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"Associate Member" means a county, city or odrer public agency wbicb is not a voting <br />member of the Rural County Representatives of California, a California nonprofit corporation <br />( "RCRC "), witli legal power avid authority similar to that of dne Members, admitted pursuant to <br />parp;rapli 4.d. below to associate membersliip herein by vote of die Board. <br />"Audit Committee" mans a committee made up of dre rriue- member Executive <br />Committee. <br />"Authority" mcauns Califomia Home Finance Authority ("CHF), formerly knowu as <br />CRHMFA Homebuyers Fund or Calitbruia Rural Home Mortgage Fiuturce Authority. <br />"Board" means tlic governing board of dre Audiority as described in Section 7 below. <br />"Bonds" nnearrs bonds, notes, warrants, leases, certificates o' p<ardcipadou, installment <br />purchase agreenneuts, loan agreemeuts and other securities or obligations issued by the Autliority, <br />or 6nauciig agreements entered into by the Authority pursuant to the Act aril Luny oilier obligadou <br />within the meaning of tlne terra "Bonds" uuder the Act. <br />"Delegate" means die Supervisor desigirated by the governing board of eaclr Member to <br />serve ou dre Board of the Authority. <br />"Executive Committee" means the niuc- member Executive Committee of the Board <br />established pursuant to Sectiou 10 hereof. <br />"Membee meaurs any couriLy wlricln is a member of RCRC, bas executed this Agreement <br />aid lras become a member of dne Authority. <br />"Obligations" racaurs bonds, notes, warrants, leases, certificates of participation, installment <br />purchase agreements, loaun agreements arid ottrer securities or obligatious issued by die Authoriy, <br />or financing agreements entered into by the Authority pursncnt to the Act and airy oilier financial <br />or legal obligation of dre Autborily nrder the Act. <br />"Program" or "ProjecC means any work, improvement, prograun, project or service <br />wrdertakcri by die Authority. <br />"Rural County Representatives of California" or "RCRC" means the uonprolit cutity <br />incorporated wider that came iu the Slate of California. <br />"Supervisor" means am elected County Supervisor from au RCRC member corunty. <br />2. Purpose <br />The purpose of Llne Authority is to provide funauciig for [lie acquisition, cousQuctiou, , <br />improvemc-ut and rehabili(atiou of real property in accordaucc with applicable provisions of Law <br />for the benefit of residents and (-()1) 11111 hr pursuit of this purpose, this Agreement provides <br />For the joint exercise of powers comimou to any of its Members aid Associate Members as <br />provided herein, or otlievvise autborized by the Act and other applicable laws, including assisting <br />