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(5) The Treasurer and Controller of the Authority <br />are designated as the public officers or persons who have charge <br />of, handle, or have access to any property of the Authority, and <br />each such officer shall file an official bond in the amount of <br />$25,000 as required by Section 6505.1 of the Act; provided, that <br />such bond shall not be required if the Authority does not possess <br />or own property or funds with an aggregate value of greater than <br />$500.00 (excluding amounts held by a trustee or other fiduciary in <br />connection with any Bonds). <br />(6) The Board shall have the power to appoint such <br />other officers and employees as it may deem necessary and to retain <br />independent counsel, consultants and accountants. <br />SECTION 5. POWERS <br />The Authority shall have such powers as may be exercised <br />under the Act in order to assist the City and the Agency in <br />financing capital improvements, working capital, liability and <br />other insurance needs or projects wherever the City or the Agency, <br />as the case may be, shall determine that there are significant <br />public benefits to be derived from such assistance. <br />The Authority shall have the power to purchase, with the <br />amounts received or to be received by it pursuant to a Bond <br />Purchase Agreement, bonds issued by the Agency under the Law or <br />bonds or other evidences of indebtedness issued by the City at <br />public or negotiated sale, for the purposes set forth in Section 2 <br />hereof, all in accordance with the Act. Any such bonds or other <br />evidences of indebtedness so purchased may be held by the Authority <br />L+1- 45527.2 8 <br />