Laserfiche WebLink
<br />~ <br /> <br />WHEREAS, in furtherance of the Program, certain <br />California counties (collectively, the "Initial Participants") <br />have entered into that certain Joint Exercise of Powers <br />Agreement dated as of November 18, 1987 (the "Initial <br />Agreement"), pursuant to which the California Counties <br />Industrial Development Authority has been established as a <br />separate entity under the Joint Exercise of Powers Act for the <br />purposes and with the powers specified in the Initial <br />Agreement; and <br /> <br />WHEREAS, the League of California Cities ("LCC") <br />has determined to join as a sponsor of the Program and to <br />actively participate in the administration of the Authority; <br />and <br /> <br />WHEREAS, the Initial Participants have determined <br />to specifically authorize the Authority to issue Bonds <br />pursuant to Article 2 of the Joint Exercise of Powers Act <br />("Article 2") and Article 4 of the Joint Exercise of Powers <br />Act ("Article 4"), as well as may be authorized by the Act or <br />other applicable law; and <br /> <br />WHEREAS, the Initial Participants desire to rename <br />the California Counties Industrial Development. Authority to <br />better reflect the additional sponsorship of the Program;.and <br /> <br />WHEREAS, each of the Initial participants has <br />determined that it is in the pUblic interest of the citizens <br />within its boundaries, and to the benefit of such Initial <br />Participant and the area and persons served by such Initial <br />Participant, to amend and restate in its entirety the Initial <br />Agreement in order to implement the provisions set forth <br />above; and <br /> <br />WHEREAS, it is the desire of the Program <br />Participants to use a pUblic entity established pursuant to <br />the Joint Exercise of Powers Act to undertake projects within <br />their respective jurisdictions that may be financed with Bonds <br />issued pursuant to the Act, Article 2, Article 4, or other <br />applicable provisions of law; and <br /> <br />WHEREAS, the projects undertaken will result in <br />significant public benefits, including those public benefits <br />set forth in Section 91502.1 of the Act, an increased level of <br />economic activity, or an increased tax base, and will. <br />therefore serve and be of benef!t to the inhabitants of the <br />jurisdictions of the Program Participants; <br /> <br />NOW, THEREFORE, the Program Participants, for and <br />in consideration of the mutual promises and agreements herein <br />contained, do agree to restate and amend the Initial Agreement <br />in its entirety to provide as follows: <br />