COUNTYWIDE PUBLIC FINANCING AUTHORITY (2)

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ARTICLE IV POWERS Section 4.01. General Powers. The Authority shall exercise in the manner herein provided the powers common to the Members, or as otherwise permitted under the Act, and necessary to the accomplishment of the purposes of this Agreement, subject to the restrictions set forth in Section 4.04. The Authority shall have the sovereign power of eminent domain and by reason of such fact will constitute a political subdivision of the State of California for purposes of federal income taxation. As provided in the Act, the Authority shall be a public entity separate from the Members. The Authority shall have the power to acquire and to finance the acquisition, of Public Capital Improvements necessary or convenient for the operation of a Member, and to acquire Obligations of a Member. Section 4.02. Power to Issue Revenue Bonds. The Authority shall have all of the powers provided in the Act, including but not limited to Article 4 of the Act (commencing with section 6584), and including the power to issue Bonds under the Bond Law. Section 4.03. Specific Powers, The Authority is hereby authorized, in its own name, to do all acts necessary for the exercise of the foregoing powers, including but not limited to, any or all of the following: (a) to make and enter into contracts; (b) to employ agents or employees; (c) to acquire, construct, manage, maintain or operate any Public Capital Improvement, including the common power of the Members to acquire any Public Capital Improvement by the power of eminent domain; (d) to sue and be sued in its own name; (e) to issue Bonds and otherwise to incur debts, liabilities or obligations, provided that no such Bond, debt, liability or obligation shall constitute a debt, liability or obligation of the Members; (f) to apply for, accept, receive and disburse grants, loans and other aids from any agency of the United States of America or of the State of California; (g) to invest any money in the treasury pursuant to section 6505.5 of the Act that is not required for the immediate necessities of the Authority, as the Authority determines is advisable, in the same manner and upon the same conditions as local agencies, pursuant to section 53601 of the California Government Code; (h) to apply for letters of credit or other form of financial guarantees in order to secure the repayment of Bonds and enter into agreements in connection therewith; (i) to carry out and enforce all the provisions of this Agreement; (j) to make and enter into Bond Purchase Agreements; (k) to purchase Obligations of a Member; and -6-