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in livanciru, as authorized herein, Joindy exercised in tlhe uaurer set loath herein <br />3. Principal Place of Business <br />The principal office of (lie Authority shall be 1265 K Street, Suite 1650, Sacrameulo, <br />cahkn•uia 95614. <br />4. Creation of Anthority, Addition of Members or Associate Members <br />a. "Ile Authority is hereby created pursuant to the Act. As provided ill Lite Act, tits <br />Authority shall be a public cutity sep aratc auhd dislilld Trout lire Members or Associate Members. <br />b. "I'he Authority will cause it notice of this Agimnient or airy amaxhneut hereto to <br />Ile prepared and filed with the office of late Secretary of State or Calif'onhia it) it timely fashion ill <br />tare manner set fordo in Sec•tiou 6503.3 of the Act <br />V. A county that is a member of RCRC may petitiou to become it member of* tile <br />Authority by submitting to die Board a resolution or evidence or other formal action taken by its <br />governing booty adopting this Agreement. The Board slid( review die petition for membership <br />and shall vote to approve or disapprove the petition. If the petition is approved by a mijority of <br />the Board, such county shall inrmcdiatcly become a Member or the Authority. <br />d. All Associate Member nay be added to the Authority upon the affirmative <br />approval of its respective govcmiug board lull pursuant to actiou by die Authority Botuxl upon <br />such terms and conditions, a ild with such rights, privileges aad responsibilities, as may be <br />established from time to tittle by the Board Such terms and c•oudidous, and tights, privileges and <br />responsibilities may vary nrhohg the Associate Members. Associate Members shall be entitled to <br />participate ill ouc or more prugrans or the Authority as determined by the Board, but shall not be <br />voting members or the Board. 11te Executive Director of the Authority shall enforce the teens <br />and conditions for prospective Associate Members to the Authority as provides[ by resolution of <br />die Board will as arneuded front time to lime by the Board. Chahg" in the terms and conditions <br />for Associate Membership by the Board will not constitute an amcudment or this Agreement. <br />5. Term and Termination of Powers <br />This Agreement shall become effective from the slate hereof uutil the earlier of the time <br />when all Bounds and any interest themo n shall have been paid ill filll, or provision thr such <br />paynteut. shall have been made, or when [he Authority shall no longer oath or [hold any iutetVst in a <br />public capiud improvement or program. Ilhe Authority shall coumme to exercise die powers <br />herein coul'erred upou it until tentfuhtiom of tbLs Agreement, except that if any Bouds arc issued <br />and delivered, ill uo event shall the exercise or Lite powers herein grunted be terminated until all <br />Bouds so issuerl and delivered and the interest thereon shall have been paid or provision fix' such <br />payment shall lave been made and any other debt incurred with respect to any other financing <br />program estalished or adntihhisiered by Lite Authority hats been repaid to fill and is no lougut <br />oulstndiog. <br />6. Powm, Restriction upon Exercise <br />Resolution No. 2015 -045 <br />Page 6 of 16 <br />