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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 />WITNESSE TH: <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 />