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

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that less than a quorum may act to adjourn a meeting. Each Delegate shall have ouc vote C. Mccdugs may be. held at any location desigiiatcd ill notice properly given for a meeting aud may be conducted by telephonic or similar means ill lily miner otherwise allowed by law. 9. Officers, Duties, Official Bonds a. The Board shall elect a chair and vice chair from among the Delegates at [lie Board's annual meeting who shall serve a term of oue (l) year or until their respective successor is elected. The chair shall conduct the meetings of the Board and perform such other duties as may be specified by resolution of [he Board. The vice chair shall perform such duties in the absence or in die event of the unavailability of the chair. b. The Board shall contract annually with RCRC to administer the Agreemcnt aid to provide administrative services to [lie Authority, and (lie President and Chicf Executive Officer of RCRC shall serve cr ollicio as Executive Director, Secretary, Treasurer, and Auditor of the Authority. As chief executive of the Authority, the Executive Director is authorized to execute contracts and other obligatious of die Authority, unless prior Board approval is required by a third pity, by law or by Boud specification, and to perform other dudes specified by the Board. The Executive Director may appoint such other officers as may be required for the orderly conduct of die Authority's business grid atlairs who shall serve at the pleasure of the Executive Director. Subject to the applicable provisions of any indenture or resolution providing for a trustee or other fiscal agent, the P,xecutive Director, as Treasurer, is dCSiirl tied as die custodian of the Authority's finds, Gom whatever source, aud, as such, slnadl have [lie powers, duties arid responsibilities specified in Section 6505.5 of the Act. The Executive Director, as Auditor, shall have tie poavcrs, duties and responsibilities specified in Sccdon 6505.5 of [he Act. C. The Legislative Advocate for the Authority shall be die Rural County Representatives of California. d. The Treasurer aud Auditor are public ofllccrs who have charge of, handle, or have access to all property of the Autun'ity, and a bond for such officer ill the amount of at least one hundred thousand dollars (S too,000 tio) shall be obtained at the expense of Pile Authority and fled with the Execudvc Director. Such bond may secure the fiddhliuf performance of such officer's duties with respect to another public office if such bond ill at least the same amount specifically mentions [lie office of tie Authority as required herein. The Treasurer and Auditor shall cause periodic independent audits to be made of the Authority's books by a certified public accountant, or public accountant, in compliance with Sectiou 6505 of the Act. c. 'file business of rile Authority shall be conducted under the supervisiou of die hxxecutive Director by RCRC personnel. 10, Leecudvc Commiuee of the Authority a. Composition