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hereby created a )lic entity to be known �he "Tustin - Santa <br />Ana Transportation System Improvement Authority" (hereinafter <br />called the "Authority "). Said Authority shall be a public entity <br />separate and apart ...from the parties hereto. Its debts, <br />liabilities and obligations shall not constitute debts, <br />liabilities or obligations of the parties hereto. <br />The Authority shall have the power in its own name to do any <br />of the following: <br />(1) To exercise jointly the common powers of the City of <br />Tustin and City of Santa Ana in studying and planning <br />ways and means to provide for the planning and <br />financing of areawide circulation improvements, <br />recommending imposition of development fees and <br />prescribing the payment and expenditure of such <br />development fees revenues. <br />(2) To make and enter into consultant agreements in order <br />to obtain the services of professional consultants to <br />assist the Authority in its exercise of powers of the <br />Authority. <br />(3) To appoint agents. <br />(4) To incur debts, liabilities, or obligations subject to <br />limitations herein set forth. <br />(5) To receive gifts, contributions and donations of <br />Property, funds, services and other forms of financial <br />assistance from persons, firms, corporations and <br />governmental entities. <br />(6) To sue and be sued in its own name. <br />(7) To apply for an appropriate grant or grants under any <br />federal, state, or local programs for assistance in <br />developing any of its programs. <br />(8) To adopt rule's, regulations, policies, by -laws and <br />procedures governing the operation of the Authority. <br />(9) To the extent not herein specifically provided for, to <br />exercise any powers in the manner and - according to the <br />methods provided under applicable laws, <br />B. Governing Board <br />The Authority shall be administered by a governing <br />3 <br />