TRANSPORTATION CORRIDOR AGENCY - SAN JOAQUIN CORRIDOR

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pursuant to Government Code Section 66484.3 in order to finance the planning, acquisition and construction of major thoroughfares and bridges in the SAN JOAQUIN HILLS Transportation Corridors. The Parties hereto have the common power to conduct such transportation planning, financing and construction. C. It has been determined by the Parties hereto that it is in the best interests of the respective Parties to join together to administer the funds provided by these fee programs, and to plan, acquire and construct said thoroughfares and bridges. D. Each of the Parties is authorized to contract with each other for the joint exercise of any common power tinder Article 1, Chapter 5, Division 7, Title 1 of the Government Code of the State of California (the "Joint Powers Act "). With the adoption of Chapter 649, Statutes 1999, the California State Legislature amended the Joint Powers Act to authorize any joint powers authority formed pursuant to the Joint Powers Act to enter into an agreement with other "Public agencies" (as defined in the Joint Powers Act) to jointly exercise any power common to the contracting Parties. E. The Parties have determined that is in their best interest to authorize the Agency formed pursuant to this Agreement to exercise the authority provided by the Joint Powers Act to enter into agreement with other pubic agencies for the purpose of jointly exercising any power common to the Agency and any other such public agencies. F. The Parties hereto recognize that, in order to serve the purposes stated herein, the imposition of fees in excess of the above - described fees should not be required or recommended as a condition to any annexation, incorporation or other reorganization involving territory claimed or controlled by the Parties hereto. G. The Parties hereto recognize that, in order to serve the purpose stated herein, additional funding other than that received -from the above - described fees must be obtained. Each Party has agreed to cooperate in obtaining additional financing, including, but not limited to, debt financing, assessment districts, special legislation, toll revenue financing, Arterial Highway Financing program funds and other forms of governmental grants -in -aid. H. The Parties hereto entered into this Agreement with the express understanding that the acquisition of rights -of -way and similar property interests necessary for the construction of transportation facilities pursuant to this Agreement shall be accomplished at little or no expense to the members hereto or to the Agency created hereunder. However, it is recognized by the Parties hereto that prior to the execution of this Agreement, the County of Orange, as the sole responsible Party for the administration of the Orange County Major Thoroughfare and Bridge Fee Program, assumed the right and obligation to acquire a certain right of way located in the City of Laguna Beach ( "Sycamore Hills ") in the area of Tentative Tract Map No. 8965 not available for dedication in addition to certain other property, and such right and obligation shall be assumed by the Agency but only to the extent of the aliquot value of such right of way. I. The Parties hereto recognize that in accordance with the principals of sound community planning, future land use decisions should not upset the balance between land use intensity and adequate transportation facilities. -2-