2019-035 - Orange County Housing Finance Trust

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official bond required herein. Tire premiums on any such bonds attributable to the coverage required herein shall be an appropriate expense of f CHM (c) A tornev. The Board of Directors shall have the power to appoint one or more legal aaly%scrs to OCHFT who shall perform such duties as may be prescribed by the hoard. The County Counsel of the County shall be OCHFTs counsel unless and until than hoard of Directors appoints other counsel to serve such function. (d) Administrative Services and Reim lrurseixrent of Coats, (1) The Board of Directors may contract with a Party to this Agreement to provide5 necessary a administrative services to OCHFT, Including the service s descrfired in Section 6, subdivisions (a), (b) and (c). The amount charged by the Party to rm,ide such services to OCHFT shall be fixed. by agreement between the Board of irectors and the governing board of the Party piv.viding such services. In the absence of an agreement on coats, the Party providing services to OCHFT under this Section 6 array char e OCHFT the amounts necessary to recover, the direct and indirect costs of sueservices. (2) If OCHFT contracts with a Party to this Agreement to provide OCHFT with administrative services through persons who are era loyces and officers of the Party, then any retirement liabilities associated w that Harty"s employees and officers shall not constitute a liability of OCHFT or any other Party to this Agreement. This Section 6, subdivision (d)(2), shall net preclude a Party rroviding administrative services to OCHFT pursuant to a. contract with CCITFT rom aeoountingg for sucli sala and benefit costs when negotiating the rates thatthe Party will clrargo O'I- FT or providing such services, Section 7. Financial Provisions (aa) Fiscal Year, The Fiscal Year of OCHFT shall, unless and until changgr�c��d by the Bow cif Directors, commence on the ist day of duly of each ,year and a3liall end on the 30th da = of June of the next succeeding, year exce t that then initial Fiscal Year ofGCHF?shall commence on the effective date of this Agreement and end on the immediately following dtlth day of June. (b) Bud ei. (1) General budget. Within one hundred and twenty days (120) after the fret meeting of the Board of Directors, a general budget For the first fiscal year shall be ad ted by the vote of a majority of all of the Directors. The budget shall distinguish botiveen. administrative costs (i.e., the cast; of operating OCHFT) and Program costs (i.e., the financin� of the programs funded or sponsored by OCHPT). Thereafter, at or prior to financing last meeting ofthe hoard of Directors for each fiscal year, a general budget shall be adopted far the ensuing fiscal year or years by as vote of at. least a majority of all of the Directors of the Board, (a) Expenditures for the. Approved Budeet, T lres ayment of all OCHFT obligations is limited to the aniount of appropriations allowed in OCHF7s approved budget, except as it may be revised with the, approval of as majority of all of the Directors of the Board of Dfi*ctora. W Resolution No. 2019-035 Page 11 of 16