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<br />Section 1. Purpose. <br /> <br />This Agreement is made pursuant to the provisions of <br />the Joint Exercise of Powers Act. relating to the joint <br />exercise of powers common to public agencies. in this case <br />being the Program Participants. The Program Participants each <br />possess the powers referred to .in the recitals hereof; The <br />purpose of this Agreement is to establish an agency for. and <br />with the purpose of. issuing Bonds to finance projects within <br />the territorial limits of the Program Participants pursuant to <br />the Act. Article 2. Article 4. or other appliable provisions <br />of law; provided. however that nothing in this Agreement shall <br />be construed as a limitation on the rights of the Program <br />participants to pursue economic development outside of this <br />Agreement. including the rights to issue Bonds through <br />industrial development authorities under the Act. or as <br />otherwise permitted by law. <br /> <br />Within the various jurisdictions of the Program <br />Participants such purpose will be accomplished and said powers. <br />exercised in the manner hereinafter set forth. <br /> <br />Section 2. Term. <br /> <br />This Agreement shall become effective as of the date <br />hereof and shall continue in full force and effect for a <br />period of forty (40) years from the date hereof. or untii such <br />time as it is terminated in writing by all the Program <br />participants; provided. however. that this Agreement shall not <br />terminate or be terminated until the date on which all Bonds <br />or other indebtedness issued or caused to be issued by the <br />Authority shall have been retired. or full provision shall <br />have been made for their retirement. inCluding interest until <br />their retirement date. <br /> <br />Section 3. Authority. <br />A. CREATION AND POWERS OF AUTHORITY. <br /> <br />(1) Pursuant to the Joint Exercise of Powers Act, there <br />is hereby created a pUblic entity to be known as the <br />"California Statewide Communities Development Authority. (the <br />"Authority.), and said Authority shall be a pUblic entity <br />separate and apart from the Program participants. Its debts. <br />liabilities and Obligations do not constitute debts. <br />liabilities or obligations of any party to this Agreement. <br /> <br />B. COMMISSION. <br /> <br />The Authority shall be administered by a Commission <br />(the .Commission") which shall consist of seven members. each <br /> <br />3 <br />