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<br />SAN LEANDRO ADMINISTRATIVE CODE <br /> <br />TITLE 25 <br /> <br />PUBLIC FINANCING AUTHORITY <br /> <br />Chapter 1 <br /> <br />Bvlaws <br /> <br />Authoritv. If for anv reason the Members are unable or unwilling to accept the assets of the <br />Authoritv. said assets shall be distributed to the Federal Government. or to a state or local <br />government for public PUYlJoses. or to a nonprofit fund. foundation or cOYlJoration which is <br />organized and operated exclusivelv for charitable pUYlJoses. <br /> <br />.~25.1.310: DISSOLUTION. The Authoritv mav. with the approval of all of the Members. be <br />dissolved bv maioritv vote of the Directors if at the time of such dissolution the Authoritv has no <br />outstanding indebtedness and is not a party to anv outstanding material contracts. Upon the <br />dissolution or termination of this Authoritv. and afier pavment or Drovision for Davment. all debts <br />and liabilities. the assets of this Authoritv shall be distributed to the Members of the Authoritv. If <br />for anv reason the Members are unable or unwilling to accevt the assets of the Authoritv. said <br />assets will be distributed to the Federal Government or to a state or local government for public <br />pUYlJoses; or to a nonprofit fund. foundation or corporation which is organized and oDerated <br />exclusivelv for charitable pumoses. <br /> <br />ARTICLE 4-GENERAL PROVISIONS <br /> <br />.~25.J.400: PAYMENT OF MONEY: SIGNATURES. All checks. drafis or other orders for <br />pavment of monev. notes or other evidences of indebtedness issued in the name of or pavable to the <br />Authoritv and anv and all securities owned bv or held bv the Authoritv requiring signature for <br />transfer shall be signed or endorsed bv the Treasurer. <br /> <br />.~25.1.405: EXECUTION OF CONTRACTS. The Board. except as in the Aereement or in the <br />Bvlaws otherwise provided. mav authorize anv officer or officers. agent or agents. to enter into anv <br />contract or execute anv contract or execute anv instrument in the name of an on behalf of the <br />Authoritv and such authoritv mav be general or confined to specific instances and unless so <br />authorized bv the Board. no officer. agent or emplovee shall have anv Dower or authoritv to bind <br />the Authoritv bv anv contract or engagement or to pledge its credit or to render it liable for anv <br />lJUYlJose or in anv amount. <br /> <br />All contracts or agreements on behalf of the Authority shall be siIlned bv the Executive Director or <br />Chair. and countersigned bv the Secretarv. afier having been authorized to do so bv action of the <br />Board. except that the Vice Chair shall siIln in the absence of the Chair. <br /> <br />S25.J.410: FISCAL YEAR. The fiscal vear of the Authoritv shall commence on the rl dav of <br />Julv of each vear and shall end on the 3dh dav of June of next succeeding vear. <br /> <br />.~25.1.415: AMENDMENT OF BYLAWS. These Bvlaws mav be amended at anv time and <br />from time to time bv maioritv vote of the Board. <br /> <br />Department Responsible for Revision: Public Financing Authority <br />2006 <br /> <br />Chapter 25.1 <br />Page 5 <br /> <br />89 <br />