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BUDGETS AND PAYMENTS <br />21. Bum. Within 90 days after the first meeting of the Board, and <br />thereafter prior to the commencement of each Fiscal Year, the Board shall adopt a <br />Budget for the Agency for the ensuing Fiscal Year. <br />22. Contributions for Operating Expenses. (a) The initial commitment <br />of operating funds to the Agency shall be made by the City. <br />(b) It is understood that the Board may arrange for the payment of <br />the expenses of the Agency through some other source, including but not limited to <br />state or federal grants or loans. <br />(c) In accordance with Government Code Section 6512.1, repayment <br />or return to the Parties of all or part of any contributions made by the Parties may be <br />directed by the Board at such time, and upon such terms as may be consistent with <br />the Act, the JPA Law, and/or any revenue bond issue. The Agency shall hold title to <br />all funds, property and Facilities acquired by it during the term of this Agreement. <br />23. State and Federal Grants and Loans. It is understood and <br />acknowledged that some Projects may qualify for grant or loan funding from the State <br />of California or the federal government. The Board shall have the power, in its <br />discretion, to contract for such funding of eligible Programs and Projects. Funds <br />received by the Agency from such sources may be used to pay for, reimburse or <br />otherwise finance such eligible Programs and Projects. <br />Joint Exercise of Powers Agreement rage is of zu <br />J.\WPD\CSL\136\AGRM O1 NTP W R.CLN <br />