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<br />SAN LEANDRO ADMINISTRATIVE CODE <br /> <br />TITLE 25 <br /> <br />PUBLIC FINANCING AUTHORITY <br /> <br />Chapter 1 <br /> <br />Bylaws <br /> <br />Authority. If for any reason the Members are unable or unwilling to accept the assets of the <br />Authority, said assets shall be distributed to the Federal Government, or to a state or local <br />government for public purposes, or to a nonprofit fund, foundation or corporation which is <br />organized and operated exclusively for charitable purposes. <br /> <br />~25.1.310: DISSOLUTION. The Authority may, with the approval of all of the Members, be <br />dissolved by majority vote of the Directors if at the time of such dissolution the Authority has no <br />outstanding indebtedness and is not a party to any outstanding material contracts. Upon the <br />dissolution or termination of this Authority, and after paYment or provision for paYment, all debts <br />and liabilities, the assets of this Authority shall be distributed to the Members of the Authority. If <br />for any reason the Members are unable or unwilling to accept the assets of the Authority, said assets <br />will be distributed to the Federal Government or to a state or local government for public purposes; <br />or to a nonprofit fund, foundation or corporation which is organized and operated exclusively for <br />charitable purposes. <br /> <br />ARTICLE 4-GENERAL PROVISIONS <br /> <br />~25.1.400: PAYMENT OF MONEY: SIGNATURES. All checks, drafts or other orders for <br />paYment of money, notes or other evidences of indebtedness issued in the name of or payable to the <br />Authority and any and all securities owned by or held by the Authority requiring signature for <br />transfer shall be signed or endorsed by the Treasurer. <br /> <br />~25.1.405: EXECUTION OF CONTRACTS. The Board, except as in the Agreement or in <br />the Bylaws otherwise provided, may authorize any officer or officers, agent or agents, to enter into <br />any contract or execute any contract or execute any instrument in the name of and on behalf of the <br />Authority and such authority may be general or confined to specific instances and unless so <br />authorized by the Board, no officer, agent or employee shall have any power or authority to bind the <br />Authority by any contract or engagement or to pledge its credit or to render it liable for any purpose <br />or in any amount. <br /> <br />All contracts or agreements on behalf of the Authority shall be signed by the Executive Director or <br />Chair, and countersigned by the Secretary, after having been authorized to do so by action of the <br />Board, except that the Vice Chair shall sign in the absence of the Chair. <br /> <br />~25.1.410: FISCAL YEAR. The fiscal year of the Authority shall commence on the 1 st day of <br />July of each year and shall end on the 30th day of June of the next succeeding year. <br /> <br />~25.1.415: AMENDMENT OF BYLAWS. These Bylaws may be amended at any time and <br />from time to time by majority vote of the Board. <br /> <br />Department Responsible for Revision: Public Financing Authority <br />01/02/2007 <br /> <br />Chapter 25.1 <br />Page 5 <br />