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"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 <br />