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<br />. <br /> <br />. <br /> <br />. <br /> <br />~ <br /> <br />JOINT EXERCISE OF POWERS AGREEMENT <br /> <br />THIS AGREEMENT, <br /> <br />/' <br />dated as of May 1, <br /> <br />1993 <br /> <br />(this <br /> <br />"Agreement"), by and- betwe,em.. the CITY OF SANTA ANA, a charter city <br />'""-::: ~ <br /> <br />duly organized and existing under the Constitution and laws of the <br /> <br />State of California (the "city"), and the COMMUNITY REDEVELOPMENT <br /> <br />AGENCY OF THE CITY OF SANTA ANA, a pUblic body, corporate and <br /> <br />politic, duly organized and existing under the laws of the State of <br /> <br />California (the "Agency"), <br /> <br />N 1. T H ];; ~ ~ ];; T H: <br /> <br />WHEREAS, Articles 1, 2 and 4 of Chapter 5 of Division 7 <br /> <br />of Title 1 of the Government Code of the State of California (the <br /> <br />"Act") authorize the City and the Agency to create a joint exercise <br /> <br />of powers entity (the "Santa Ana Financing Authority" or the <br /> <br />"Authority") which has the power to jointly exercise any powers <br /> <br />common to the City and the Agency and to exercise the powers <br /> <br />granted to it under the Act; <br /> <br />WHEREAS, the City and the Agency are each empowered by <br /> <br />law to undertake certain projects and programs; <br /> <br />WHEREAS, the City is authorized to buy, sell and lease <br /> <br />property and to issue bonds, expend bond proceeds, and borrow and <br /> <br />loan money for certain public purposes pursuant to the Government <br /> <br />Code of the State of California; <br /> <br />WHEREAS, the Agency is authorized to buy, sell and lease <br /> <br />property and to issue bonds, expend bond proceeds, and borrow and <br /> <br />loan money for any of its corporate purposes pursuant to the <br /> <br />LAl-45527.2 <br />