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SEC. 2. Section 6539.5 is added to the Government Code, to read: <br />§6539.5. <br />a) Notwithstanding any other law, the County of Orange and any of the cities within the County of <br />Orange may enter into a joint powers agreement pursuant to this chapter to create and operate <br />a joint powers agency to fund housing to assist the homeless population and persons and <br />families of extremely low, very low, and low income, as defined in Section 50093 of the Health <br />and Safety Code, within the County of Orange. <br />b) The joint powers agency created pursuant to this section shall be known as the Orange County <br />Housing Finance Trust, and shall be created and operate in accordance with this section. <br />c) The Orange County Housing Finance Trust shall be governed byia board of directors consisting of <br />elected officials representing the County of Orange and representative cities that are party to <br />the joint powers agreement. <br />d) Notwithstanding any other law, the Orange County Housing Finance Trust may do any of the <br />following: .` <br />1. Fund the planning and construction of housing of all types and tenures for the homeless <br />population and persons and families of'extremely low, very low, and low income, as <br />defined in Section 50093 of the Health,' and Safety Code, inclu'ding;.but not limited to, <br />permanent supportive housing. <br />2. Receive public and private financing and funds: ' <br />3. Authorize and issue bonds, certificates of participation, or any other debt instrument <br />repayable from funds and financing received pursuant to paragraph (2) and pledged by <br />the Orange County Housing Finance Trust. <br />e) The Orange County Housing Finance Trust shall incorporate into its joint powers agreement <br />annual financial reporting and auditing requirements that shall"maximize transparency and <br />public information as to the receipt and use offunds bythe agency. The annual financial report <br />shall show how the,funds have furthered the purposes of the'Orange County Housing Finance <br />Trust. <br />f) The Orange County Housing Finance Trust shall comply with the regulatory guidelines of each <br />specific state funding source received. <br />SEC.3. ' <br />The Legislature finds and declares that a special statute is necessary and that a general statute cannot <br />be made applicable within the meaning of Section 16 of Article IV of the California Constitution because <br />of the unique challenges faced by the. County of Orange and the cities located within the county in <br />addressing the housing'needs of extremely low, very low, and low-income households and the homeless <br />within the county. <br />55C-26 <br />