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1 LA -vt <br />JOINT EXERCISE OF POWERS AGREEMENT <br />RE' ELATING TO TIIE CALIFORNIA PUBLIC FINANCE AUTIIORPI'Y <br />THIS AGREEMENT, dated as of May 12, 2015, among the parties executing this <br />Agreement (all such parties, except those which have withdrawn as provided herein, are referred <br />to as the "Members" and those parties initially executing this Agreement are referred to as the <br />"Charter Members "): <br />WI'INESSE` H <br />WHEREAS, pursuant to Title 1, Division 7, Chapter 5 of the California Government <br />Code (in effect as of the date hereof and as the same may from time to time be amended or <br />supplemented, the "Joint Exercise of Powers Act "), two or more public agencies may by <br />agreement jointly exercise any power common to the contracting parties; and <br />WHEREAS, each of the Members is a "public agency" as that term is defined in Section <br />6500 of the Joint Exercise of Powers Act; and <br />WHEREAS, each of the Members is empowered by law to promote economic, cultural <br />and community development, including, without limitation, the promotion of opportunities for <br />the creation or retention of employment, the stimulation of economic activity, the increase of the <br />tax base, and the promotion of opportunities for education, cultural improvement and public <br />health, safety and general welfare; and <br />WHEREAS, each of the Members may accomplish the purposes and objectives described <br />in the preceding preamble by various means; and <br />WHEREAS, each Member is also empowered by law to acquire, construct, improve, <br />operate and dispose of real property for a public purpose; and <br />WHEREAS, the Joint Exercise of Powers Act authorizes the Members to create a joint <br />exercise of powers entity with the authority to exercise any powers common to the Members, as <br />specified in this Agreement and to exercise the additional powers granted to it in the Joint <br />Exercise of Powers Act and any other applicable provisions of the laws of the State of California; <br />and <br />WHEREAS, a public entity established pursuant to the Joint Exercise of Powers Act is <br />empowered to issue or execute bonds, notes, commercial paper or any other evidences of <br />indebtedness, leases, installment sale or other financing agreements or certificates of <br />participation therein (herein "Bonds "), and to otherwise undertake financing programs under the <br />Joint Exercise of Powers Act or other applicable provisions of the laws of the State of California <br />to accomplish its public purposes; and <br />0MUSA:7611032703 11L2015-42 -42 (24113.doc] <br />75A -11 <br />ow ray tog 9& S._ <br />