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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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The manner in which the Authority shall exercise its powers and perform its duties is and <br />shall be subject to the restrictions upon the manner in which a California county could exercise <br />such powers and perform such duties. The manner in which the Authority shall exercise its <br />powers and perform its duties shall not be subject to any restrictions applicable to the manner in <br />which any other public agency could exercise such powers or perform such duties, whether such <br />agency is a party to this Agreement or not. <br />Section 5. Fiscal Year. <br />For the purposes of this Agreement, the term "Fiscal Year" shall mean the fiscal year as <br />established from time to time by resolution of the Board, being, at the date of this Agreement, the <br />period from July 1 to and including the following June 30, except for the first Fiscal Year which <br />shall be the period from the date of this Agreement to June 30, 2015, <br />Section 6. Disposition of Assets. <br />At the end of the term hereof or upon the earlier termination of this Agreement as set <br />forth in Section 2, after payment of all expenses and liabilities of the Authority, all property of <br />the Authority both real and personal shall automatically vest in the Members in the manner and <br />amount determined by the Board in its sole discretion and shall thereafter remain the sole <br />property of the Members; provided, however, that any surplus money on hand shall be returned <br />in proportion to the contributions made by the Members. <br />Section 7. Bonds. <br />From time to time the Authority shall issue Bonds, in one or more series, for the purpose <br />of exercising its powers and raising the funds necessary to carry out its purposes under this <br />Agreement. <br />The services of bond counsel, financing consultants and other consultants and advisors <br />working on the projects and /or their financing or refinancing or on post - issuance compliance or <br />administration may be used by the Authority. The expenses of the Board shall be paid from the <br />proceeds of the Bonds, payments made by Bond obligors or other third parties, or any other <br />unencumbered funds of the Authority available for such purpose. <br />Section 8. Bonds Only Limited and Special Obliaations of Authority. <br />The Bonds, together with the interest and premium, if any, thereon, shall not be deemed <br />to constitute a debt of any Member or pledge of the faith and credit of the Members or the <br />Authority. The Bonds shall be only special obligations of the Authority, and the Authority shall <br />under no circumstances be obligated to pay the Bonds except from revenues and other funds <br />pledged therefor. Neither the Members nor the Authority shall be obligated to pay the principal <br />of, premiurn, if any, or interest on the Bonds, or other costs incidental thereto, except the <br />Authority from the revenues and funds pledged and available therefor, and neither the faith and <br />credit nor the taxing power of the Members nor the faith and credit of the Authority shall be <br />pledged to the payment of the principal of, premium, if any, or interest on the Bonds nor shall the <br />OHSUSA:761103270.31IL2015�42 -42 [24113.doo] <br />
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