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SECTION 3. TERM <br />Subject to the provisions of Section 16, this Agreement <br />shall become effective as of the date hereof and shall continue in <br />full force and effect until terminated by agreement of the Agency <br />and the City. <br />SECTION 4. <br />A. Creation of Authority <br />There is hereby created pursuant to the Act an agency and <br />public entity to be known as the "Santa Ana Financing Authority." <br />As provided in the Act, the Authority shall be a public entity <br />separate from the City and the Agency. The debts, liabilities and <br />obligations of the Authority shall not constitute debts, <br />liabilities or obligations of the City or the Agency. <br />Within 30 days after the effective date of this Agreement <br />or any amendment hereto, the Authority will cause a notice of this <br />Agreement or any such amendment to be prepared and filed with the <br />office of the Secretary of State of the State of California in the <br />manner set forth in Section 6503.5 of the Act. <br />B. Governing Board <br />The Authority shall be administered by the Board whose <br />members shall be, at all times, the Mayor of the City and the <br />members of the City Council. The term of office of any member of <br />the Board shall terminate when such member of the Board shall cease <br />to be the Mayor or a member of the City Council; and the successor <br />to the Mayor or such member of the City Council shall thereupon <br />become a member of the Board. <br />LA1 45527.2 5 <br />