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"Associate Member" means a c•ouuty, city or outer public ageuc•y which is not a voting nteuiber of the Rural County Reprcscutatives of California, a California nonprofit corporation ("RCRC"), with Icgad power urd authority sinular to that of the Members, admitted pursuant to paragraph IA, below to associate membership herein by vote of to Board. "Audit Committee" means a conwiittce made up of the nine - member Ftccutivc Comtniacc. 'Authority" tnc ris C liforrua Honhc Finuhce Authority ( "CHF "), formerly known as CRHMFA Homebuyers Fund or California Rural Home Mortgage Fiawcc Authority. Board' mcans the governing board of'the Authority as described in Section 7 below. Bonds" netts bonds, notes, warrauits, leases-, certificates of participation, installment purchase -,Weemeuts, loan agreements and other securities or oblig bons issued by the Authority, or financing agreenuuts entered into by die Authority pursuant to the Act and any other obligation within the meattiug of the term "Bonds" wider the Act. "Delegate" menu the Supervisor dcsignatcd by the governing board of cacti Mcmber to serve on the Iioard of die Authority. "Executive Committee" menus the uinc- tncmber Executive Committee of the Board established pursuant to Scctiou 10 hereof. Wembee mcans any cowry which is a mender of RCRC, has executed this Agreement and has become a member of the Authority. 'Obligations" means bonds, notes, warrants, leases, certificates ofparticipatiott, instilment purchase agreenhcuts, loan agreements arid other securities or obligations issued by die Authority, or fiuuhcing agree meets entered into by the Authority pursuuht to die Act uhd any otter livaueial or legal obligation of tlnc Authority under the Act. "Program" or 'Project" mcans any work, improvcnuut, progrwi, project or service undertaken by die Authority. "Rural County Representatives of California" or "RCRC" maws the nonprofit entity incorporated under that na r ie in the State of California. "Supervisor" mcans a ii elected County Supervisor 1rouh ut RCRC member county. 2. Purpose "Ilhe purpose of the Audlotity is to provide financing for the acquisition, construction, , inhprovenhent and rehabilitation of real property in accordance with applicable provisions of lacy for die benefit of residents and connnwlltiCS. In pursuit of this purpose, this Agreement provides lot- the joiut exercise of powers common to any of its Members and Associate blcnhbcrs as provided herchr, or othcrwise authorized by flu Act rid other applicable laws, including assisting 55E -14