CALIFORNIA HOME FINANCE AUTHORITY JOINT EXERCISE OF POWERS OF AUTHORITY-2014

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bh financing as autbori4ed herein, jointly exercised ill (lie tnauuer set forth herein. 3. Principal Place of Business The principal office of the Authority sball be 1215 K Street, Suite 1650, Sacrameuto,, California 95814. 4. Creation of Authority; Addition of Members or Associate Members a. The Authority is Increby created pursuaut to the Act. As provided air [he Act, cite Authority sliall be a public entity separate and distinct from the Members or Associate rMcmbers. b. Elie Authority will cause it notice of this Agreement or any amendment hereto to be prepared and filed with the office of the Secretary of State of California in a timely fashion in Lite mariner sct Forth ill Section 6503.3 of tlrc Act. C. A county tha[ is a member of RCRC may petition to become a member of Lite Authority by submitting to Lire Board a resolution or evidence of other fornnal action taken by its goveruiug body adopting this Agreement. The Board sliall review the petition for membership and shrill vote to approve or disapprove tlue petition. It the petitiou is approved by a mljority of' Lite Board, such county shall immediately become a Member of the Auhority. d. Art Associate Member may be added to (lie Authority upon the affirmative approval of its respective governing board and pursuuht to action by the Authority Board upon such terms and conditions, and with such rights, privileges and responsibilities, as may be established from time to tune by die Board. Such terms and couditious, and rights, privileges and responsibilities may vary aunong tite Associate Members. Associate Members shall be entitled to participate in oue or more programs of hire Authority as determilted by fie Board, but shall not be voting members of the Board. The Executive Director of tic Authority shall enforce the terms aril conditions for prospective Associate Members to the Auhhority as provided by resolution of the Board and as attended from mile to time by die Board. Cluuhges in the terms and conditions for Associate Membership by the Board will not constitute an amendment of this Agreement. 5. Term and Termination of Powers This Agreement shall become effective From tine date hereof until tine earlier of tine time when all Bonds and airy interest thereon shrill Itave been paid in full, or provision for suchh payment shalt have been made, or when tine Authority shall no longer own or hold amy interest in a public capital improvement or program. The Authority shall coutiuue to exercise the powers Inereul conferred upon it until tertuivahiou of this Agreement, except that if auhy Bouds are issued and delivered, ill uo event shall [lie cxcrcisc of the powers herein granted be terminated mrtil all Bouds so issued and delivered and die interest thercou shall have been paid or provision for such paynrcnf shall have been manic and any other debt incurred with respect to any other financing program established or administered by [he Authority has been repaid ill hill and is no longer owstah(hng. 6. Powers; Restriction upon Exercise