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CALIFORNIA PUBLIC FINANCE AUTHORITY-2015
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CALIFORNIA PUBLIC FINANCE AUTHORITY-2015
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Last modified
5/10/2016 3:10:44 PM
Creation date
5/10/2016 11:07:33 AM
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Contracts
Company Name
CALIFORNIA PUBLIC FINANCE AUTHORITY
Contract #
A-2016-014
Agency
COMMUNITY DEVELOPMENT
Council Approval Date
1/19/2016
Destruction Year
0
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B. BOARD. <br />The Authority shall be administered by the Board of Directors (the "Board," or <br />the "Directors" and each a "Director ") whose members shall be, at all times, members of <br />the Board of Supervisors (the "Board of Supervisors ") of Kings County, California, with <br />each such Director serving in his or her individual capacity as Director of the Board. The <br />term of office as a member of the Board shall terminate when such member shall cease to <br />be a member of the Board of Supervisors and the successor to such member of the Board <br />of Supervisors shall become a member of the Board. <br />Notwithstanding the preceding paragraph, the Board may by resolution or <br />bylaws provide for changes in the qualifications, composition and number of Directors, <br />the appointment of Directors, successors, their respective terms of office and any other <br />provisions relating to the qualification and office of the Directors, including provision for <br />alternative Directors (in which case all references in this Agreement to any Director shall <br />be deemed to refer to and include the applicable alternate Director, if any, when so acting <br />in place of a regularly appointed Director). <br />The Board shall be the administering agency of this Agreement and, as such, <br />shall be vested with the powers set forth herein, and shall administer this Agreement in <br />accordance with the purposes and functions provided herein. <br />Directors shall not receive any compensation for serving as such, but shall be <br />entitled to reimbursement for any expenses actually incurred in connection with serving <br />as a Director, if the Board shall determine that such expenses shall be reimbursed and <br />there are unencumbered funds available for such purpose. <br />C. OFFICERS; DUTIES; OFFICIAL BONDS. <br />The officers of the Authority shall be the Chair, Vice - Chair, Secretary and <br />Treasurer (defined below). The Board, in its capacity as administering agent of this <br />Agreement, shall elect a Chair, a Vice- Chair, and a Secretary of the Authority from <br />among Directors to serve until such officer is re- elected or a successor to such office is <br />elected by the Board. The Board shall appoint one or more of its officers or employees to <br />serve as treasurer, auditor, and controller of the Authority (the "Treasurer ") pursuant to <br />Section 6505.6 of the Joint Exercise of Powers Act to serve until such officer is re- elected <br />or a successor to such office is elected by the Board. <br />Subject to the applicable provisions of any resolution, indenture, trust agreement <br />or other instrument or proceeding authorizing or securing Bonds (each such resolution, <br />indenture, trust agreement, instrument and proceeding being herein referred to as an <br />"Indenture ") providing for a trustee or other fiscal agent, and except as may otherwise be <br />specified by resolution of the Board, the Treasurer is designated as the depositary of the <br />Authority to have custody of all money of the Authority, from whatever source derived <br />and shall have the powers, duties and responsibilities specified in Sections 6505, 6505.5 <br />and 6509.5 of the Joint Exercise of Powers Act. <br />OHSUSA:761103270.3PL2015 -42 -42 [24113.doe] <br />
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