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WHEREAS, the Members have determined to specifically authorize a public entity <br />authorized pursuant to the Joint Exercise of Powers Act to issue Bonds pursuant to the Joint <br />Exercise of Powers Act or other applicable provisions of the laws of the State of California; and <br />WHEREAS, it is the desire of the Members to use a public entity established pursuant to <br />the Joint Exercise of Powers Act to undertake the financing and/or refinancing of projects of any <br />nature, including, but not limited to, capital or working capital projects, insurance, liability or <br />retirement programs or facilitating Members use of existing or new financial instruments and <br />mechanisms; and <br />WHEREAS, it is further the intention of the Members that the projects undertaken will <br />result in significant public benefits to the inhabitants of the jurisdictions of the Members; and <br />WHEREAS, by this Agreement, each Member desires to create and establish the <br />"California Municipal Finance Authority" for the purposes set forth herein and to exercise the <br />powers provided herein; <br />NOW, THEREFORE, the Members, for and in consideration of the mutual promises and <br />agreements herein contained, do agree as follows: <br />Section 1. Purpose. <br />This Agreement is made pursuant to the provisions of the Joint Exercise of Powers Act. <br />The purpose of this Agreement is to establish a public entity for the joint exercise of powers <br />common to the Members and for the exercise of additional powers given to a joint powers entity <br />under the Joint Powers Act or any other applicable law, including, but not limited to, the <br />issuance of Bonds for any purpose or activity permitted under the Joint Exercise of Powers Act <br />or any other applicable law. Such purpose will be accomplished and said power exercised in the <br />manner hereinafter set forth. <br />Section 2. Term. <br />This Agreement shall become effective in accordance with Section 17 as of the date <br />hereof and shall continue in full force and effect until such time as it is terminated in writing by <br />all the Members; provided, however, that this Agreement shall not terminate or be terminated <br />until all Bonds issued or caused to be issued by the Authority (defined below) shall no longer be <br />outstanding under the terms of the indenture, trust agreement or other instrument pursuant to <br />which such Bonds are issued, or unless a successor to the Authority assumes all of the <br />Authority's debts, liabilities and obligastions. <br />Section 3. Authority. <br />A. CREATION AND POWERS OF AUTHORITY. <br />Pursuant to the Joint Exercise of Powers Act, there is hereby created a public <br />entity to be known as the "California Municipal Finance Authority" (the "Authority"), <br />and said Authority shall be a public entity separate and apart from the Members. Its <br />