Laserfiche WebLink
(5) The Treasurer and Controller of the Authority <br /> are designated as the public officers or persons who have charge <br /> of, handle, or have access to any property of the Authority, and <br /> each such officer shall file an official bond in the amount of <br /> $25, 000 as required by Section 6505. 1 of the Act; provided, that <br /> such bond shall not be required if the Authority does not possess <br /> or own property or funds with an aggregate..value of greater than <br /> $500. 00 (excluding amounts held by a trustee or other fiduciary in <br /> connection with any Bonds) . <br /> (6) The Board shall have the power to appoint such <br /> other officers and employees as it may deem necessary and to retain <br /> independent counsel, consultants and accountants. <br /> SECTION 5. POWERS <br /> The Authority shall have such powers as may be exercised <br /> under the Act in order to assist the City and the Agency in <br /> financing capital improvements, working capital, liability and <br /> other insurance needs or projects wherever the City or the Agency, <br /> as the case may be, shall determine that there are significant <br /> public benefits to be derived from such assistance. <br /> The Authority shall have the power to purchase, with the <br /> amounts received or to be received by it pursuant to a Bond <br /> Purchase Agreement, bonds issued by the Agency under the Law or <br /> bonds or other evidences of indebtedness issued by the City at <br /> public or negotiated sale, for the purposes set forth in Section 2 <br /> hereof, all in accordance with the Act. Any such bonds or other <br /> evidences of indebtedness so purchased may be held by the Authority <br /> LAI-45527.2 8 <br />