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JOINT EXERCISE OF POWERS AGREEMENT <br /> COUNTYWIDE PUBLIC FINANCING AUTHORITY <br /> THIS JOINT POWERS AGREEMENT (the"Agreement"), dated June 19, 1996, is by and <br /> among the CITIES OF BREA, BUENA PARK, FULLERTON, GARDEN GROVE, ORANGE, <br /> SANTA ANA, SEAL BEACH, STANTON AND TUSTIN (collectively, the "Members"), each <br /> duly organized and existing under the laws of the State of California; <br /> WITNESS ETH: <br /> WHEREAS,the Members are each authorized to own,lease,purchase,receive and hold <br /> property necessary or convenient for their governmental operations;and <br /> WHEREAS, the financing of costs related to the acquisition of property by the Members <br /> acting separately may result in duplication of effort, inefficiencies in administration, and <br /> excessive cost,all of which,in the judgment of the Members,could be eliminated if the financing <br /> of costs related to the acquisition of property and other public capital improvements were <br /> capable of being performed through a single public agency, and such is the purpose of this <br /> • Agreement;and <br /> WHEREAS, the Marks-Roos Local Bond Pooling Act of 1985 authorizes agencies <br /> formed under the Act to assist in the financing of public capital improvements to be owned by <br /> any of its members. <br /> NOW,THEREFORE,in consideration of the above premises and of the mutual promises <br /> herein contained,the Members do hereby agree as follows: <br />