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Section 6. Disposition of Assets. <br />At the end of the term hereof or upon the earlier <br />termination of this Agreement as set forth in .Section 2 ' <br />hereof, after payment of all expenses and liabilities of the <br />Authority, all property of the Authority both real and <br />personal shall automatically vest in the Program Participants <br />and shall thereafter remain the sole property of the Program <br />Participants; provided, however, that any surplus money on <br />hand shall be returned in proportion to the contributions made <br />by the Program Participants. <br />Section 7. Bonds. <br />The Authority shall issue Bonds for the purpose of <br />exercising its powers and raising the funds necessary to carry <br />out its purposes under this Agreement. Said Bonds may, at the <br />discretion of Authority, be issued in series. <br />The services of bond counsel, financing consultants <br />and other consultants and advisors working on the projects <br />and/or their financing shall be used by the Authority. The <br />fees and expenses of such counsel, consultants, advisors, and <br />the expenses of CSAC, LCC, and the, Commission shall be paid <br />from the proceeds of the Bonds or any other unencumbered funds <br />of the Authority available for such purpose. <br />Section 9. Local Approval. <br />A copy of the application for financing of a project <br />shall be filed by the Authority with the Program Participant <br />in whose jurisdiction the project is to be located. The <br />Authority shall not issue Bonds with respect to any project <br />unless the governing body of the Program Participant in whose <br />jurisdiction the project is to be located, or its duly <br />authorized designee, shall approve, conditionally or <br />unconditionally, the project, including the issuance of Bonds <br />therefor. Action to approve or disapprove a project shall be <br />taken within 45 days of 'the filing with the Program <br />Participant. Certification of approval or disapproval shall <br />be made by the clerk of the governing body of the Program <br />Participant, or by such other officer as may be designated by <br />the applicable Program Participant, to the Authority.. <br />Section 8. Bonds Only Limited and Special <br />Obligations of Authority. <br />The Bonds, together with the interest and premium, <br />if any, thereon, shall- not be deemed to constitute a debt of <br />any Program Participant, CSAC, or LCC or pledge of the faith <br />and credit of the Program Participants, CSAC, LCC, or the <br />0 <br />