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<br />"Associate Member" means a county, city or other public agency which is not a <br />voting member of the Rural County Representatives of California, a California nonprofit <br />corporation (“RCRC”), with legal power and authority similar to that of the Members, <br />admitted pursuant to paragraph 4.d. below to associate membership herein by vote of the <br />Board. <br />“Audit Committee” means a committee made up of the nine-member Executive <br />Committee. <br />"Authority" means California Home Finance Authority (“CHF”), formerly known <br />as CRHMFA Homebuyers Fund or California Rural Home Mortgage Finance Authority. <br />"Board" means the governing board of the Authority as described in Section 7 <br />below. <br />"Bonds" means bonds, notes, warrants, leases, certificates of participation, <br />installment purchase agreements, loan agreements and other securities or obligations <br />issued by the Authority, or financing agreements entered into by the Authority pursuant <br />to the Act and any other obligation within the meaning of the term "Bonds" under the <br />Act. <br />“Delegate” means the Supervisor designated by the governing board of each <br />Member to serve on the Board of the Authority. <br />“Executive Committee” means the nine-member Executive Committee of the <br />Board established pursuant to Section 10 hereof. <br />"Member" means any county which is a member of RCRC, has executed this <br />Agreement and has become a member of the Authority. <br />“Obligations” means bonds, notes, warrants, leases, certificates of participation, <br />installment purchase agreements, loan agreements and other securities or obligations <br />issued by the Authority, or financing agreements entered into by the Authority pursuant <br />to the Act and any other financial or legal obligation of the Authority under the Act. <br />“Program” or “Project” means any work, improvement, program, project or <br />service undertaken by the Authority. <br />"Rural County Representatives of California" or “RCRC” means the nonprofit <br />entity incorporated under that name in the State of California. <br />“Supervisor” means an elected County Supervisor from an RCRC member <br />county. <br />2. Purpose <br />The purpose of the Authority is to provide financing for the acquisition, <br />construction, , improvement and rehabilitation of real property in accordance with