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Section 1. Purpose. <br />This Agreement is made pursuant to the provisions of <br />the Joint Exercise of Powers Act, relating to the joint <br />exercise of powers common to public agencies., in this case <br />being-the Program Participants. The Program Participants each <br />possess the powers referred to in the recitals hereof. The <br />purpose of this Agreement is to establish an agency for, and <br />with the purpose of, issuing Bonds to finance projects within <br />the territorial limits of the Program Participants pursuant to <br />the Act, Article 2, Article 4, or other appliable provisions <br />of law; provided, however that nothing in this Agreement shall <br />be construed as a limitation on the rights of the Program <br />Participants to pursue economic development outside of this <br />Agreement, including the rights to 'issue-Bonds through <br />industrial development authorities under the Act, or as <br />otherwise permitted by law. <br />Within the various jurisdictions of the Pzogram ' <br />Participants such purpose will be accomplished and said powers- <br />eaercised in the manner hereinafter set forth. . <br />Section 2. Term. ' <br />This Agreement shall .become effective as of the date <br />hereof and shall continue in full force and effect for a <br />period of forty (40) years from the date hereof, or until such <br />time as it is terminated in writing by all the Program <br />Participants; provided, however, that this Agreement shall not <br />terminate or be terminated until the date on which all Bonds. <br />or other indebtedness issued or caused to be 'issued by the <br />Authority shall have been retired, or full. provision shall <br />have been made for their retirement, including interest until <br />their retirement date. <br />Section 3. Authority. <br />A. CREATION AND POWERS OF AUTHORITY. <br />(1) Pursuant to the Joint Exercise of Powers Act, there <br />is hereby created a public entity to be known as the <br />"California Statewide Communities Development Authority" (the <br />"Authority"), and said Authority shall be a public entity <br />separate and apart .from the Program Participants. Its debts, <br />liabilities and obligations do not constitute debts, <br />liabilities or obligations of any party to this Agreement. <br />,, <br />B. COMMISSION. <br />The Authority shall be administered by a Commission <br />(the "Commission") which shall consist of seven members, each <br />