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CALIFORNIA MUNICIPAL FINANCE AUTHORITY-2004
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CALIFORNIA MUNICIPAL FINANCE AUTHORITY-2004
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Last modified
10/21/2013 11:35:15 AM
Creation date
8/12/2008 10:30:33 AM
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Contracts
Company Name
CALIFORNIA MUNICIPAL FINANCE AUTHORITY
Contract #
A-2008-207
Agency
FINANCE & MANAGEMENT SERVICES
Council Approval Date
7/7/2008
Destruction Year
0
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Section 14. Contributions and Advances. <br />Contributions or advances of public funds and of the use of personnel, equipment or <br />property may be made to the Authority by the Members for any of the purposes of this <br />Agreement. Payment of public funds may be made to defray the cost of any such contribution or <br />advance. Any such advance may be made subject to repayment, and in such case shall be repaid, <br />in the manner agreed upon by the Authority and the Member making such advance at the time of <br />such advance. It is mutually understood and agreed to that no Member has any obligation to <br />make advances or contributions to the Authority to provide for the costs and expenses of <br />administration of the Authority, even though any Member may do so. The Members understand <br />and agree that a portion of the funds of the Authority that otherwise may be allocated or <br />distributed to the Members may instead be used to make grants, loans or provide other financial <br />assistance to governmental units and nonprofit organizations (e.g., the Foundation) to <br />accomplish any of the governmental unit's or nonprofit organization's purposes. <br />Section 15. Immunities. <br />All of the privileges and immunities from liabilities, exemptions from laws, ordinances <br />and rules, and other benefits which apply to the activity of officers, agents or employees of <br />Members when performing their respective functions within the territorial limits of their <br />respective public agencies, shall apply to the same degree and extent to the Directors, officers, <br />employees, agents or other representatives of the Authority while engaged in the performance of <br />any of their functions or duties under the provisions of this Agreement. <br />Section 16. Amendments. <br />Except as provided in Section 12 above, this Agreement shall not be amended, modified, <br />or altered, unless the negative consent of each of the Members is obtained. To obtain the <br />negative consent of each of the Members, the following negative consent procedure shall be <br />followed: (a) the Authority shall provide each Member with a notice at least sixty (60) days <br />prior to the date such proposed amendment is to become effective explaining the nature of such <br />proposed amendment and this negative consent procedure; (b) the Authority shall provide each <br />Member who did not respond a reminder notice with a notice at least thirty (30) days prior to the <br />date such proposed amendment is to become effective; and (c) if no Member objects to the <br />proposed amendment in writing within sixty (60) days after the initial notice, the proposed <br />amendment shall become effective with respect to all Members. <br />Section 17. Effectiveness. <br />This Agreement shall become effective and be in full force and effect and a legal, valid <br />and binding obligation of each of the Members on the date that the Board shall have received <br />from two of the Initial Members an executed counterpart of this Agreement, together with a <br />certified copy of a resolution of the governing body of each such Initial Member approving this <br />Agreement and the execution and delivery hereof. <br />
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