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County Auditor, State Controller and each party to the Agency <br />no later than fifteen (15) days after receipt of said audit <br />by the Board. <br />6.6 Reimbursement of Funds. <br />Grant funds received by the <br />eral, state, or local agency to pay for <br />for which the Agency has received all <br />funds from the parties hereto shall be <br />in proportion to the contributions made <br />VII <br />SECURITIES <br />Agency from any fed - <br />budgeted expenditures <br />or a portion of said <br />paid to said parties <br />by each party. <br />7.1 Securities. <br />Upon the approval of the Board, one or more parties <br />of the Agency may jointly participate in any statutory power <br />for the issuance of securities to finance the fees authorized <br />by Government Code Section 66484.3, including the power to <br />establish one or more community facilities districts under <br />the Mello Roos Community Facilities District Act of 1982, <br />Government Code Section 53311, et seg., or any other <br />applicable legislation. Other than the fees specified <br />herein, no funds of a party to this Agreement shall be <br />utilized as security or as a source for the payment or <br />redemption of any securities, without the consent of the <br />legislative body of that party. <br />Upon the approval of not less than two - thirds (2/3) <br />of the members of the Board, the Agency may participate in <br />-21- <br />