicable provisions of any indenture or resolution providing for the investment of moneys held thereunder, the Authority shall have the power to invqst any money in the treasury pursuant to Section 9(b) hereof that is not required for the immediate necessities of the Authority, as the Authority determines is advisable. SECTION 6. Termination of Powers. lhe Authority shall continue to exercise the powers herein conferred upon it until the termination of this Agreement or until each of the Cities shall have mutually rescinded this Agreement, except that if any Bonds are issued and delivered then in no event shall the exercise of the powers herein granted be terminated until all Bonds so issued and delivered and the interest thereon shall have been paid or provision for such payment shall have been made. SECTION 7. Governing Board. The Authority shall be administered by the Board, which shall consist of four members, each serving ~n his or her individual capacity as a member of the Board. Two members of the Board shall be appointed by the City Council of each of the Cities. Initial members of the Board shall serve a term of three years. Successors to such members shall be selected in the manner in which the respective initial member was selected and shall serve a term of three years. Any appointment to fill an unexpired term, however, shall be for such unexpired term. The terms of office specified above shall be applicable unless the term of office of the respective member is terminated as hereinafter provided. EaCh member of the Board shall serve at the pleasure of the governing body by whom such member was appointed. The identity of appointees is in the sole discretion of the appointing body; members of the City Council of either of the Cities shall be eligible to serve as members of the Board, but the term of office as member of the Board of any member of either said City Councils shall terminate if such member shall cease to be a member of such governing body. The term of office of any member of the Board may be terminated at any time by a majority vote of the governing body which appointed such member. Members of the Board shall not receive any compensation for serving as such but shall be entitled to reimbursement for any expenses actually incurred in connection with serving as a member if the Board shall determine that such expenses shall be reimbursed and there are unencumbered funds available for such purpose. Each City Council may appoint a first alternate member and second alternate member to the Board. The first alternate member shall serve on the Board during periods of incapacity or absence of any duly appointed member or during such period as may be authorized in writing by any duly appointed member. The second alternate member shall serve on the Board during periods of incapacity or absence of any duly appointed member and the first alternate member or during such period as may be authorized in writing by the first alternate member at any time during which the first alternate member is authorized to serve.