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