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<br />The purpose of the Authority is to provide financing for the acquisition, <br />construction, , improvement and rehabilitation of real property in accordance with <br />applicable provisions of law for the benefit of residents and communities. In pursuit of <br />this purpose, this Agreement provides for the joint exercise of powers common to any of <br />its Members and Associate Members as provided herein, or otherwise authorized by the <br />Act and other applicable laws, including assisting in financing as authorized herein, <br />jointly exercised in the manner set forth herein. <br />3. Principal Place of Business <br />The principal office of the Authority shall be 1215 K Street, Suite 1650, <br />Sacramento, California 95814. <br />4. Creation of Authority; Addition of Members or Associate Members <br />a. The Authority is hereby created pursuant to the Act. As provided in the Act, the <br />Authority shall be a public entity separate and distinct from the Members or Associate <br />Members. <br />b. The Authority will cause a notice of this Agreement or any amendment hereto <br />to be prepared and filed with the office of the Secretary of State of California in a timely <br />fashion in the manner set forth in Section 6503.3 of the Act. <br />c. A county that is a member of RCRC may petition to become a member of the <br />Authority by submitting to the Board a resolution or evidence of other formal action <br />taken by its governing body adopting this Agreement. The Board shall review the petition <br />for membership and shall vote to approve or disapprove the petition. If the petition is <br />approved by a majority of the Board, such county shall immediately become a Member <br />of the Authority. <br />d. An Associate Member may be added to the Authority upon the affirmative <br />approval of its respective governing board and pursuant to action by the Authority Board <br />upon such terms and conditions, and with such rights, privileges and responsibilities, as <br />may be established from time to time by the Board. Such terms and conditions, and <br />rights, privileges and responsibilities may vary among the Associate Members. Associate <br />Members shall be entitled to participate in one or more programs of the Authority as <br />determined by the Board, but shall not be voting members of the Board. The Executive <br />Director of the Authority shall enforce the terms and conditions for prospective Associate <br />Members to the Authority as provided by resolution of the Board and as amended from <br />time to time by the Board. Changes in the terms and conditions for Associate <br />Membership by the Board will not constitute an amendment of this Agreement. <br />5. Term and Termination of Powers <br />This Agreement shall become effective from the date hereof until the earlier of <br />the time when all Bonds and any interest thereon shall have been paid in full, or provision <br />for such payment shall have been made, or when the Authority shall no longer own or <br />hold any interest in a public capital improvement or program. The Authority shall