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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 <br /> continue to exercise the powers herein conferred upon it until termination of this <br /> Agreement, except that if any Bonds are issued and delivered, in no event shall the <br />